Accel Entertainment (ACEL)
Turnkey route operator placing gaming terminals at bars and local venues across the US.
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Operates a turnkey route business across ten states — installing, servicing, and splitting gaming revenue on video terminals at bars, truck stops, and social clubs, with Illinois and Montana accounting for most production. Revenue follows per-state statutory formulas, making licensing and regulatory approval the central constraint on growth.
Founded in 2010 by brothers Andrew and Gordon Rubenstein, the business operates as a terminal route business — installing, servicing, and sharing revenue on video gaming terminals at bars, truck stops, fraternal halls, and convenience stores under turnkey contracts.
Operations span ten states, with Illinois and Montana generating most of the revenue. State-level brands include Bulldog Gaming in Georgia, Toucan Gaming in Louisiana, and Century Gaming across Montana and Nevada, each reflecting a distinct acquisition.
The Century Gaming deal brought in Grand Vision Gaming, an in-house manufacturing arm. A 2024 move into Fairmount Park, an Illinois racetrack, represents a first step into owned-venue casino gaming alongside the route business.
The business depends on per-state gaming board licenses and statutory revenue-sharing formulas; any regulatory change to the split directly affects operator economics.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 21, 2026 | Wells Fargo | Target | Target: — | Target: $14 |
| Aug 19, 2026 | Truist Financial | Target | Target: $13 | Target: $14 |
| Aug 5, 2026 | National Bank | Target | Target: — | Target: $15 |
| Jan 16, 2026 | CBRE | Target | Target: — | Target: $17 |
| Dec 16, 2025 | Truist Financial | Target | Target: — | Target: $13 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $255.5M · Total debt $573.3M · Total assets $1.10B · Shareholders' equity $283.9M
- Revenue
- $368.1M
- Operating income
- $32.1M
- Net income
- $12.5M
No dividends on record.
| Institutions | 56.44% | 45.83M shares | |
|---|---|---|---|
| 175 holders · as of Jun 30, 2026 | |||
| Insiders | 11.52% | 9.36M shares | |
| 11 holders · as of Sep 17, 2026 | |||
| Strategic holders | 51.62% | 41.91M shares | |
| 3 holders · as of Aug 14, 2026 | |||
| Adds to | 119.58% | ||
81.19M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 119.58%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Clairvest Group Inc1Strategic10 percent owner | 43.55% | 17.65M · 16.90M · 815,580 | filed Mar 20, 2020 |
Darlington Partners Capital Management, LPInstitution | 9.97% | 8.10M | as of Jun 30, 2026 |
Greenvale Capital LLPInstitution | 6.94% | 5.63M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.06% | 4.92M | as of Jun 30, 2026 |
CIBC Private Wealth Group LLCStrategic | 5.74% | 4.66M | filed Aug 14, 2026 |
- Clairvest Group Inc's transaction reports restate only vehicles that traded; the 2020 ownership statement (17.65M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Christen Kozlik | officer: Chief Accounting Officer | −550 | $11.55 |
| Sep 14, 2026 | Derek Harmer | officer: Chief Compliance Officer | −13,162 | $11.60 |
| Sep 11, 2026 | Derek Harmer | officer: Chief Compliance Officer | −26,324 | $11.63 |
| Aug 5, 2026 | Andrew H. Rubenstein | director, 10 percent owner, officer: CEO and President | −15,000 | $12.64 |
| Jun 15, 2026 | Mark T. Phelan | officer: COO, President, U.S. Gaming | −25,000 | $13.00 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Accel Entertainment | $11.25 | +1.31% | $903.5M | 16.6 | 13.9 | 0.6 | +9.6% |
| Inspired Entertainment | $4.56 | +0.44% | $121.1M | — | 14.1 | 0.4 | −24.3% |
| Boyd Gaming | $72.27 | −0.43% | $5.27B | 3.2 | 9.7 | 1.3 | +0.0% |
| Caesars Entertainment | $29.64 | −0.04% | $6.04B | — | — | 0.5 | +3.0% |
| Median | 3.2 | 11.9 | 0.5 | +0.0% |