Accel Entertainment experienced a robust Q3 in 2022, generating an impressive $267 million in earnings. This represents a substantial 38% surge in comparison to the corresponding period the previous year.
Their profitability also soared significantly! They achieved a net income of $22.4 million, exceeding double the amount earned during the third quarter of 2021. This translates to a remarkable 108% increase!
Furthermore, Accel reported an adjusted EBITDA of $41.1 million for Q3 2022, marking a healthy 9% year-over-year growth.
The company has been actively expanding its footprint, repurchasing a portion of its own shares – valued at $22.5 million – and deploying 68% more of its gaming machines into the market.
It’s important to mention that their debt has risen – approximately 109% higher than the previous year. This is primarily attributed to a significant loan obtained for the acquisition of Century earlier this year.
Regarding acquisitions, Accel has been on a buying spree. They secured gaming assets from Nevada-based operator VVS for $9.5 million and subsequently acquired River City Amusement Company’s assets for $2.8 million, all within the third quarter.
Accel’s CEO, Andy Rubenstein, expressed satisfaction with the results. He underscored their dedication to expansion and emphasized the resilience of their localized market approach, particularly amidst inflationary pressures. He also alluded to promising growth prospects, specifically mentioning Nebraska and the possibility of further acquisitions in the future.
Currently, a majority of Accel’s operations are concentrated in Illinois, Nevada, and Montana. Illinois stands out as their top-performing market, generating a substantial $2.009 billion in revenue during the third quarter.
The Prairie State is a haven for slot enthusiasts! Boasting significantly more venues than Montana and Nevada together, this proliferation is largely attributed to Accel Entertainment, an organization effectively blanketing Illinois with gaming terminals. Projections indicate that by the close of 2022, they are poised to reach nearly 23,000 devices across approximately 3,600 establishments.
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