ACCEL ENTERTAINMENT, INC., 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 25, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38136    
Entity Registrant Name Accel Entertainment, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 98-1350261    
Entity Address, Address Line One 140 Tower Drive    
Entity Address, City or Town Burr Ridge    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60527    
City Area Code 630    
Local Phone Number 972-2235    
Title of 12(b) Security Class A-1 Common Stock, par value $.0001 per share    
Trading Symbol ACEL    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 527.0
Entity Common Stock, Shares Outstanding   85,561,073  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2024.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001698991    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 185
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CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total net revenues $ 1,230,972 $ 1,170,420 $ 969,797
Operating expenses:      
Cost of revenue (exclusive of depreciation and amortization expense shown below) 852,373 809,524 666,126
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) 7,100 7,671 4,775
General and administrative 194,721 180,248 145,942
Depreciation and amortization of property and equipment 43,978 37,906 29,295
Amortization of intangible assets and route and customer acquisition costs 22,577 21,211 17,484
Other expenses, net 19,339 6,453 9,320
Total operating expenses 1,140,088 1,063,013 872,942
Operating income 90,884 107,407 96,855
Interest expense, net 35,892 33,144 21,637
Loss (gain) on change in fair value of contingent earnout shares 1,276 8,539 (19,544)
Gain on expiration of warrants (13) 0 0
Income before income tax expense 53,729 65,724 94,762
Income tax expense 18,438 20,121 20,660
Net income 35,291 45,603 74,102
Net income attributable to noncontrolling interest 39 0 0
Net income attributable to Accel Entertainment, Inc. $ 35,252 $ 45,603 $ 74,102
Earnings per common share:      
Basic (in usd per share) $ 0.42 $ 0.53 $ 0.82
Diluted (in usd per share) $ 0.41 $ 0.53 $ 0.81
Weighted average number of shares outstanding:      
Basic (in shares) 83,747 85,949 90,629
Diluted (in shares) 84,977 86,803 91,229
Comprehensive income      
Net income attributable to noncontrolling interest $ 35,291 $ 45,603 $ 74,102
Unrealized (loss) gain on interest rate caplets (net of income taxes of $(1,428), $(1,618), and $4,693 respectively (3,791) (4,304) 12,240
Comprehensive income 31,500 41,299 86,342
Less: Comprehensive Income attributed to redeemable noncontrolling interests 39 0 0
Comprehensive Income attributable to Accel Entertainment, Inc. 31,461 41,299 86,342
Net gaming      
Total net revenues 1,172,777 1,113,573 925,009
Amusement      
Total net revenues 22,244 23,973 21,106
Manufacturing      
Total net revenues 12,235 13,353 7,621
ATM fees and other      
Total net revenues $ 23,716 $ 19,521 $ 16,061
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Income taxes for unrealized (loss) gain on interest rate caplets $ (1,428) $ (1,618) $ 4,693
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 281,305 $ 261,611
Accounts receivable, net 10,550 13,467
Prepaid expenses 8,950 6,287
Inventories 8,122 7,681
Interest rate caplets 6,342 8,140
Other current assets 10,883 15,408
Total current assets 326,152 312,594
Property and equipment, net 307,997 260,813
Noncurrent assets:    
Route and customer acquisition costs, net 23,258 19,188
Location contracts acquired, net 202,618 176,311
Goodwill 116,252 101,554
Other intangible assets, net 53,940 23,352
Interest rate caplets, net of current 479 4,871
Other assets 17,702 14,210
Total noncurrent assets 414,249 339,486
Total assets 1,048,398 912,893
Current liabilities:    
Current maturities of debt 34,443 28,483
Current portion of route and customer acquisition costs payable 2,197 1,505
Accrued location gaming expense 4,734 9,350
Accrued state gaming expense 19,802 18,364
Accounts payable and other accrued expenses 41,944 36,012
