Accel Entertainment experienced a phenomenal Q3 in 2022, generating an impressive $2.67 billion. This represents a substantial surge of 38% year-over-year!
Their earnings also soared, reaching $22.4 million – a remarkable 108% increase from the previous year. Furthermore, their adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $41.1 million, a healthy 9% rise.
They have been actively broadening their footprint. The company repurchased a portion of its own shares and expanded its gaming terminal count by 68%. Naturally, such endeavors require capital, and their debt did climb, primarily due to securing a $1.6 billion loan for the acquisition of Century.
But their expansion didn’t stop there! Accel also acquired entertainment holdings from VVS in Nevada and River City Amusement Company, demonstrating their commitment to growth.
Andy Rubenstein, Accel’s CEO, expressed understandable enthusiasm. He highlighted their exceptional performance despite inflationary pressures. He attributes their triumph and adaptability to their localized strategy.
Moving forward, they are increasing their presence in Nebraska and constantly seeking new prospects nationwide. They are also prioritizing shareholder value by distributing a portion of their profits.
Illinois remains their primary revenue source, contributing a significant $2.009 billion in the third quarter. The majority of their operations are concentrated in Illinois, Nevada, and Montana.
The Land of Lincoln has emerged as a major player in the world of electronic gaming, with an impressive 2,596 venues. To illustrate the magnitude, that’s considerably more than the total number found in both Montana and Nevada! Accel Entertainment is riding this wave of popularity and is poised to dominate the state’s landscape. Projections indicate that by late 2022, they will have close to 23,000 gaming machines spread across approximately 3,600 sites.
