Accel Entertainment CEO Andy Rubenstein said the company is making “substantial progress” in its acquisition of FanDuel Sportsbook & Horse Racing as it announced record revenues in Q3.
Accel revealed the deal for the Illinois, US, gaming site in July through the acquisition of Fairmont Holdings, which owns the site in Collinsville.
The company said the deal is expected to complete in Q4 this year and that message was reiterated again in Accel’s Q3 results report.
Chief executive Rubenstein said FanDuel Sportsbook & Horse Racing is a “natural extension of our convenient, local gaming platform.”
The confirmation that the deal is on track came as Accel reported record revenue of $302.2m for Q3, up 5.1 per cent on Q3 2023.
Adjusted EBITDA of $45.9m increased 3.9 per cent year-on-year.
Accel had 4,014 locations by the end of Q3, up 2.8 per cent, while its number of gaming terminals climbed 4.1 per cent year-on-year to 25,729.
“We continue to outperform casinos in our largest market, Illinois, and posted significant revenue increases in our fastest growing market, Nebraska,” Rubenstein added.
“By strengthening our core and expanding our offerings, we believe we can continue to generate attractive low-teens returns on capital and improve our trading multiples, making Accel a compelling investment opportunity.”
Net income for Accel declined 53.2 per cent to $4.9m due to a “higher loss on the change in fair value of the contingent earnout shares,” the company said.
