Accel Entertainment reports 38% revenue increase for Q3 2022
Net income for the company increased 108% from the same period in 2021.
Accel Entertainment released its financial and operating results for the third quarter of 2022, revealing an increase of 38% in revenue from Q3 2021.
The company reported revenue of $267m in Q3 2022, a per location per day increase of 3% in Illinois compared to the same prior-year period.
Accel Entertainment achieved a net income of $22.4m for the third quarter, increasing 108% from Q3 2021. By the end of the third quarter, Accel Entertainment services 3,517 locations, an increase of 38% over last year.
The increase in locations is primarily accredited to the acquisition of Century Gaming Inc. Along with its increased presence, Accel ended the third quarter of 2022 with 22,429 gaming terminals in operation at these destinations.
Accel also acquired the amusement assets of VVS, Inc. on August 1, 2022; the Nebraska operator was purchased for $9.5m. The following month, Accel acquired River City Amusement Company for $2.8m.
Accel CEO Andy Rubenstein commented: “We’re pleased with another strong quarter and remain focused on executing our growth strategy. We’re pleased with another strong quarter and remain focused on executing our growth strategy.
“We expanded our footprint in Nebraska and continue to evaluate multiple opportunities across the country while returning capital to our shareholders.”
Accel ended the third quarter with $309m of net debt, a 109% increase compared to the same period last year. The increase in debt is primarily due to borrowings of $160m on the company’s credit facility to finance the Century acquisition.
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