The Peoria City Council has narrowly rejected a proposed settlement with the parent company of the Par-A-Dice Hotel Casino, leaving the city poised to contest the casino’s ambitious $160 million redevelopment plan. The 5-5 vote means the city will not receive an annual payment tied to the casino’s adjusted gross revenue.
Key Takeaways
- Peoria City Council voted 5-5 to reject a settlement with Par-A-Dice.
- The rejected settlement would have provided Peoria with 2.25% of the redeveloped facility’s adjusted gross revenue.
- This decision opens the door for potential legal challenges regarding the $160 million casino expansion.
Settlement Details Rejected
A potential agreement that would have seen the City of Peoria receive an annual payment of 2.25% of the redeveloped Par-A-Dice facility’s adjusted gross revenue was voted down during a special council meeting. This revenue was estimated to be around $1.8 million annually. This proposed payment was in addition to the existing 50% split of gaming revenues that Peoria and East Peoria currently share under their intergovernmental agreement.
Implications of the Vote
The split decision leaves the city in a position where it may need to legally challenge the proposed $160 million overhaul of the existing riverboat gambling venue located in East Peoria. The rejection signifies a division within the council regarding the financial benefits and potential legal ramifications of the casino’s expansion plans. The future of the settlement and the redevelopment project now hangs in the balance, potentially leading to further legal proceedings.
