Accel Entertainment

Revenue visibility is good due to thousands of contracted locations, relatively stable hold‑per‑day dynamics, and a locals‑driven customer base. 2025 net revenues were $1.331B with Adjusted EBITDA of $210.1M; Q1 2026 net revenues were $351.6M, up 8.5% year over year.

TTM net revenues are about $1.36B and Adjusted EBITDA about $214M as of March 31, 2026. Geographic diversification beyond Illinois is improving, though Illinois still contributes roughly 72% of revenue, creating concentration risk. Chicago authorization adds a long runway, but timing and regulatory friction may introduce variability.

Compared to casinos or highly cyclical businesses, Accel’s route model is relatively steady, with mild macro sensitivity.