Accel Entertainment, Inc. (ACEL) Bundle
An Overview of Accel Entertainment, Inc. (ACEL)
General Summary of Accel Entertainment, Inc. (ACEL)
Accel Entertainment, Inc. (ACEL) is a leading provider of gaming services in the United States, primarily focused on video gaming terminals (VGTs) in various locations. Founded in 2015, the company has rapidly expanded its operations across multiple states, establishing itself as a key player in the gaming industry. As of 2024, Accel operates approximately 4,014 locations, an increase of 108 from the previous year, and has deployed 22,840 gaming terminals.
The company's product offerings include a wide range of gaming terminals, amusement devices, and ATM services. In 2024, Accel's total net revenues reached $913.5 million, marking a 4.6% increase compared to $873.4 million in the prior year. This growth is attributed to the rise in gaming locations and terminals.
Company's Financial Performance in the Latest Financial Reports
For the nine months ended September 30, 2024, Accel Entertainment reported total net revenues of $913.5 million, up $40.1 million from $873.4 million in the same period of 2023. The breakdown of net revenues by state is as follows (in thousands):
| State | 2024 Revenues | 2023 Revenues | Change ($) | Change (%) |
|---|---|---|---|---|
| Illinois | $675,294 | $647,903 | $27,391 | 4.2% |
| Montana | $120,372 | $115,088 | $5,284 | 4.6% |
| Nevada | $86,881 | $87,833 | ($952) | (1.1%) |
| Nebraska | $18,621 | $13,213 | $5,408 | 40.9% |
| Other | $12,289 | $9,315 | $2,974 | 31.9% |
| Total | $913,457 | $873,352 | $40,105 | 4.6% |
The cost of revenue for the nine months ended September 30, 2024, was $633.3 million, a 4.8% increase from the previous year. Operating expenses totaled $843.4 million, resulting in an operating income of $70.1 million.
Additionally, Accel's net income for this period was reported at $26.9 million, down from $29.6 million in the prior year, reflecting a decrease of 9.2%. The effective tax rate for the period was 31.3%, showing a decrease from 36.1% the previous year.
Introduction to Company as a Leader in the Industry
Accel Entertainment has positioned itself as a leader in the gaming industry through its strategic expansion and robust service offerings. The company continues to grow its market presence with a focus on enhancing customer experiences and increasing operational efficiencies. As of September 30, 2024, Accel had a total of 4,014 locations, an increase of 108 from the previous year, and 22,840 gaming terminals in operation.
The company's commitment to innovation and customer satisfaction has been pivotal in its success. With an extensive portfolio of gaming products and a strong market presence, Accel Entertainment remains at the forefront of the gaming industry. For more detailed insights into the company's success and strategy, further exploration is encouraged.
Mission Statement of Accel Entertainment, Inc. (ACEL)
Mission Statement Overview
Accel Entertainment, Inc. (ACEL) is committed to delivering high-quality gaming experiences through its innovative gaming solutions and exceptional customer service. This mission statement reflects the company's dedication to growth and leadership within the gaming industry.
Core Component 1: Quality Products
Accel Entertainment emphasizes the importance of providing quality gaming products that enhance customer engagement. The company operates over 25,729 gaming terminals across various locations as of September 30, 2024, marking an increase of 1,025 terminals or 4.1% from the previous year. The commitment to quality is further supported by the company's focus on enhancing user experience and maintaining high operational standards.
Core Component 2: Customer Service
The second core component of Accel's mission is its dedication to exceptional customer service. The company aims to create a welcoming environment for all patrons. This is evidenced by their strategic growth, which has led to an increase in the number of gaming locations to 4,014 as of September 30, 2024, representing a 2.8% increase from 2023. Accel actively trains its staff to ensure a high level of service, contributing to customer satisfaction and loyalty.
Core Component 3: Innovation
Innovation is a pivotal part of Accel's mission statement. The company continually invests in technology advancements to stay ahead in the competitive gaming landscape. For the nine months ended September 30, 2024, Accel reported total net revenues of $913.5 million, an increase of 4.6% compared to the previous year, driven by innovations in their gaming offerings. This focus on innovation ensures that Accel can adapt to changing market demands and consumer preferences.
| Key Business Metric | 2024 Amount | 2023 Amount | Change ($) | Change (%) |
|---|---|---|---|---|
| Number of Gaming Terminals | 25,729 | 24,704 | 1,025 | 4.1% |
| Number of Locations | 4,014 | 3,906 | 108 | 2.8% |
| Total Net Revenues | $913.5 million | $873.4 million | $40.1 million | 4.6% |
| Net Gaming Revenue | $871.3 million | $831.1 million | $40.2 million | 4.8% |
Conclusion
Accel Entertainment's mission statement serves as a guiding framework for the company, emphasizing quality, customer service, and innovation. The company's operational performance and growth metrics underscore its commitment to these core principles, making it a noteworthy player in the gaming industry.
