Q4 2024 Accel Entertainment Inc Earnings Call Transcript
Key Points
- Accel Entertainment Inc (ACEL) reported a record-setting year with total revenue of $1.2 billion and adjusted EBITDA of $189 million, showcasing the resilience of their local gaming offerings.
- The company successfully entered the Louisiana market and acquired Fairmont Park, expanding their footprint and preparing for the opening of the Fairmont Casino.
- Illinois, their largest market, posted a 4% year-over-year growth in GTR, outperforming local casinos, indicating strong market performance.
- Accel Entertainment Inc (ACEL) is focusing on refining their sales and operating model, which is expected to drive both top-line and bottom-line growth.
- The company maintains a strong balance sheet with $425 million of liquidity, allowing for continued growth and capital return to shareholders through share repurchases.
- Accel Entertainment Inc (ACEL) experienced a sequential decline in location count in Illinois due to strategic closures of underperforming locations.
- The company faces increased costs from labor and a 1% state gaming tax increase, prompting strategic closures and portfolio adjustments.
- Revenue per location in Nevada decreased by 6.7% year-over-year, indicating challenges in that market.
- The company anticipates flat net unit growth in Illinois in the near term due to ongoing portfolio adjustments.
- There is uncertainty regarding the rollout of ticket in, ticket out (TITO) in Illinois, which could impact cash processing efficiency and player experience.
Good afternoon ladies and gentlemen. We do appreciate your patience, and we do ask that you remain holding for a few more moments. The conference call will begin shortly.
Good afternoon and thank you for joining the Accel Entertainment Inc Q4 and full year 2024 earnings call. My name is Kate and I will be the moderator for today's call.
(Operator Instructions)
I would now like to turn the call over to Derek Harmer, General Counsel and Chief Compliance Officer. Please proceed.
Welcome to Accel Entertainment 4th quarter and full year 2024 earnings call. Participating on the call today are Andy Rubinstein, Accel Chief Executive Officer Matt Ellis, Accel Chief Financial Officer and Mark Phelan, Accel President of U. S. Gaming.
Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under events and
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