The Peoria City Council is scheduled to discuss a proposed settlement with Boyd Gaming regarding the location of the Par-A-Dice Casino Hotel. The deal could provide Peoria with additional revenue if it drops its legal challenge to Boyd's redevelopment plans in East Peoria. This follows the city's objection to Boyd's proposal to overhaul the aging complex.

The core of the dispute revolves around a 1991 agreement stipulating land-based gaming must be on the Peoria side of the river. The proposed settlement would see Peoria receive a percentage of the adjusted gross revenue from the redeveloped facility. The city would withdraw its objections to the redevelopment plan in return.

City officials have been working on a settlement agreement for weeks. Boyd Gaming plans to invest $160 million in the new facility. The Illinois Gaming Board could take action on the proposal as early as February 5th. The new facility, planned to be completed by late 2028, will replace the iconic boat.

This settlement is important because it resolves a potential legal battle that could have impacted revenue streams for both the city and Boyd. Investors will be watching the final terms of the agreement and the Illinois Gaming Board's decision. It's an example of how municipalities navigate gaming regulations and revenue sharing.