Andrew H. Rubenstein, CEO and President of Accel Entertainment Inc. (NYSE:ACEL), a gaming company with a market capitalization of approximately $1 billion and an "GREAT" financial health rating according to InvestingPro, has reported the sale of company shares totaling approximately $980,627. The transactions, executed over three consecutive days, involved the sale of 41,700 shares on December 2 at a weighted average price of $11.7047, 18,300 shares on December 3 at $11.7478, and 23,000 shares on December 4 at $12.0677. These sales were conducted under a Rule 10b5-1 trading plan, which Rubenstein adopted earlier this year. The stock is currently trading near its 52-week high of $12.61, with relatively low price volatility. Following these transactions, Rubenstein retains ownership of 4,014,139 shares in the company. For comprehensive insider trading analysis and additional insights, including 8 key ProTips, visit InvestingPro.
In other recent news, Accel Entertainment has been making strategic moves to bolster its presence in the gaming market. The company reported a steady increase in its third-quarter results for 2024, with a revenue of $302 million and an adjusted EBITDA of $46 million, marking year-over-year growth of 5.1% and 3.9% respectively. This growth has been attributed to strategic moves in Illinois, its largest market, and expansion into new markets including Nebraska, along with the upcoming acquisition of Fairmont Park.
Accel Entertainment has also completed the acquisition of a majority stake in two Louisiana-based gaming entities, Toucan Gaming, LLC and LSM Gaming, LLC. This $40 million transaction grants Accel ownership of 85% of both companies and is expected to generate approximately $25 million in revenue and $6 million in Adjusted EBITDA for the year 2025.
Additionally, the company is actively repurchasing shares under a $200 million program and exploring M&A opportunities in the $15 billion local gaming market. Despite facing a 1% tax hike in Illinois, Accel remains optimistic about organic growth and M&A opportunities in the local gaming market. These recent developments underline Accel Entertainment's commitment to growth and shareholder returns.
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