Accel Entertainment (ACEL) Company Report

Accel Entertainment announced immediate leadership changes, with CEO Andy Rubenstein becoming chair of the board and Karl Peterson named lead independent director.
Mark Phelan, currently president, US Gaming, has been appointed chief operating officer and is slated to succeed Rubenstein as CEO and president effective August 7, 2026.
Rubenstein, who has served as CEO since 2019, will transition day-to-day leadership to Phelan.
The company highlights its scale as a multi-state route gaming operator across 10 states, partnering with over 4,600 local retailers.

4 days ago

Morningstar

Accel Entertainment Announces Leadership Transition

ACEL

CEO Change

Management Change

Board Change

Andy Rubenstein, Founder and Chief Executive Officer, has been named Chairman of Accel Entertainment's Board of Directors.
Mark Phelan, President – US Gaming, has been appointed Chief Operating Officer immediately and is selected to succeed Mr. Rubenstein as Chief Executive Officer and President effective August 7, 2026.
Karl Peterson has been appointed as the Lead Independent Director of the Accel Board.

5 days ago

Press Release

Accel Entertainment Evaluates Entry into Chicago VGT Market

ACEL

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Accel Entertainment is evaluating entry into Chicago's potential video gaming terminal (VGT) market, which is estimated to generate $1 billion in incremental gross gaming revenue and $320 million in incremental net terminal income for operators at maturity.
The company anticipates it could begin generating revenue from this market as early as Q3–Q4 2026, provided legislative and regulatory steps proceed.
Accel believes it is well-positioned to capitalize on this opportunity, leveraging its strong balance sheet and existing operating infrastructure.
The potential VGT rollout was included in Chicago's recently approved 2026 budget, signaling formal consideration by city leadership.

Jan 8, 2026, 11:46 PM

Morningstar

Accel Entertainment Evaluates Chicago VGT Market Opportunities

ACEL

New Projects/Investments

Guidance Update

Accel Entertainment (ACEL) is evaluating opportunities to introduce Video Gaming Terminals (VGTs) in Chicago following recent public announcements.
The proposed VGT framework in Chicago is estimated to generate $1 billion in total annual gross gaming revenue (GGR), which could result in approximately $320 million of incremental Net Terminal Income for licensed VGT operators.
Accel expects to begin generating revenue from a Chicago VGT market as early as the third or fourth quarter of 2026, with a ramp-up to full maturity potentially taking up to 10 years.
The company believes it is well-positioned to capitalize on these opportunities due to its strong balance sheet and existing operating infrastructure.

Jan 8, 2026, 9:17 PM

8-K

Accel Entertainment Evaluates Chicago VGT Market Entry

ACEL

New Projects/Investments

Revenue Acceleration/Inflection

Accel Entertainment is evaluating opportunities to bring its distributed gaming model to the city of Chicago following recent announcements regarding the possible introduction of Video Gaming Terminals (VGTs).
The City Council Office of Financial Analysis (COFA) estimates the proposed VGT framework could generate approximately $1 billion in total annual Chicago VGT gross gaming revenue (GGR), which could translate into approximately $320 million of expected incremental Net Terminal Income for licensed VGT operators.
Accel expects to begin generating revenue from a Chicago VGT market as early as the third or fourth quarter of 2026, with a gradual ramp-up toward steady-state performance over time.
The company believes it is well-positioned to leverage its strong balance sheet, existing fixed operating infrastructure, and route management capabilities to capitalize on these opportunities.

Jan 8, 2026, 9:15 PM

Press Release

Accel Entertainment Acquires Dynasty Games

ACEL

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Accel Entertainment, through its subsidiary Century Gaming Technologies Nevada, has acquired the route operation assets of Dynasty Games, significantly expanding its footprint in Northern Nevada with 20 new active locations and approximately 123 additional electronic gaming terminals.
This acquisition is expected to be accretive to Accel's 2026 financial results and strengthens its market presence, establishing the most comprehensive and scaled route coverage in Nevada.
Accel recently completed a $900 million senior secured credit facility, which bolstered its balance sheet and liquidity, potentially facilitating this acquisition.
Analysts covering Accel Entertainment rate the stock as a 'strong buy' with an average price target implying over 54% upside.

