Peoria council deadlocks on settlement with Paradise/Boyd over casino redevelopment; motion fails 5-5

Peoria’s City Council on Feb. 2 failed to approve a settlement with Paradise Gaming Corporation (a Boyd Gaming affiliate) that would have resolved Peoria’s objections to a redevelopment plan before the Illinois Gaming Board and provided the city with a continuing 2.25% share of adjusted gross revenues from the property.

Corporation Counsel Hayes outlined the agreement to the council, saying it would require Peoria to withdraw formal objections to the Dec. 11, 2025 redevelopment plan and, if approved by the gaming board, would obligate the company to pay the city 2.25% of adjusted gross revenues beginning the first full quarter after the project was completed. Hayes said the payment is framed as consideration for settling disputed claims and is not characterized as a tax; the settlement would apply only to the plan presented to the board and would not bind other properties or future redevelopment efforts.

Hayes described the time pressure for the special session: the Illinois Gaming Board had placed Boyd/Paradise’s plan on its Feb. 5 agenda for final consideration, and Boyd insisted any binding terms intended to be effective for Boyd…