secwatch.observer — SEC 8-K summary
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Issuer:     Accel Entertainment, Inc. (ACEL)
CIK:        0001698991
Form:       8-K
Filed at:   2024-07-15T23:59:59+00:00
Accession:  0001698991-24-000031
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Accel acquires FanDuel Sportsbook owner Fairmount for ~$35M in stock; plans $85-95M casino build
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- Consideration: 3.45M ACEL shares (approx. $35M) to acquire Fairmount, owner of FanDuel Sportsbook & Horse Racing in Collinsville, IL.
- Fairmount generated $29M revenue in 2023 with modest Adj. EBITDA; Accel expects $20-25M Adj. EBITDA potential within 5 years.
- Accel plans $85-95M capex for temporary and permanent casino facilities and track improvements.
- Transaction unanimously approved by both boards; expected close by end of 2024, subject to gaming regulatory approvals.
- Accel engaged RRC Gaming Management (ex-Caesars CEO Tony Rodio) for casino development/operations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698991/000169899124000031/0001698991-24-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698991/000169899124000031/acel-20240715.htm
  HTML page:      https://secwatch.observer/filing/0001698991-24-000031

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer