Accel reports record quarterly revenue of $335.9m for Q2 2025, net income falls 50.2%

Accel Entertainment has released its financial performance throughout the second quarter of 2025, having generated a quarterly record of $335.9m in revenue for an 8.6% increase from the prior year period, while net income fell 50.2% year-over-year for a total of $7.3m. 

The company ended Q2 2025 with 4,427 locations and 27,388 gaming terminals, representing increases of 3.1% and 3.4% from the prior year period, respectively. Despite reporting a net income of $7.3m, Accel still managed to generate a quarterly-high adjusted EBITDA of $53.2m, equating to an increase of 7.1% year-over-year. 

“Our record second quarter results demonstrate continued progress and consistent execution with year-over-year revenue and Adjusted EBITDA growth in all of our core and developing markets. Our results reflect the benefits of our disciplined expansion strategy and our successful improvement of the operating results in new and acquired locations,” Accel CEO Andy Rubenstein said. 

“In our core markets, Illinois and Montana, we continue to use our market-leading position to drive economies of scale and are focused on leveraging our operating expertise to generate growth. Profitability is improving in our developing markets, Nebraska, Georgia and Nevada, where our strategic early investments are now beginning to contribute to our overall growth.”

The year-over-year decrease in net income was primarily attributed to ‘a loss on the change in the fair value of the contingent earnout shares’ of common stock compared to the prior year period. As of June 30, 2025, Accel reported a net debt of $331m, while also having commenced casino and racing operations at Fairmount Park Casino & Racing in April. 

“Finally, in our new markets, recent results from Toucan Gaming in Louisiana and Fairmount Park Casino & Racing in Illinois, reinforce our confidence that these acquisitions will contribute even more as we move into next year,” Rubenstein said. 

Good to know: 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, 2024

Illinois generated the highest amount of revenue for Q2 2025 with a total of $245.4m, equating to an increase of nearly 8.1% from the prior year period. Montana and Nevada managed to account for $40.1m and $27.1m of revenue throughout the second quarter of 2025, respectively, but falling 5.8% and 7.7% year-over-year. 

Both Illinois and Montana increased its average hold-per-day for Accel Entertainment, rising 5.6% and 1.6% from the prior year period, respectively, for daily totals of $910 and $622. Louisiana averaged the highest hold-per-day at $994 for Q2 2025, but reflected no year-over-year change given the recent launch of operations within the state. 

Net gaming accounted for just over $313.9m of Accel Entertainment’s Q2 2025 revenue total, increasing 7.1% from the prior year period, while the company’s operating income also grew by approximately $4.2m year-over-year, reported to be $26.9m for the quarter. 

On May 9, 2025, Accel Entertainment CFO Mathew Ellis chose to resign from his role, with the company currently undergoing a search to fill the position on a permanent basis. Accel Entertainment President of US Gaming Mark Phelan was appointed as acting CFO upon Ellis’ departure from the company.

Kirk Geller

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