Record quarter as Accel Entertainment outperforms casinos in Illinois
Accel Entertainment, a leading distributed gaming operator in the US, has announced record revenues of $302.2m for Q3 2024, marking an increase of 5.1 per cent compared to Q3 2023.
It ended Q3 2024 with 4,014 locations; an increase of 2.8 per cent compared to Q3 2023 and 25,729 gaming terminals; an increase of 4.1 per cent compared to Q3 2023
The acquisition of the FanDuel Sportsbook & Horse Racing in Collinsville, Illinois, is expected to close in Q4 2024. The Illinois Racing Board recently approved the acquisition of FanDuel Sportsbook and Horse Racing, the former Fairmount Park, by Accel Entertainment, for $35m with the aim now to have a temporary casino at the location in time for the 2025 Kentucky Derby.
Accel plans to invest $85 to $95m to fund temporary and then permanent casino construction and modest track investments to build a cornerstone in a local gaming platform that builds on Accel’s capabilities and strengths as a leading route-based operator.
Accel CEO Andy Rubenstein commented: “I am happy to report that we delivered another strong quarter and are making substantial progress closing our acquisition of FanDuel Sportsbook & Horse Racing, a natural extension of our convenient, local gaming platform. We continue to outperform casinos in our largest market, Illinois, and posted significant revenue increases in our fastest growing market, Nebraska. By strengthening our core and expanding our offerings, we believe we can continue to generate attractive low-teens returns on capital and improve our trading multiples, making Accel a compelling investment opportunity.”
