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Accel Entertainment, Inc. (NYSE: ACEL) is a leading distributed gaming operator in the United States, specializing in the installation, maintenance, and operation of video gaming terminals. Licensed by the Illinois Gaming Board, Accel provides top-tier gaming solutions to various establishments including restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. With an expertise that is unsurpassed in the industry, Accel partners with these establishments to deliver exceptional service and high-quality equipment.
Headquartered in Chicago, Accel has demonstrated significant growth and resilience, even amidst macroeconomic uncertainties. As of the first quarter of 2024, the company operates 25,321 gaming terminals across 3,987 locations, reflecting a year-over-year increase of 5.6% in terminals and 5.1% in locations. The company’s core business revolves around net gaming revenue, which is derived from the difference between gaming wins and losses.
In recent achievements, Accel reported revenues of $301.8 million for Q1 2024, marking a 2.9% increase compared to Q1 2023. Despite a 19.2% decrease in net income to $7.4 million for the same period, the company's Adjusted EBITDA saw a slight increase to $46.2 million. Accel's strategic acquisitions, such as that of Century Gaming, Inc., have bolstered its market presence and revenue, with Illinois same-store sales growth contributing notably to these figures.
Financially, Accel ended Q1 2024 with $286 million of net debt, a decrease of 7% compared to Q1 2023. The company's balance sheet strength is further evidenced by its $6.1 million repurchase of Class A-1 common stock during the quarter, reflecting a continued commitment to providing value to investors.
Accel's forward-looking strategies include expanding its geographic footprint beyond Illinois, with a focus on new market opportunities. The company’s asset-light and hyper-local business model positions it uniquely in the distributed gaming landscape, offering one of the best returns in the industry according to CEO Andy Rubenstein.
Accel Entertainment (NYSE: ACEL) reported strong Q2 2024 results, showcasing growth across key metrics. The company achieved record revenues of $309.4 million, up 5.7% year-over-year, and a 46.1% increase in net income to $14.6 million. Adjusted EBITDA reached a record $49.7 million, up 6.5% from Q2 2023. ACEL expanded its footprint, ending Q2 with 4,034 locations (up 4.7%) and 25,757 gaming terminals (up 5.7%). The company also announced the acquisition of Fairmount Holdings, owner of FanDuel Sportsbook & Horse Racing, expected to close in Q4 2024. Despite these positive results, net debt increased by 9% to $311 million compared to Q2 2023.
Accel Entertainment (NYSE: ACEL) has announced the release date for its second quarter 2024 financial results. The company will disclose its financial and operating results for the quarter ending June 30, 2024, after the market closes on July 30, 2024. Following the release, Accel will host a conference call at 5:00 PM ET / 4:00 PM CT to discuss the results.
Interested parties can join the live webcast by registering in advance at the provided link. This registration will offer a personalized link to view the webcast and an individual dial-in for the call. The webcast link and a replay of the call will also be available on Accel's investor relations website.
Accel Entertainment (NYSE: ACEL) is set to acquire Fairmount Holdings, owner of FanDuel Sportsbook & Horse Racing in Collinsville, Illinois, for approximately $35 million in stock. This strategic move expands Accel's presence in the local gaming market, adding the only active horse racing venue in greater St. Louis. The deal includes an Organization Gaming License for casino gaming and a partnership with FanDuel for sports wagering in Illinois.
Key aspects of the acquisition:
- Purchase price: 3.45 million ACEL shares
- Additional investment: $85-$95 million for casino construction and track improvements
- Five-year forecast: $20-$25 million Adjusted EBITDA potential
- Closing expected in Q4 2024, subject to regulatory approvals
This move is seen as a natural adjacency to Accel's route-based gaming expertise, potentially tapping into a $15 billion local gaming market.
Accel Entertainment, Inc. (NYSE: ACEL) reported Q1 2024 operating results with 5.1% increase in locations and 5.6% increase in gaming terminals. Revenues reached $301.8 million, net income decreased by 19.2% to $7.4 million. Adjusted EBITDA rose 0.3% to $46.2 million. Net debt decreased by 7% to $286 million. Accel CEO optimistic about legislative trends, national expansion, and strong balance sheet.
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