Accel Entertainment
Accel Entertainment Names Mark Phelan President, U.S. Gaming
Accel Entertainment, Inc. announced that Mark Phelan, Chief Revenue Officer, has been appointed to the newly created position of President, U.S. Gaming, effective October 6, 2023.
In this capacity, Mr. Phelan will be responsible for setting and guiding Accel’s growth strategy, including leading the execution of key expansion and diversification initiatives. Mr. Phelan will continue to oversee Accel’s business development as well as the company’s M&A strategy. He will remain an active member of the executive team and continue to report directly to Accel’s President and CEO Andy Rubenstein.
“Since joining Accel, Mark has been an exceptional leader of our sales and revenue team,” said President and CEO Andy Rubenstein. “Throughout this time, Mark has driven significant revenue growth and helped shepherd Accel’s expansion into new markets. This newly created position will enable Mark to focus even more of his time and energy on our go-forward strategy to expand our geographical presence and the breadth of our offerings. This appointment is a true testament to Mark’s expertise and I look forward to continuing to partner with him in this new capacity.”
“It is an honor to step into this new role during such an exciting time for Accel,” said Mr. Phelan. “I look forward to deepening my focus on strategic growth initiatives and continuing to work closely with Andy and the rest of Accel’s talented team. We will continue to grow the business, explore adjacent markets and further position ourselves as the country’s premier local gaming provider.”
Mark has served as Accel’s Chief Revenue Officer since 2017. Prior to joining Accel, Mark was Director of Research for SFG Asset Advisors. Before that, he held several positions within the finance industry, including CEO of M22 Capital LLC, a Registered Investment Advisory firm he founded in 2011, Managing Director of Piper Jaffray Company’s convertible bond sales and trading desk, Head of Asian Derivatives Trading at DRW Trading Group and VP of Municipal Banking at Mesirow Financial.
Mark received his B.A., M.A. and M.B.A from the University of Chicago.
Accel Entertainment Inc. and Fairmount Holdings Inc. announced that the companies have entered into an agreement for Accel to acquire Fairmount, the owner of FanDuel Sportsbook & Horse Racing, for total consideration of approximately $35 million (based on a 20-day trailing average), payable to the sellers as 3.45 million shares of Accel Class A-1 common stock. The strategic transaction adds a promising single-site racetrack and future casino to extend Accel’s convenience gaming expertise to a larger and more concentrated venue – an adjacency in Local Gaming that is complementary to Accel’s steadily growing, route-based footprint.
During the year ended December 31, 2023, Fairmount generated $29 million of revenue and modest Adjusted EBITDA. Accel plans to invest $85-$95 million (over and above the purchase price) to fund temporary and then permanent casino construction and modest track investments. Accel’s five-year forecast suggests an Adjusted EBITDA potential of $20 to $25 million and over 75% free cash flow conversion – pointing to a compelling cash flow return on capital. The asset will be the cornerstone in a local gaming platform that builds on Accel’s capabilities and strengths as a leading route-based operator.
“As a leading distributed gaming operator in the United States, we are excited to partner with ‘Hall of Fame’ value creators Bill Stiritz and Rob Vitale to deploy our local gaming expertise in this promising sportsbook, racetrack and future casino,” said Andy Rubenstein, Accel co-founder, President, CEO and Director.
“We’re also deeply grateful to Mayor Jeff Stehman of Collinsville, state representatives Jay Hoffman (113th District) and Katie Stuart (112th District), state senator Chris Belt (57th District), the Illinois Gaming Board and the Illinois Racing Board for their support of this opportunity to reinvest and support job creation in the southern Illinois and greater St. Louis community. We are excited to be a part of an almost 100-year-old southern Illinois institution in Fairmount Park and support the Illinois agriculture and equine industries,” Rubenstein added.
“I am delighted by Accel Entertainment’s purchase of FanDuel Sportsbook & Horse Racing. This move is a testament to the vitality and potential of Collinsville. It will undoubtedly spur economic development along the Collinsville road corridor, creating jobs and bolstering our local economy. We look forward to the positive impact this acquisition will have on our city,” stated Mayor Jeff Stehman of Collinsville, IL.
“We couldn’t have found better partners than Andy and his team in this transaction, and we look forward to staying fully aligned on this journey as significant equity owners from here,” noted William Stiritz.
“We’ve long sought strategically aligned, well capitalized and proven operators in the local gaming space to realize the full potential of this sportsbook and racetrack, and Accel is the ideal fit,” said Rob Vitale, current CEO and Chairman of Post Holdings.
Accel Entertainment, a leading distributed gaming operator in the US, has announced the completion of its previously announced transaction to acquire Century Gaming, one of the leading distributed gaming operators in the Western US, for $164.2 million in cash and stock, including Century’s working capital.
“We could not be more excited to further expand our operations in the Western United States with the Century team. We are confident that Century’s leadership team of Steve, Heidi, and Merle, is the perfect partner to guide us into this attractive market and capture new growth. Together we look forward to continue seeking innovative opportunities to expand our hyper-local business model into new markets across the country,” Andy Rubenstein, CEO of Accel, said.
Century brings to Accel more than 8300 gaming terminals and over 900 licensed locations across Montana and Nevada, including bars, taverns, truck stops and convenience store groups in both markets. With the closing of this transaction, Accel also adds design and manufacturing operations to its portfolio through Grand Vision Gaming (GVG) as well as Century’s proprietary “i-Rewards” and “Gamblers Bonus” rewards programs.
Century’s executive team, including CEO Steve Arntzen, CFO Heidi Schmalz and GVG Managing Director Merle Frank, will continue to lead Century through its next chapter as part of the Accel family.
Steve Arntzen, CEO of Century, said: “In Accel, we have found an ideal strategic partner and together we are uniquely positioned to accelerate our growth trajectory as we deliver the latest technological advancements to the gaming market. I am proud to continue to lead our dynamic team and build upon our strong momentum under the Accel banner as we provide our operators and players with attractive locations, the highest-quality products and world class support for which we are known.”
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