Accel Entertainment announces successful closure of Fairmount Holdings acquisition

Fairmount Holdings is the owner of the FanDuel sportsbook and racetrack in Collinsville, Illinois and is one of only two active racetracks in the state.

Accel Entertainment announced that its acquisition of Fairmount Holdings, the owner of the FanDuel sportsbook and racetrack in Collinsville, Illinois, was successfully completed on December 2. 

The company originally released the acquisition news on July 15, 2024, with the purchase amount set to be $35m, or 3.45m shares of Accel Entertainment stock. Accel stated that capital efficient plans will be implemented in order to build phase one and phase two casino facilities, as well as improve the quality of horse racing experiences. 

“We are excited to close the acquisition of Fairmount and eager to refresh and revitalize an iconic racing and gaming asset. Our plan and timeline are ambitious and achievable, and we look forward to welcoming investors and visitors to our Phase I casino opening in Q2, 2025,” Accel Entertainment Co-Founder, CEO and President Andy Rubenstein said. 

Accel plans to invest $85-95m to fund temporary and then permanent casino construction and modest track investments. Accel’s five-year forecast suggests an adjusted EBITDA potential of $20-25m and over 75% free cash flow conversion.

Good to know: Accel Entertainment reported it’s Q3 2024 financial results on October 30, including a record revenue of $302.2m

The company’s President of US Gaming, Mark Phelan, also spoke on the successful closing, having said, “Over the past few months, our team has been hard at work.

“We’ve hired a Casino General Manager, received approvals from both the Illinois Gaming Board and Illinois Racing Board and finalized design and development plans for the first phase of the casino.”

Fairmount Holdings is one of only two active racetracks located in Illinois, and the only to be set in the southern Illinois and greater St. Louis market. 

Kirk Geller

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