Accel Entertainment has reported its financial results throughout the third quarter of 2025, as the operator's net revenue grew 9.1% to $329.7m while also having generated a net income of $13.4m, following a reported loss of $4.2m for Q3 2024.
"Accel delivered strong results again this quarter, highlighted by 9.1% revenue growth and an 11.5% increase in adjusted EBITDA. These results reflect our consistent execution and expansion across our markets and once again demonstrate the strength and resilience of our distributed gaming model and return-focused approach to growth," Accel CEO Andy Rubenstein said.
"Looking ahead, we see meaningful opportunities from the ongoing ramp of Fairmount Park, the continued expansion of the Louisiana market and the potential for distributed gaming growth in new states and markets. We remain focused on disciplined execution, operational excellence and our commitment to deliver long-term value for our shareholders."
The operator's adjusted EBITDA increased 11.5% year-over-year to $51.2m for Q3 2025, while Accel's reported net income for the period was primarily attributed to a $2.2m gain on the change in fair value of Class A-2 common stock.
Accel ended the third quarter of 2025 with 4,451 facilities under its operation, equating to growth of 3.8%. The operator also reported managing 27,714 by the conclusion of Q3 2025, representing an increase of 4.5%. Operating income grew 16.1% from the prior year period for a Q3 2025 total of nearly $25.4m.
For revenue by state, the vast majority of Accel's revenue for Q3 2025 was generated by Illinois facilities, having accounted for just over $239m and increasing 7%. Montana and Nevada were the only other states to surpass $10m in revenue for Q3 2025, producing $40.5m and $26.2m, respectively, for an increase of 2.1% in Montana but a 7.4% decrease for Nevada operations.
The third quarter of 2025 represented the first period in which Accel reported revenue from facilities based in Louisiana, which totaled close to $9.5m throughout the period. Nebraska and Georgia facilities generated $8.5m and $5.1m of Q3 2025 revenue, respectively, equating to increases of 30% and 49.3% from the prior year period.
While net gaming accounted for $308.5m of Accel's total revenue for Q3 2025 and grew 6.4%, its amusement and manufacturing verticals witnessed decreases in revenue of 2.5% and 1.6% to produce quarterly totals of $5m and $1.7m. ATM fees and other revenue increased by approximately $9m from the figure generated for Q3 2024, reporting nearly $14.6m of revenue for the third quarter of 2025.
Accel managed to generate increases in net revenue and net income despite growth in its Q3 2025 operating expenses, which were reported to be $304.3m and rose 8.5%. The operator also closed on a new $900m credit facility in September 2025 and extended maturities through 2030 to help lower the cost of capital and further enhance growth capability.
The operator stated early results from its Fairmount Park acquisition "support our long-term confidence" in the property's ability to contribute through racino, food and beverage offerings, as well as its sports betting partnership with FanDuel.
Accel named Brett Summerer as its new CFO effective September 22, as the finance executive took over the position from Mark Phelan, who had been serving as acting CFO in addition to his President of US Gaming title
