Accel Entertainment releases results for Q1 2022
The company posted a revenue increase of 34% from their first quarter of 2021.
For the financial period ending on March 31, 2022, Accel Entertainment has released certain financial and operating results. A few highlights displayed a posted revenue of $196.9m for Q1 of 2022, an increase over Q1 of the prior year.
Per location, per day, the company’s revenue increased 3% in 2022 from the first quarter of 2021. Net income was increased by 952% with the company earning $15.8m and $147m of net debt; a decrease of 22% compared to Q1 of 2021.
Accel increased its locations to 2,565; an increase of 4% compared to Q1 2021. Video game terminals were also increased to 13,663, an increase of 7% compared to Q1 2021.
Accel CEO Andy Rubenstein said: “Our solid performance this quarter is a direct testament to the strength of our business and loyalty of our customer base, even in an inflationary environment. Looking ahead, we remain focused on closing the Century acquisition as we bring together the best practices of both our companies, and we continue to see compelling opportunities for additional expansion.”
Rubenstein continued: ” Accel’s asset-light, hyper-local business model remains our unique competitive advantage, and we look forward to capturing new growth, driving more value for our shareholders and further cementing our position as the leader in our market.”
In January, Illinois Gaming Board (“IGB”), started to enforce the 72-hour rule. This rule requires operators to remove equipment from a location if there is no activity for 72 hours. The rule accelerated Accel’s planned removals for several months which resulted in Accel removing its equipment from 30 locations with 150 VGTs.
The acquisition of Century Gaming, Inc. (“Century”) is set to close at the end of May and the company repurchased $14m of Accel Class A-1 common stock in Q1 2022.
Accel will host an investor conference call on May 5, 2022, at 11 a.m. Central Time (12 p.m. Eastern Time) to discuss the financial and operating results.
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