Accel Reports Optimized Operations in Illinois and Montana
Accel Entertainment has concluded a full year of racing operations and nearly nine months of casino activities at Fairmount Park Casino & Racing. The company reported record revenue of $341.4 million in the fourth quarter, marking an increase of 7.5 percent.
For the entire year, Accel achieved record revenue of $1.3 billion and $210 million in Adjusted EBITDA. These figures reflect the strength and stability of its distributed gaming model along with disciplined capital deployment. By the end of the year, Accel supported over 4,500 locations and nearly 28,000 gaming terminals, highlighting the scale and resilience of its platform.
Optimizing Operations
CEO Andy Rubenstein noted, “In Illinois and Montana, we continue to optimize our footprint and machine base, which has led to steady improvements in hold-per-day and margin expansion. The implementation of ticket-in, ticket-out technology in Illinois is progressing as expected and is anticipated to improve player convenience and operational efficiency in the future. We are looking forward to the potential opportunity to introduce Video Gaming Terminals in licensed locations within the city of Chicago, following recent public announcements. We believe we are well-positioned to leverage our strong balance sheet, existing operational infrastructure, route management capabilities, and fixed asset base to take advantage of this potential market.”
Market Developments and Growth
Rubenstein added, “Across our developing markets, we are witnessing significant scale and momentum. In Nevada, the terminal count grew by 13 percent year-over-year due to recent strategic route expansions. Meanwhile, revenue in Louisiana rose by approximately 75 percent compared to the previous year as we implement our bolt-on acquisition strategy. Strong growth was also recorded in Nebraska and Georgia, showcasing the ongoing expansion and increased leverage of our operating platform. At Fairmount Park Casino & Racing, we have completed our first full year of operations, continuing to see steady customer engagement as the property develops.”
Additionally, with the completion of a previously announced $900 million credit facility, Accel has strengthened its balance sheet, extended maturities to 2030, and enhanced its growth capital flexibility. The company has shown its commitment to shareholder returns and views its stock as undervalued, repurchasing approximately 3.7 million shares in 2025, including 1.5 million shares in the fourth quarter.
Future Outlook
Looking forward, Accel remains committed to driving steady organic growth, enhancing efficiencies at scale, executing accretive opportunities, and generating strong free cash flow. The company believes its scalable platform combined with disciplined capital deployment positions it well to convert earnings into cash, while also investing in high-return growth opportunities and returning capital to shareholders.
