Accel Entertainment Stock Price, News & Analysis

Accel Entertainment, Inc. (NYSE: ACEL) is a distributed gaming and local entertainment company operating in the United States. According to company disclosures and recent press releases, Accel focuses on locals-focused gaming, partnering with small businesses, local communities, and state governments to offer legal, regulated electronic gaming experiences outside of traditional casino environments. The company is classified in the casinos (except casino hotels) industry within the broader arts, entertainment, and recreation sector.

Accel is described in multiple filings and news releases as one of the largest terminal operators in the United States. It supports more than 27,000–28,000 electronic gaming terminals across thousands of third-party neighborhood businesses and a set of self-operated gaming locations in multiple states. These locations include licensed non-casino venues such as bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments, as well as brick-and-mortar casinos and a racino. Through exclusive long-term contracts with these establishments, Accel installs, operates, and services gaming terminals and related equipment.

Business model and operations

Company materials state that Accel operates a distributed gaming model. Rather than concentrating activity in a single large casino, Accel places electronic gaming terminals and related devices in a wide network of local venues. The company designs, manufactures, installs, and operates gaming terminals and related equipment, including slot machines, redemption terminals, video game machines, gaming software, and amusement devices in authorized non-casino locations and in certain casino and horse racing venues. It also operates redemption devices that disburse winnings and contain ATM functionality, and it runs stand-alone ATMs in gaming and non-gaming locations.

According to its public descriptions, Accel generates net revenues from several categories, including net gaming, amusement, manufacturing, and ATM fees and other. In its Montana operations, for example, company disclosures break out net gaming revenues and manufacturing revenues, reflecting both the operation of terminals and the manufacturing of gaming equipment. This mix of activities supports a model in which Accel both supplies and operates equipment, while sharing economics with host locations under long-term agreements.

Geographic footprint and scale

Accel’s filings and press releases show that the company operates across multiple U.S. states through a combination of core, developing, and newer markets. Its net revenues are reported by state, with Illinois and Montana identified as core markets and Nebraska, Georgia, and Nevada described as developing markets in certain periods. Louisiana and the Fairmount Park Casino & Racing property in Illinois are referenced as newer markets that are ramping and contributing to consolidated growth.

As of various reporting dates in 2025, Accel reported thousands of locations and tens of thousands of gaming terminals across Illinois, Montana, Nevada, Louisiana, Nebraska, and Georgia, among other jurisdictions. Company statements also reference operations in ten states overall, and describe Accel as the largest or one of the largest terminal operators in the country by number of gaming terminals and locations served.

Racino and brick-and-mortar gaming

In addition to distributed gaming in local businesses, Accel owns and operates a racino venue. Company press releases state that its racino, Fairmount Park Casino & Racing, opened in April 2025. The property is described as featuring approximately or over 270 electronic gaming machines, food and beverage amenities, a sports book, pari-mutuel betting, and a schedule of thoroughbred horse racing days each year. Accel also identifies itself as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues, complementing its distributed gaming routes.

Services provided to local partners

Accel positions itself as a partner to small business owners and local governments. According to its public descriptions, the company offers a turnkey, full-service, capital-efficient gaming solution to its local partners. This solution encompasses manufacturing, gaming content, proprietary payment systems, loyalty programs (including the Gamblers Bonus® Loyalty Program in certain markets), 24/7 field and customer service, data analysis and reporting, marketing resources, and cash logistics. By providing these services, Accel seeks to handle the operational and technical aspects of gaming terminals for its partner locations.

Company statements also highlight a focus on entertaining, convenient, and safe gaming experiences, and note that Accel’s operations contribute tax revenues to state and local governments and support employment in the communities it serves. In one description, Accel cites annual tax contributions and support for jobs across local communities, underscoring the role of distributed gaming in local economies.

Financial profile and key metrics

Accel’s SEC filings and earnings releases provide detail on its financial and operating metrics, though these figures change over time and should be consulted directly in the company’s filings for current values. The company reports total net revenues broken down by state and by category (net gaming, amusement, manufacturing, ATM fees and other). It also discloses Adjusted EBITDA, Adjusted net income, and Net debt as non-GAAP measures used by management to monitor ongoing core operations, along with reconciliations to GAAP metrics.

