One of Illinois’ dominant slot-route operators, Accel Entertainment, has completed its acquisition of Century Gaming.
The $164.2 million deal, paid for with a mixture of cash and stock, extends Accel’s reach into the slot-route-intensive states of Nevada and Montana. It will be a pickup of 8,300 machines in more than 900 gaming-licensed locations, including bars, taverns, truck stops, and convenience stores. (That’s on top of Accel’s 2021 installed base of 13,639 slot machines.) For its money Accel also gets Century’s game-creation studio, Grand Vision Gaming, along with two bonusing systems, i-Rewards and Gambler’s Bonus.
Accel, however, may have the more advanced machines. Its video gaming terminals include an ATM functionality, in addition to the usual disbursement of winnings. Even so, Accel is keeping Century’s brain trust on board, starting with CEO Steve Arntzen and descending through CFO Heidi Schmalz and Grand Vision Gaming Managing Director Merle Frank.
“We are confident that Century’s leadership team of Steve, Heidi, and Merle is the perfect partner to guide us into this attractive market and capture new growth,” said Accel CEO Andy Rubenstein.
Arntzen reciprocated the sentiment. In a formal statement, he said, “In Accel, we have found an ideal strategic partner and together we are uniquely positioned to accelerate our growth trajectory as we deliver the latest technological advancements to the gaming market. Our team will build on our strong momentum under the Accel banner as we provide our operators and players with the attractive locations, highest-quality products, and world-class support for which we are known.”
The closing of the deal didn’t quite meet Accel’s end-of-May deadline and the acquisition price was higher than the previously announced $140 million. Accel stock dipped 12 cents to $10.71 a share on news that the acquisition had been consummated. Accel shares had risen as high as $12.85 following the company’s most recent Securities & Exchange Commission 10-Q filing.
