Accel Entertainment Q4 Revenue Up 7.5% to $341M, Eyes Chicago VGT Market
Accel Entertainment posted Q4 revenue of $341 million, up 7.5% YoY, and Adjusted EBITDA of $56 million, a 19% rise, helping full-year revenue exceed $1.3 billion and EBITDA $210 million. Management highlighted a 2,500-location Chicago VGT rollout with launch in late Q4 2026 or early Q1 2027 at 30% share.
1. Q4 and Full-Year 2025 Results
Accel recorded Q4 revenue of $341 million, a 7.5% YoY increase, and Adjusted EBITDA of $56 million, up 19%, both quarterly highs. Full-year revenue exceeded $1.3 billion with Adjusted EBITDA of $210 million, delivering net income of $51 million and supporting over 4,500 locations with nearly 28,000 machines.
2. Chicago VGT Opportunity
Management cited a long-term opportunity for 2,500 video gaming terminal locations in Chicago, with licensing procedures still pending city rule finalization. The company expects a market launch in late Q4 2026 or early Q1 2027 and projects maintaining a roughly 30% share based on existing Illinois operations.
3. Operational Initiatives and Expansion
In Illinois, continued route optimization and an 81% TITO technology rollout have improved revenue per machine and margins. Expansion efforts include an accretive Nevada acquisition adding 20 locations, a partnership adding 55 locations, proprietary content development in Montana, and Louisiana tuck-in opportunities.
4. Fairmount Park Ramp
At Fairmount Park Casino & Racing, Accel completed its first full racing season and ramped casino operations post-April 2025 opening. Customer engagement metrics have built monthly momentum as the company evaluates future development phases based on operational insights.