Accel Entertainment (NYSE: ACEL) is a distributed gaming company that installs, operates, and services gaming terminals at non-casino locations such as bars, restaurants, truck stops, fraternal organizations, and veterans' organizations. Revenue is generated by splitting net terminal income with location partners, with splits either statutorily mandated or negotiated depending on the state. Accel began Illinois operations in 2012 and has since expanded into Montana, Nevada, Nebraska, Iowa, Georgia, Louisiana, and Pennsylvania. The company operates under multiple brands, including Century Gaming and Grand Vision Gaming in Montana and Toucan Gaming in Louisiana. In December 2024, Accel acquired Fairmount Park in Illinois, adding a thoroughbred horse racing track and a casino with approximately 260 gaming positions, plus a revenue-share sportsbook arrangement with FanDuel. Revenue depends directly on players' disposable income and gaming activity levels. As of the 10-K filed March 3, 2026, interest expense, net for FY2025 was $34.2 million, reflecting a debt-heavy capital structure with a weighted-average interest rate of approximately 6.3%.

Revenue model

Net terminal income splits shared between Accel and its location partners. In statutory markets (Illinois, Georgia, Pennsylvania), splits are fixed by law. In negotiated markets (Montana, Nevada, Nebraska, Iowa, Louisiana), splits are determined by contract. Fairmount Park generates additional revenue from slot machines, video table games, a sportsbook (via FanDuel revenue share), pari-mutuel wagering commissions, food and beverage, and racing event services.

Products and services

Video gaming terminals (video poker, slots, keno) installed at licensed non-casino locations. Proprietary gaming terminals and software designed and manufactured by Grand Vision Gaming subsidiary for Montana, South Dakota, and West Virginia markets. Proprietary player rewards systems. Fairmount Park casino (~260 gaming positions) and thoroughbred horse racing track (57 racing days planned for 2026). Cash management services provided through in-house collections and security personnel.

Customers and end markets

Location partners are the direct customers: liquor-licensed bars, restaurants, retail establishments, gaming cafes, fraternal organizations, veterans' organizations, truck stops, and grocery/convenience stores. End consumers are gaming players whose disposable income and gaming activity directly drive revenue. Fairmount Park serves the greater St. Louis and southern Illinois market.

Value-chain role

Operator and servicer of gaming terminal routes at third-party non-casino locations. Accel installs terminals, handles cash management, provides 24/7 technical support, and manages regulatory compliance. Grand Vision Gaming subsidiary also operates as a terminal manufacturer and software developer, supplying equipment for internal routes and third-party sales.

Geographic exposure

Operations as of the 10-K filed March 3, 2026 span Illinois (started 2012), Montana (acquired 2022), Nevada, Nebraska, Iowa, Georgia, Pennsylvania, and Louisiana. Illinois is the primary market. Fairmount Park (acquired December 2024) operates in the southern Illinois market.

Source: SEC 10-K, filed 2026-03-03

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