Accrued compensation and related expenses 12,117 12,648
Current portion of consideration payable 3,116 3,288
Total current liabilities 118,353 109,650
Long-term liabilities:    
Debt, net of current maturities 560,936 514,091
Route and customer acquisition costs payable, less current portion 7,160 4,955
Consideration payable, less current portion 14,596 4,201
Contingent earnout share liability 33,103 31,827
Other long-term liabilities 7,571 7,015
Deferred income tax liability, net 47,372 42,750
Total long-term liabilities 670,738 604,839
Temporary equity - Redeemable noncontrolling interest 4,278 0
Stockholders’ equity:    
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and December 31, 2023 0 0
Additional paid-in capital 221,625 203,046
Treasury stock, at cost (105,485) (112,070)
Accumulated other comprehensive income 4,145 7,936
Accumulated earnings 134,736 99,484
Total stockholders' equity 255,029 198,404
Total liabilities, temporary equity, and stockholders' equity 1,048,398 912,893
Class A-1 Common Stock    
Stockholders’ equity:    
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024; 95,016,960 shares issued and 84,123,385 shares outstanding at December 31, 2023 $ 8 $ 8
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred stock, par value (in usd per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.0001  
Class A-1 Common Stock    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 95,865,026 95,016,960
Common stock, shares outstanding (in shares) 85,670,255 84,123,385
v3.25.0.1
CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income
Accumulated Earnings (Deficit)
Beginning balance at Dec. 31, 2021 $ 0          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income attributable to noncontrolling interest 0          
Ending balance at Dec. 31, 2022 0          
Beginning balance (in shares) at Dec. 31, 2021   93,410,563        
Beginning balance at Dec. 31, 2021 158,461 $ 9 $ 187,656 $ (8,983) $ 0 $ (20,221)
Beginning balance (in shares) at Dec. 31, 2021       (701,305)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Repurchase of common stock (in shares)   (7,643,978)   (7,643,978)    
Repurchase of common stock (79,003)     $ (79,003)    
Reissuance of treasury stock (in shares)   515,622   515,622    
Reissuance of treasury stock in business combination 5,584   (705) $ 6,289    
Stock-based compensation $ 6,840   6,840      
Exercise of stock-based awards, net of shares withheld (in shares) 136,998,000 392,183        
Exercise of stock-based awards, net of shares withheld $ 366   366      
Unrealized loss on interest rate caplets, net of taxes 12,240       12,240  
Net income 74,102         74,102
Ending balance (in shares) at Dec. 31, 2022   86,674,390        
Ending balance at Dec. 31, 2022 178,590 $ 9 194,157 $ (81,697) 12,240 53,881
Ending balance (in shares) at Dec. 31, 2022       (7,829,661)    
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net income attributable to noncontrolling interest 0          
Ending balance at Dec. 31, 2023 0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Repurchase of common stock (in shares)   (3,063,914)   (3,063,914)    
Repurchase of common stock (30,374) $ (1)   $ (30,373)    
Stock-based compensation $ 9,416   9,416      
Exercise of stock-based awards, net of shares withheld (in shares) 80,315,000 512,909        
Exercise of stock-based awards, net of shares withheld $ (527)   (527)      
Unrealized loss on interest rate caplets, net of taxes (4,304)       (4,304)  
Net income 45,603         45,603
Ending balance (in shares) at Dec. 31, 2023   84,123,385        
Ending balance at Dec. 31, 2023 198,404 $ 8 203,046 $ (112,070) 7,936 99,484
Ending balance (in shares) at Dec. 31, 2023       (10,893,575)    
Increase (Decrease) in Temporary Equity [Roll Forward]            
Acquired redeemable noncontrolling interest [1] 4,239          
Net income attributable to noncontrolling interest 39          
Ending balance at Dec. 31, 2024 4,278          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Repurchase of common stock (in shares)   (2,446,700)   (2,446,700)    
