Accel Entertainment experienced a phenomenal third quarter in 2022, generating an impressive $267 million. This represents a substantial 38% surge compared to the corresponding period the previous year.
Their earnings also witnessed a remarkable increase, with net income reaching $22.4 million, a staggering 108% rise. Furthermore, their adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $41.1 million, demonstrating a robust 9% growth.
The company has been actively broadening its footprint. They repurchased a portion of their own stock – amounting to $22.5 million – and expanded the presence of their gaming terminals in the market by an additional 68%.
It’s worth noting that their debt did experience a 109% increase compared to the previous year, primarily attributed to a significant loan secured for the acquisition of Century Gaming earlier this year.
In terms of acquisitions, Accel also secured entertainment assets from Nevada-based VVS for $9.5 million and River City Amusement Company for $2.8 million. They are undoubtedly on a winning trajectory.
Accel’s CEO, Andy Rubenstein, expressed his satisfaction, stating, “We are delighted with another robust quarter and maintain a sharp focus on our expansion strategy.” He emphasized that despite the prevailing economic challenges, their “locally-oriented business model” is proving to be highly successful.
While they are exploring prospects nationwide, Illinois remains their primary revenue generator, contributing a substantial $2.009 billion in revenue during the recent quarter. Accel Entertainment appears to be on a path of continued success.
The Prairie State has become a haven for slot enthusiasts, surpassing even traditional gaming hubs such as Montana and Nevada with a staggering 2,596 establishments offering games of chance. Industry analysts predict further expansion, projecting a potential surge to over 3,500 venues housing close to 23,000 devices by the close of 2022.
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