Accel Entertainment ( (ACEL) ) has realeased its Q3 earnings. Here is a breakdown of the information Accel Entertainment presented to its investors.
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Accel Entertainment, Inc., a prominent distributed gaming operator in the United States, provides comprehensive gaming solutions to various non-casino locations, including bars, restaurants, and convenience stores, offering a unique blend of gaming and entertainment services.
In its latest earnings report for the third quarter of 2024, Accel Entertainment announced record revenues of $302.2 million, marking a 5.1% increase from the previous year. However, the company experienced a significant decline in net income, which fell by 53.2% to $4.9 million, attributed partly to a higher loss on the change in fair value of contingent earnout shares.
The company reported positive growth in several key areas, including a 2.8% increase in locations and a 4.1% rise in the number of gaming terminals. The Adjusted EBITDA also grew by 3.9% to $45.9 million. Strategic moves included the acquisition plans of a distributed gaming operator in Louisiana and FanDuel Sportsbook & Horse Racing in Illinois, expected to close in the fourth quarter of 2024.
Looking ahead, Accel’s management maintains an optimistic outlook, emphasizing continued expansion and enhancement of core offerings. The company aims to generate attractive returns on capital and improve trading multiples, presenting a compelling investment opportunity moving forward.
