Accel Entertainment, a gaming enterprise, experienced a robust third quarter in 2022, generating $267 million in earnings. This positive development signifies a 38% surge compared to the corresponding period the previous year. Profitability also witnessed substantial growth, with net income exceeding twice the amount to $22.4 million and adjusted EBITDA exhibiting a robust 9% rise, reaching $41.1 million.
This triumph enabled Accel to reinvest in its operations, repurchasing $22.5 million of its own shares and expanding its operational gaming terminals by 68%. Furthermore, they executed strategic acquisitions, securing VVS Gaming and assets from River City Amusement Company for a total of $12.3 million.
It’s important to acknowledge, however, that Accel’s liabilities have more than doubled since the preceding year, primarily attributed to their acquisition of Century Gaming.
CEO Andy Rubenstein expressed justifiable optimism, emphasizing their commendable performance despite inflationary pressures and underscoring their commitment to expansion. He cited their increased footprint in Nebraska and their continuous pursuit of new acquisitions as pivotal elements of their strategic direction. Illinois persists as Accel’s most significant market, contributing $200.9 million in revenue for the quarter.
The Land of Lincoln appears to have a serious affinity for games of chance! Their number of gaming establishments surpasses even states like Montana and Nevada, renowned for their casino culture. Accel Entertainment, a prominent player in the gaming industry, plans a massive rollout of gaming terminals throughout Illinois – nearly 23,000 machines are slated for deployment in approximately 3,600 locations by years end.
