Leading distributed gaming operator and preferred partner for local businesses in Nevada, Montana, and Illinois, Accel Entertainment, has published its operating and financial results for the third quarter than ended September 30. The NYSE-listed company has reported a 108% net income increase to $22.4 million in Q3 2022 compared to $10.8 million in Q3 2021. The company’s total revenue also went up 38% from $193.3 million in Q3 2021 to $266.9 million in Q3 2022.
Adjusted EBITDA and Net Debt Numbers
The supplier that carries an IGB license since 2012 and a PGCB license since November 2020 has also posted an adjusted EBITDA of $41.1 million for the third quarter, marking a 9% rise from the same quarter last year when the adjusted EBITDA was $37.6 million. Accel Entertainment also signaled a rise in adjusted net income from $17.3 million in Q3 2021 to $18.9 million in the third quarter of the current year. Accel’s report also mentioned a 109% rise in debt on a year-on-year basis, with $309 million in net debt mostly triggered by the company’s $160 million borrowings on its credit facility during the second quarter. The company also acquired the amusement assets of VVS for $9.5 million along with River City Amusement Company’s assets for $2.8 million during the third quarter.
The company’s chief executive officer Andy Rubenstein expressed Accel’s pleasure to be ending “another strong quarter” with the same focus on their growth strategy. Rubenstein added that the company’s “solid performance” obtained in spite of the “inflationary pressures” comes to further prove the power and resilience of their locally-based business model. On top of strengthening its foothold in Nebraska, Accel plans to keep assessing and harnessing its growth opportunities throughout the US while returning capital to its shareholders. In May, Nevada’s Gaming Control Board recommended a two-year license to be granted to Accel Entertainment.
Accel Has Reasserted Its 2022 Locations & Gaming Terminals
The video gaming Terminal Operator has also reaffirmed its 2022 locations and gaming terminals. At the end of the year, Accel expects to count between 3,550 and 3,600 locations spread throughout the country. As of September 30, Accel had a total of 3,517 locations, marking a 38% increase compared to last year’s third-quarter number.
The rise was mostly attributed to the acquisition of Century Gaming. As for the number of gaming terminals, the company anticipates finishing the year with around 22,700 to 23,200 terminals. At the end of the third quarter, Accel had a number of 22,429 gaming terminals, going up 68% compared to last year’s numbers for the same quarter.