Operationally, Accel tracks locations, gaming terminals, and location hold-per-day. Locations and gaming terminals are reported by state as of specific dates, and are used to monitor growth from existing locations, organic openings, acquired locations, and competitor conversions. Location hold-per-day is calculated by dividing net gaming revenue by the average number of locations and then by the number of operational days, providing a normalized measure of performance and a basis for same-store sales analysis.

Capital structure and credit facilities

On September 10, 2025, Accel entered into a Credit Agreement establishing a senior secured credit facility consisting of a term loan facility and a revolving loan facility, with a maturity date in 2030. A related press release describes this as a $900 million senior secured credit facility, comprising a $300 million revolving credit facility and a $600 million term loan. Proceeds from the initial borrowings were used to repay and terminate commitments under a prior senior secured credit agreement. The credit facilities are subject to financial covenants, including a maximum First Lien Net Leverage Ratio and a minimum Fixed Charge Coverage Ratio, as described in the 8-K filing.

The obligations under the credit facilities are guaranteed by the company and certain domestic subsidiaries and are secured by first-priority liens on substantially all of their assets, subject to customary exceptions. The company notes that the new facility enhances its liquidity profile, reduces its cost of capital, and supports ongoing investment in distributed gaming operations, Fairmount Park Casino & Racing, and targeted growth opportunities.

Corporate developments and governance

Accel periodically reports material events through Form 8-K filings. These include earnings releases, changes in key executives, and changes in the company’s independent registered public accounting firm. For example, on September 22, 2025, the company filed an 8-K announcing the appointment of a new Chief Financial Officer and describing the terms of his employment agreement, including base salary, bonus targets, equity awards, and severance protections. Another 8-K filed on December 23, 2025 discloses the selection of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and the related dismissal of KPMG LLP following completion of the 2025 audit.

These filings, along with regular quarterly and annual reports, provide investors with information on Accel’s governance, executive compensation arrangements, and relationships with external auditors.

Market positioning and growth themes

Across its public communications, Accel emphasizes its role in locals-focused and distributed gaming. The company highlights its presence in core markets such as Illinois and Montana, where it reports significant net revenues, and its efforts to build scale and profitability in developing markets including Nebraska, Georgia, and Nevada. It also references newer markets such as Louisiana and the Fairmount Park Casino & Racing property, which are described as ramping and contributing to consolidated growth.

In addition, Accel monitors potential regulatory developments that may open new distributed gaming opportunities. For example, in January 2026 the company issued a press release stating that it is evaluating the potential to bring its distributed gaming and local entertainment model to the city of Chicago in connection with possible authorization of video gaming terminals in licensed locations. The company notes that it believes it is positioned to leverage its balance sheet, operating infrastructure, route management capabilities, and fixed asset base to participate in a Chicago video gaming market, subject to legislative and regulatory outcomes.

Use of non-GAAP measures

Accel’s earnings releases include detailed explanations of non-GAAP measures such as Adjusted EBITDA, Adjusted net income, and Net debt. The company states that these measures are used by management to monitor core operations and by investors and analysts to assess financial performance. Adjusted EBITDA is defined as net income plus items such as amortization of intangible assets and route and customer acquisition costs, stock-based compensation, loss from unconsolidated affiliates, gains or losses on contingent earnout shares, other expenses, depreciation and amortization of property and equipment, interest expense, emerging markets adjustments, income tax expense, and, where applicable, loss on debt extinguishment. Net debt is defined as debt (including current maturities) less cash and cash equivalents.

While these measures are presented alongside GAAP results, the company notes that non-GAAP metrics have limitations, may differ from similarly titled measures used by other companies, and should be considered in addition to, not as a substitute for, GAAP financial information.

Status and listing

Accel Entertainment, Inc. trades on the New York Stock Exchange under the ticker symbol ACEL. The available SEC filings and news releases do not indicate any delisting, deregistration, bankruptcy, or completed merger that would alter its status as a listed company. Investors seeking the most current information on Accel’s financial condition, risk factors, and strategic priorities should review its latest filings with the U.S. Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K.