Accel Entertainment chief Andy Rubenstein said the company is “eager to refresh and revitalise an iconic racing and gaming asset” after it completed the acquisition of Fairmount Holdings.
The US$35m deal to acquire the site in Illinois, US, which includes FanDuel Sportsbook & Racetrack in Collinsville, was announced last July.
As well as a racetrack offering 55 annual race days, there is an opportunity for Accel Entertainment to develop an authorised casino project.
The move also includes the master sports betting licence that is being used in a revenue share agreement with Flutter Entertainment brand FanDuel.
Accel’s five-year forecast suggests an adjusted EBITDA potential of between $20m and $25m, and over 75 per cent free cash flow conversion – “pointing to a compelling cash flow return on capital,” the company said.
“Our plan and timeline are ambitious and achievable, and we look forward to welcoming investors and visitors to our Phase I casino opening in Q2, 2025,” said Rubenstein, Accel’s co-founder, president, CEO and director.
Accel plans to invest between $85m and $95m to fund phase one and phase two casino construction and “modest track investments.”
The company has sought advice from casino industry experts including former Caesars Entertainment CEO Tony Rodio.
Mark, Phelan, Accel’s president of US Gaming, added: “Over the past few months, our team has been hard at work. We’ve hired a casino general manager, received approvals from both the Illinois Gaming Board and Illinois Racing Board and finalised design and development plans for the first phase of the casino.”