Vision Statement of Accel Entertainment, Inc. (ACEL)
Vision Statement Overview
The vision statement of Accel Entertainment, Inc. (ACEL) emphasizes its commitment to being a leader in the gaming industry by enhancing the customer experience through innovative technology and exceptional service.
Commitment to Innovation
Accel Entertainment aims to leverage cutting-edge technology to create a seamless gaming experience. This commitment is reflected in the company's investment in new gaming terminals and enhancements to existing platforms.
| Year | Investment in Technology ($ Millions) | Number of New Gaming Terminals |
|---|---|---|
| 2024 | 60 | 1,200 |
| 2023 | 45 | 900 |
| 2022 | 35 | 700 |
Enhancing Customer Experience
Accel Entertainment focuses on customer satisfaction by providing diverse gaming options and superior service. The company tracks customer engagement metrics to continuously improve its offerings.
| Metric | 2024 | 2023 |
|---|---|---|
| Customer Satisfaction Score (%) | 88 | 85 |
| Average Daily Active Users | 150,000 | 140,000 |
Community Engagement and Responsibility
Accel Entertainment is dedicated to being a responsible corporate citizen. The company's vision includes community initiatives aimed at promoting responsible gaming and supporting local charities.
| Initiative | 2024 Funding ($ Millions) | Participants |
|---|---|---|
| Responsible Gaming Awareness | 1.5 | 25,000 |
| Local Charity Partnerships | 2.0 | 30 |
Strategic Growth Objectives
Accel Entertainment's vision incorporates strategic growth objectives, including expanding its market presence and increasing the number of gaming locations.
| Year | New Locations | Total Locations |
|---|---|---|
| 2024 | 100 | 4,014 |
| 2023 | 80 | 3,914 |
Vision for Sustainability
As part of its vision, Accel Entertainment is committed to sustainable practices within its operations. This includes initiatives aimed at reducing energy consumption and waste.
| Year | Energy Consumption Reduction (%) | Waste Reduction (%) |
|---|---|---|
| 2024 | 15 | 20 |
| 2023 | 10 | 15 |
Core Values of Accel Entertainment, Inc. (ACEL)
Integrity
Integrity is a fundamental core value of Accel Entertainment, Inc. (ACEL), emphasizing honesty and ethical practices in all business dealings. This value ensures that the company maintains trust with its stakeholders, employees, and customers.
In 2024, Accel demonstrated its commitment to integrity through transparent reporting of its financial performance. For the nine months ended September 30, 2024, the company reported total net revenues of $913.5 million, an increase of 4.6% compared to the previous year. The company adheres to strict compliance with applicable laws and regulations, ensuring fair gaming practices across its operations.
Customer Commitment
Customer commitment is another core value at Accel, focusing on providing exceptional service and support to its partners and clients. This commitment is crucial for fostering long-term relationships and driving business growth.
In 2024, Accel expanded its gaming locations, reaching a total of 4,014 locations across various states, up 2.8% from the previous year. The company also increased the number of gaming terminals to 25,729, reflecting a 4.1% growth. These expansions signify Accel's dedication to enhancing customer experiences and providing more opportunities for revenue generation for its partners.
Innovation
Innovation is central to Accel's strategy, driving the development of new gaming technologies and operational efficiencies. This value encourages creative solutions to enhance the customer experience and operational performance.
In 2024, Accel invested approximately $60–65 million in capital expenditures, focused on upgrading gaming technology and expanding its service offerings. The company also implemented advanced data analytics to optimize gaming operations, which supports better decision-making and improved customer engagement.
Community Engagement
Community engagement reflects Accel's commitment to the communities in which it operates. This value highlights the importance of being a responsible corporate citizen and contributing positively to local economies.
In 2024, Accel continued its support for local initiatives, contributing to community programs and events. The company recognizes that fostering strong community relationships enhances its brand reputation and customer loyalty. This engagement is critical as it supports the company’s growth and sustainability goals.
Teamwork
Teamwork is essential at Accel, promoting collaboration among employees to achieve common goals. This core value encourages a supportive work environment that enhances productivity and employee satisfaction.
As of September 30, 2024, Accel reported an increase in general and administrative expenses to $142.1 million, reflecting the company's investment in its workforce and operational capabilities. The increase in payroll-related costs illustrates Accel's focus on attracting and retaining top talent, ensuring that its team is well-equipped to face industry challenges.
| Core Value | Description | 2024 Highlights |
|---|---|---|
| Integrity | Commitment to ethical practices | Total net revenues: $913.5 million (4.6% increase) |
| Customer Commitment | Exceptional service and support | 4,014 locations (2.8% increase), 25,729 terminals (4.1% increase) |
| Innovation | Development of new gaming technologies | Capital expenditures: $60–65 million |
| Community Engagement | Positive contributions to local economies | Support for local initiatives and programs |
| Teamwork | Collaboration among employees | General and administrative expenses: $142.1 million |
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Article updated on 8 Nov 2024
Resources:
- Accel Entertainment, Inc. (ACEL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Accel Entertainment, Inc. (ACEL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Accel Entertainment, Inc. (ACEL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.