The leading distributed gaming operator in the United States, Accel Entertainment, released its latest operating results, revealing details regarding its performance for the second quarter of 2023. In its latest trading update, released Thursday, the company confirmed strong growth of revenue and adjusted EBITDA for the three months ended June 30, 2023.
Judging by the unaudited report, Accel’s revenue in Q2 2023 hit $292.6 million. A year-over-year comparison to the $227.9 million result from Q2 2022 shows that the company’s revenue this year increased by 28%.
Additionally, Accel’s adjusted EBITDA for the second quarter of 2023 increased as well, hitting $46.6 million. This result, when compared to the corresponding period last year, marked an increase of 9%.
The recent financial report reveals that Accel ended Q2 2023 with 3,655 locations, representing 5% growth when compared to the same period last year. A similar increase was observed in the number of gaming terminals which grew by 7% to 23,759 for the second quarter of 2023 when compared to the same period in 2022.
According to the report, Accel ended Q2 2023 with $285 million net debt, representing a slight 1% increase when compared to the same period last year. However, when it comes to net income, a decrease was observed. Overall, Accel posted $10.0 million in net income for the second quarter this year, representing a 56% decrease when compared to Q2 2022 “primarily attributable to the $4.8 million loss on the change in fair value of the contingent earnout shares in Q2 2023 compared to the $5.7 million gain in Q2 2022,” explains the company.
The Company Is Delighted with the Strong Results
A breakdown provided by Accel reveals growth of revenue within the different jurisdictions where the company operates. For Q2 2023, its Illinois revenue increased to $215.9 million, while its revenue in Montana soared. In Q2 last year, Accel’s Montana revenue halted at $10.8 million, while this year, it skyrocketed to $39.3 million. Another strong growth was observed in Nevada. For the three months ended June 30 last year, Accel’s Nevada revenue halted at $8.9 million, significantly below the $29.9 million result from Q2 this year.
“We are pleased to deliver another record-breaking quarter and I am excited by our future growth opportunities. Despite uncertain economic times, our revenues continue to grow organically outside of acquisitions.“
Andy Rubenstein, CEO at Accel Entertainment
Andy Rubenstein, Accel’s CEO, explained that the company is delighted to accomplish strong results during the past quarter. He outlined that Accel was able to navigate through the economic uncertainties and achieve organic growth. Finally, Rubenstein said that the company seeks to expand further and reaffirm its position as a leader in distributed gaming.