Accel Entertainment Q2 revenue beats estimates, helped by Illinois performance
ACEL•Outlook
- Company identifies Chicago gaming terminal approvals as a near-term growth opportunity
- Accel says developing markets Nebraska and Georgia are increasingly important for long-term earnings growth
- Company expects benefits from TITO-enabled terminals in Illinois to build over time
Overview
- US gaming terminal operator's Q2 revenue grew 10% yr/yr, beating analyst expectations
- Adjusted EBITDA for Q2 rose 11% yr/yr and beat analyst expectations
- Company repurchased 500,000 shares for $5.6 mln in Q2
Result Drivers
- Illinois performance - Co said Illinois revenue, excluding Fairmount Park, rose 6% yr/yr, driven by improved hold-per-day and higher performing customer mix
- Fairmount Park - Table games launch and second racing season at Fairmount Park contributed to highest quarterly gross profit since acquisition
- Developing markets - Adjusted EBITDA in Nebraska and Georgia increased significantly, highlighting growing importance of these markets
