Accel Entertainment, Inc. (ACEL) SEC Filings & Earnings Calls

No material risk identified; routine board appointment.

“No compensation change, no new arrangements or transactions requiring disclosure.”

Macroeconomic sensitivity

“Our revenue is largely driven by players’ disposable incomes and level of gaming activity.” · word for word

Nevada hold-per-day decline

“Nevada location hold-per-day -15.8% YoY.”

Regulatory approval dependency for Chicago gaming licenses; timing uncertain.

“The City of Chicago's Department of Business Affairs and Consumer Protection has begun accepting and processing applications... Once a location receives its City video gaming license...” · word for word

Fairmount Park casino development requires permanent casino build; execution risk.

“We remain committed to developing a permanent casino at the property.” · word for word

Loss on change in fair value of contingent earnout shares and asset rationalization impacted net income.

“Included in Net income is $5 million of a loss on the change in the fair value of our contingent earnout shares and a $2.5 million loss on the sale of fixed assets related to asset rationalization” · word for word

CCO departure could create compliance oversight gap during transition period.

“Derek Harmer resigning as CCO effective March 31, 2027; will serve on Compliance Committee as independent contractor.”

COO appointment from acquired entity (Toucan Gaming) may indicate integration challenges or retention strategy.

“Stan Guidroz, former CEO of Toucan Gaming (acquired Nov 2024), appointed COO.”

Macroeconomic sensitivity

“Our revenue is largely driven by players’ disposable incomes and level of gaming activity.” · word for word

Nevada hold-per-day decline

“Nevada location hold-per-day -11.1% YoY.”

Timing shift in Fairmount Park purse expense impacted reported profitability; non-recurring nature suggests underlying performance stronger than reported

“Q1 '26 Adjusted EBITDA and Net income were impacted by a shift in the timing of Fairmount Park purse expense; excluding this item, Adjusted EBITDA and net income would have been $2.0 million and $1.5 million higher, respectively” · word for word

CEO transition execution risk

“Mr. A. Rubenstein will be transitioning from Chief Executive Officer to an advisor role to the Company in August 2026 and will continue to serve as Chairman of the Board.” · word for word

Key person dependency on CEO/founder

“Andrew Rubenstein has served as Accel’s Chief Executive Officer, Chairman (prior to the Business Combination) and a director since January 2010. In 2009, Mr. A. Rubenstein founded Accel.” · word for word

Concentrated ownership by Clairvest

“Clairvest Group Inc. beneficially owns 20.72% of outstanding Class A-1 common stock.”

Geographic Concentration Risk

“We are further exposed to local and regional conditions because our operations are geographically concentrated, specifically in Illinois, Montana and Nevada.” · word for word

Supplier Concentration Risk

“We are dependent on a concentrated network of key manufacturers, developers, and third-party providers for gaming terminals...The gaming equipment sector has experienced significant consolidation.” · word for word

Regulatory Risk

“We are subject to complex laws and regulations governing gaming and horse racing...Gaming authorities may levy fines against us or seize certain assets if we violate gaming regulations.” · word for word

Interest Rate Risk

“we are exposed to interest rate risk as a significant portion of our borrowings are at variable rates of interest.” · word for word

Leverage Risk

“Our level of indebtedness could affect our ability to obtain financing or refinance existing indebtedness; require us to dedicate a significant portion of our cash flow from operations to interest and principal payments.” · word for word

Leadership transition may cause short-term uncertainty

“CEO change with advisory agreement for former CEO”

Regulatory and implementation uncertainty; 10-year ramp to maturity.

“Expected 10 year ramp to maturity; subject to legislative, regulatory, and implementation processes.”

Nevada same-store sales decline

“Nevada location hold-per-day decreased 8.5% YoY in Q3 2025 and 8.9% for 9M 2025.”

Macroeconomic sensitivity

“Our revenue is largely driven by players' disposable incomes and level of gaming activity, and economic conditions that adversely impact players' ability and desire to spend disposable income at our location partners may adversely affect our results of operations and cash flows.” · word for word

Illinois tax increase

“Effective July 1, 2024, the tax on net gaming revenue in the State of Illinois increased from 34% to 35%” · word for word

Net income growth partially due to non-recurring fair value gains.

“Gain of $2.2 million on change in fair value of contingent earnout shares.”