Accel Entertainment increases revenue and distribution locations in Q2

August 4, 2023
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The operator posted revenue of $292.6m and plans to grow beyond its most successful state, Illinois, which generated $215.9m of that total.

Accel Entertainment has released its Q2 financial results with a 28% revenue increase, generating $292.6m. The terminal operator of slot machines, redemption terminals and other amusements also increased its number of gaming terminals by 7% year-on-year to 23,759 and its number of locations by 5%, reaching 3,655 venues across eight states.

Operational in Illinois, Iowa, Missouri, Nebraska, Nevada, North Carolina, Montana and Pennsylvania, the company also posted a breakdown of its top three revenue-generating states, with Illinois at the top brining in $215.9m, up 4.8% year-on-year. Montana came in second with a significant rise from $10.8m in Q2 of 2022 to $39.3m this year; Nevada’s revenue also rose from $8.9m to $29.9m year-on-year.

These three states also represent the three with the most Accel Entertainment locations and games present. Illinois currently has 14,767 games across 2,690 locations, while second-place state, Montana, has less than half of those figures, with 6,210 games across 610 locations.

Accel CEO Andy Rubenstein commented, “I am excited by our future growth opportunities. Despite uncertain economic times, our revenues continue to grow organically outside of acquisitions. As we look beyond Illinois, we have greater visibility on new ways to further extend our position in distributed gaming.”

Accel Entertainment made a net income of nearly $10m this quarter, however, which shows a decrease of 56% year-on-year. The company claims this was mostly attributable to a $4.8m loss “on the change in fair value of the contingent earnout shares” this quarter, compared to a $5.7m rise in the previous year’s Q2. Adjusted EBITDA increased slightly from $42.7m to $46.6m year-on-year.

The Accel Entertainment loyalty program, AE Player Rewards, was recently nominated in the Customer Loyalty Program category for the third year in a row with the Global Gaming Awards.

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