Dec 2, 2025, 10:51 PM

Morningstar

Accel Entertainment Reports Strong Q3 2025 Financial Results and Operational Expansion

ACEL

Earnings

M&A

CFO Change

Accel Entertainment reported Q3 2025 revenue of approximately $330 million, an increase of 9.1% year-over-year, with net income surging 171.8% to $13.4 million and Adjusted EBITDA rising 11.5% to $51.2 million.
The company expanded its footprint to 27,714 gaming terminals across 4,451 locations, representing growth of 4.5% and 3.8% respectively, driven by core markets like Illinois and Montana, and emerging markets such as Georgia and Nebraska.
Accel closed a new $900 million credit facility to enhance capital flexibility and lower costs, and management indicated interest in potential M&A opportunities.
Brett Summerer was appointed Chief Financial Officer effective September 22, 2025.

Nov 5, 2025, 3:36 AM

Morningstar

Accel Entertainment Reports Strong Q3 2025 Results and Completes Credit Facility Refinancing

ACEL

Earnings

Debt Issuance

CFO Change

Accel Entertainment reported Q3 2025 total revenue of $330 million, an increase of 9.1% year-over-year, with net income of $13 million and Adjusted EBITDA of $51 million, up 11.5% year-over-year.
The company completed a $900 million Senior Secured Credit Facility during the quarter, consisting of a $600 million term loan and a $300 million revolver, which strengthens its balance sheet, enhances liquidity, and lowers its cost of capital while extending maturities to 2030.
Core markets, Illinois and Montana, represented approximately 82% of revenue, with Illinois revenue increasing 7% to $239 million and Montana revenue increasing 2.1% to $40 million. Developing markets like Nebraska (+30% revenue) and Georgia (+49.3% revenue) showed strong growth, while new market Louisiana contributed $9 million.
Accel repurchased $6.8 million of its common stock during the quarter, bringing total year-to-date stock repurchases to $23.7 million.
Brett Summerer joined the company as the new Chief Financial Officer in late September 2025.

Nov 4, 2025, 10:00 PM

Transcript

Accel Entertainment Reports Strong Q3 2025 Results with Revenue and Earnings Growth

ACEL

Earnings

Revenue Acceleration/Inflection

Share Buyback

Accel Entertainment reported strong financial results for the third quarter ended September 30, 2025, with revenue increasing 9.1% to $329.7 million and Adjusted EBITDA growing 11.5% to $51.2 million compared to Q3 2024.
Net income significantly increased by 171.8% to $13.4 million for Q3 2025, partially attributable to a gain of $2.2 million on the change in the fair value of contingent earnout shares.
The company expanded its operational footprint, ending Q3 2025 with 4,451 locations, an increase of 3.8%, and 27,714 gaming terminals, an increase of 4.5%, compared to Q3 2024.
Accel strengthened its balance sheet by closing a new $900 million credit facility, extending maturities to 2030, and repurchased 0.6 million shares of common stock for approximately $6.8 million in Q3 2025.

Nov 4, 2025, 9:20 PM

8-K

Accel Entertainment Reports Q3 2025 Results

ACEL

Earnings

Revenue Acceleration/Inflection

Share Buyback

Accel Entertainment reported a 9.1% increase in revenue to $329.7 million and an 11.5% increase in Adjusted EBITDA to $51.2 million for the third quarter ended September 30, 2025, compared to the same period in the prior year.
Net income for Q3 2025 was $13.3 million, marking a 171.8% increase from Q3 2024.
As of September 30, 2025, the company operated 4,451 locations and 27,714 gaming terminals, representing increases of 3.8% and 4.5% respectively, compared to Q3 2024.
The company repurchased 0.6 million shares of its Class A-1 common stock for approximately $6.8 million in Q3 2025 and closed a new $900 million credit facility, extending maturities to 2030.