Accel Entertainment reports record $302.2m in revenue for Q3 2024
Net income decreased by 53.2% year-over-year for a total of $4.9m, attributed to a ‘higher loss on the change in fair value of the contingent earnout shares.’
Key Points
- Revenue for Accel Entertainment increased by 5.1% from the prior year period for a total of $302.2m during Q3 2024
- Adjusted EBITDA was also able to increase by 3.9%, reported to be $45.9m for the third quarter of 2024
Accel Entertainment has reported the company’s Q3 2024 financial results, including a record revenue of $302.2m, an increase of 5.1% from the prior year period. Operating income was reported to be $21.8m for the third quarter of 2024, a decrease of 13% year-over-year.
“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,” Accel CEO Andy Rubenstein said.
“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.”
Net income did decrease by 53.2% year-over-year for a total of $4.9m, but the company attributed this fall to a “higher loss on the change in fair value of the contingent earnout shares.”
Accel also saw an increase in net debt of 2.4% from the prior year period, reported to currently be set at $289m. The company’s adjusted EBITDA increased 3.9% year-over-year for a total of $45.9m during the third quarter of 2024.
Good to know: Accel Entertainment signed a deal to acquire Fairmount Holdings, the owner of FanDuel sportsbook & Horse Racing in Illinois, for close to $35m on July 16
By state, Accel saw the most net revenue from its operations in Illinois, with the state generating $223.3m for Q3 2024. Montana came in second with a revenue of $39.6m, while Nevada also managed to account for $28.4m during Q3 2024.
Accel ended the third quarter of 2024 with 4,014 locations and 25,729 gaming terminals, increases of 4.1% and 5.1% from the prior year period, respectively.
The company’s acquisitions of both FanDuel sportsbook & Horse Racing as well as a distributed gaming operator in Louisiana are expected to close in the fourth quarter of 2024.
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