Accel Entertainment, Inc. reported a total revenue of $1.23 billion for the fiscal year ending December 31, 2024, marking a 5.2% increase from $1.17 billion in 2023. The growth was primarily driven by a $59.2 million rise in net gaming revenue, which reached $1.17 billion, reflecting an increase in gaming locations and terminals. However, the company experienced declines in amusement and manufacturing revenues, which fell by 7.2% and 8.4%, respectively. Net income for the year was $35.3 million, a decrease of 22.6% compared to $45.6 million in the previous year, attributed to rising operating expenses and interest costs.
In terms of operational metrics, Accel Entertainment expanded its footprint, increasing the number of locations to 4,117, up from 3,961 in 2023, representing a 3.9% growth. The number of gaming terminals also rose to 26,346, a 5% increase from the prior year. The company’s strategic initiatives included the acquisition of the FanDuel Sportsbook and Horse Racing in Illinois, which is expected to enhance its offerings in local casino gaming and horse racing. Additionally, Accel entered the Louisiana market in late 2024, further diversifying its geographic presence.
The company faced increased operating expenses, totaling $1.14 billion, a 7.3% rise from $1.06 billion in 2023. This increase was driven by higher costs associated with revenue generation, general and administrative expenses, and depreciation. Notably, general and administrative expenses rose by 8% to $194.7 million, reflecting higher payroll costs as the company continues to grow. Interest expenses also increased by 8.3% to $35.9 million, primarily due to higher average outstanding debt and interest rates.
Looking ahead, Accel Entertainment remains focused on expanding its market presence and enhancing its service offerings. The company plans to open a casino at the FanDuel Sportsbook and Racetrack in southern Illinois in 2025, with the first phase expected to launch in the second quarter. The management is optimistic about future growth opportunities, particularly in new jurisdictions where gaming regulations are evolving favorably. However, the company acknowledges potential risks, including economic uncertainties and regulatory challenges that could impact its operations and financial performance.
About Accel Entertainment, Inc.
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