Accel Entertainment Reports Soaring Q1 2022 Earnings with 952% Surge in Profit

Accel Entertainment witnessed its earnings soar in the initial three months of 2022, surging by a remarkable 952% to hit nearly $16 million. This exceptional expansion was driven by robust results across all of the firm’s primary indicators, with income alone climbing by 34%.

This translates to Accel’s revenue for the first quarter reaching almost $197 million, compared to $147 million in the corresponding period the previous year. Their modified EBITDA also experienced a substantial rise, growing by roughly 36% to attain $35 million. These favorable outcomes were partially attributed to a more advantageous operational landscape compared to the first quarter of 2021 when the global health crisis significantly affected Accel’s activities as a video gaming terminal (VGT) provider. With the majority of limitations now removed, operations have reverted to a more typical condition.

At the conclusion of the first quarter, Accel was managing 2,565 sites with 13,663 VGTs, signifying a 5% and 7% year-over-year rise, respectively. The organization also verified that its purchase of Century Gaming remains on schedule to finalize by the end of this quarter.

Accel Chief Executive Officer Andy Rubenstein conveyed his contentment with the company’s achievements, remarking, “Our robust first-quarter outcomes are a testament to the strength of our business framework and the faithfulness of our clientele, even amidst an inflationary climate.” He continued, “Looking forward, we are enthusiastic to conclude the acquisition of Century, which will merge the capabilities of both entities, and we will persist in assessing other attractive expansion prospects.”

An additional encouraging development for Accel was the reduction in its liabilities compared to the identical timeframe last year.

The firm substantially bolstered its fiscal standing, reducing its overall liabilities by 22% in the initial quarter versus the corresponding timeframe last year, arriving at $147 million.

Rubinstein further underscored the organization’s distinct advantages, spotlighting their streamlined and regionally-concentrated operational approach as primary catalysts for upcoming expansion and shareholder value enhancement. He conveyed optimism in Accel’s capacity to leverage developing prospects and further cement its dominant market presence within the sector.