Accel Entertainment Hits Record $1.2B Revenue in 2024
Key Takeaways
Accel Entertainment reports a record revenue of $1.2 billion for 2024, despite a decline in net profit. In the fourth quarter, revenue reached $317.5 million, reflecting a 6.9% increase compared to the previous year. However, Q4 net profit dropped by 47.5% to $8.4 million. For the full year, net profit fell by 22.6% to $35.3 million.
Revenue Growth Despite Profit Decline
Despite rising revenues, Accel Entertainment experienced a significant decline in net profit. CEO Andy Rubenstein remains optimistic, citing strategic expansion efforts. These include entering the Louisiana market through the acquisition of Toucan Gaming and finalizing a deal for FanDuel Sportsbook & Horse Racing. Additionally, the company has started constructing a new casino, scheduled to open in Q2 2025.
Strong Markets and EBITDA Growth
Illinois remains Accel Entertainment’s most important market, contributing $906.6 million to total 2024 revenue. In the fourth quarter alone, the company generated $231.3 million in Illinois. Montana followed with $161.7 million. Nevada was the only market to see a revenue decline of 2.2%, dropping to $114.6 million.
Although net profit decreased, Accel managed to grow its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). In the fourth quarter, EBITDA reached $47.4 million, marking a 6.2% increase. For the full year, EBITDA grew by 4.2% to $189.1 million.
Financial Challenges and Future Plans
At the end of 2024, Accel’s net debt stood at $314 million, an 11.8% increase from the previous year. Despite this financial burden, the company continues to focus on expansion and strategic investments.
Our Assessment
Accel Entertainment demonstrates strong market positioning through its revenue growth but struggles with declining net profits. The expansion into Louisiana and the construction of a new casino could drive higher long-term earnings. However, it remains to be seen how increasing debt and declining profitability will impact the company’s future.
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