In numbers released after the closing bell today, Accel Entertainment reported a first-quarter profit of $19.5 million, down from $21 million a year ago. However, revenues improved from $293.2 million in the opening quarter of 2023 to $301.8 million in 1Q24.
The only state in which Accel was revenue-negative was Nevada, where winnings fell $752,000. Illinois was by far the largest revenue source, where $224.8 million was won from Land of Lincoln slot routes.
Smaller contributors were Montana ($38.1 million), Nevada ($29.2 million), and Nebraska ($5.8 million), not including marginal jurisdictions lumped under “other.” Accel fielded 25,321 video gaming terminals in 3,987 locations in four states.
The company listed $539.8 million in debt against $254 million in cash on hand and equivalents.
In prepared remarks, CEO Andy Rubenstein said, “I’m happy to report that we delivered another solid quarter despite some unfavorable weather early on, once again demonstrating the strength of our business model. We’re cautiously optimistic about legislative trends we’re seeing outside of Illinois and continue to explore opportunities to expand our national footprint.
“Given the strength of our balance sheet and experience with locally focused gaming markets, we continue to believe that we offer one of the best investments in the industry.”
