The good times keep rolling Accel entertainment. The company announced this during its Earnings call for Q3 this month quarterly revenue was $267.0 million, a 38% annual increase.
acceleration Managing Director Andy Rubenstein said the company’s growth during tough economic times shows its strength:
“We are pleased with another strong quarter and remain focused on executing our growth strategy. Our solid performance despite the current inflationary pressures once again demonstrates the strength and resilience of our locally focused business model.”
network Income increased by 108% to $22.4 million from Q3 2021 to Q3 2022.
In terms of market presence, the company is a fixture in the Illinois gambling also markets and operates games in licensed facilities in Montana and Nevada.
Accel expands debt and acquires two new companies valued at $12.3 million
The enterprise expanded its borrowing capacity from $438 million to $900 million in the third quarter. Accel’s CEO admitted the company asked a lot from its lenders. But after seeing the company’s plans for the money and its credit history, Accel received more credit than it asked for.
The company plans to use part of the money e.g future mergers and acquisitions in existing gambling states and states with plans to legalize gambling.
Q3 was a relatively busy year for acquisitions. Accel completed the purchase of two companies:
- Nebraska-based VVS, Inc. for $9.5 million
- River City Amusement Company for Midwest operations $2.8 million
Century acquisition boosts Q3 location, terminal numbers
The Q3 acquisitions followed the company’s acquisitions great Q2 purchase: century gaming for $164.2 million in cash and stock.
The company brought it with them 8,300 gaming terminals and licenses to operate at more than 900 locations throughout Montana and Nevada including locations where Accel typically operates such as:
- truck stops
- convenience stores
Accel saw the benefits of this large purchase in the third quarter. The enterprise operated at 3,517 locations at the end of the third quarter, a jump of 38% year-on-year. Accel ended the third quarter with 22,429 gaming terminals in service, up 68% year over year thanks to the acquisition of Century.
These two data points came up short by Accels Goals 2022: 3,550-3,600 locations and 22,700-23,200 slot machines. With a quarter to go before the fiscal year ends, however, Accel is likely to meet its site and terminal goals.
Accel Entertainment, a leader in the Illinois gaming market
Accel is on Illinois based Company that has a wide portfolio of products and services. key are its bread-and-butter offering, offering terminals from several high-profile operators including Light & Wonder, bally, ITand aristocrat.
The company also offers:
- Equipment and league management for darts and billiards
- Smart jukeboxes
- Other specialty amusement machines including crane games and pinball
- installation, maintenance and operation of gaming terminals