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Accel Entertainment raises guidance after 226.6% revenue growth in H1


Gaming terminal business Accel Entertainment has reported a half-year 2021 revenue of $349.0m in largely successful results for the company.

This was a revenue increase of 226.6% compared to the first half of 2020, when revenue was affected by the novel coronavirus (Covid-19) pandemic.

Net gaming revenue was $334.8m, up from $101.5m year-on-year, while the business made an additional $4.3m from amusement machines and $3.3m from ATM fees and other sources.

Large operating expenses affected the supplier’s income, however.

Further expenses, including general and administrative costs, brought the total operating expenses to $314.5m for the half, up 144.7%. This left total operating income at $34.4m, an increase of $56.1m in comparison to H1 2020, when the business made a loss.

Other costs left the total income before tax at $21.7m, up $25.7m year-on-year. Income tax expenses, at $7.8m, brought the total net income for the period to $13.9m, an increase of 993.8%.

The company also reported the highest-revenue quarter in its history, at $201.9m in Q2. Operating income for the quarter came to $24.9m, a sharp year-on-year rise of $48.7m.

“We are pleased to report exceptional results for the second quarter of 2021,” said Andy Rubenstein, CEO of Accel Entertainment. “We feel confident that the revenue we saw at the end of the second quarter should be sustainable, driven by the various initiatives we put in place over the past several quarters.”

“These record results are a further proof point that our asset-light and hyper-local business model is highly effective and has well-positioned Accel for the long-term,” he added.

Along with these results, Accel released revised guidance for its full-year 2021 results.

The company expects to end 2021 with a revenue between $700m and $725m, as well as between 2,590 and 2,615 locations.

As of 30 June, Accel has 2,527 locations.