Repurchase of common stock (25,749)     $ (25,749)    
Reissuance of treasury stock (in shares)   3,145,504   3,145,504    
Reissuance of treasury stock in business combination 36,425   4,091 $ 32,334    
Issuance of stock in business combination (in shares)   349,500        
Issuance of common stock in business combination 4,047   4,047      
Stock-based compensation $ 12,204   12,204      
Exercise of stock-based awards, net of shares withheld (in shares) 55,173,000 498,566        
Exercise of stock-based awards, net of shares withheld $ (1,763)   (1,763)      
Unrealized loss on interest rate caplets, net of taxes (3,791)       (3,791)  
Net income 35,252         35,252
Ending balance (in shares) at Dec. 31, 2024   85,670,255        
Ending balance at Dec. 31, 2024 $ 255,029 $ 8 $ 221,625 $ (105,485) $ 4,145 $ 134,736
Ending balance (in shares) at Dec. 31, 2024       (10,194,771)    
[1] Refer to Footnote 2
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 35,291 $ 45,603 $ 74,102
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 43,978 37,906 29,295
Amortization of intangible assets and route and customer acquisition costs 22,577 21,211 17,484
Impairment of intangible assets 846 0 0
Amortization of debt issuance costs 1,788 1,808 2,110
Stock-based compensation 12,204 9,416 6,840
Loss (gain) on change in fair value of contingent earnout shares 1,276 8,539 (19,544)
Gain on disposal of property and equipment 606 (10) (608)
Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable 1,148 935 757
Remeasurement of contingent consideration 6,486 (522) (3,524)
Payments on consideration payable (2,804) (4,795) (3,570)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration 1,640 1,480 2,460
Deferred income taxes (2,388) 7,346 13,433
Changes in operating assets and liabilities, net of acquisition of businesses:      
Prepaid expenses and other current assets (788) (987) (1,610)
Accounts receivable, net 5,011 (2,301) (1,651)
Inventories (343) (734) (500)
Route and customer acquisition costs (7,522) (3,448) (4,347)
Route and customer acquisition costs payable 2,451 (441) 358
Accounts payable and accrued expenses (1,239) 15,466 1,791
Accrued compensation and related expenses (531) 2,041 95
Other assets 1,507 (5,983) (5,372)
Net cash provided by operating activities 121,194 132,530 107,999
Cash flows from investing activities:      
Purchases of property and equipment (66,542) (81,744) (47,379)
Proceeds from the sale of property and equipment 984 1,681 2,144
Investment in equity interest (5,000) 0 0
Proceeds from the settlement of convertible notes 0 32,065 0
Advances against a portion of the purchase price on pending business acquisition 0 (4,600) 0
Business and asset acquisitions, net of cash acquired (53,592) (7,195) (144,028)
Net cash used in investing activities (124,151) (59,793) (189,263)
Cash flows from financing activities:      
Proceeds from debt 175,000 169,000 240,000
Payments on debt (123,000) (169,000) (44,625)
Payments for debt issuance costs 0 (300) 0
Payments for repurchase of common shares (25,495) (30,072) (79,002)
Payments on interest rate caplets (985) (965) (873)
Proceeds from exercise of stock-based awards 289 375 366
Payments on consideration payable (588) (3,178) (9,197)
Payments on finance lease obligation (221) (17) 0
Tax withholding on stock-based payments (2,349) (1,082) (78)
Net cash provided by (used in) financing activities 22,651 (35,239) 106,591
Net increase in cash and cash equivalents 19,694 37,498 25,327
Cash and cash equivalents:      
Beginning of year 261,611 224,113 198,786
End of year 281,305 261,611 224,113
Cash payments for:      
Interest, net 32,767 30,248 19,942
Income taxes 22,306 11,741 7,662
Supplemental schedules of noncash investing and financing activities:      
Purchases of property and equipment in accounts payable and accrued liabilities 13,446 14,923 9,763
Deferred premium on interest rate caplets 1,076 2,059 3,025
Fair value of treasury stock issued in business combination 40,472 0 5,584
Acquisition of businesses and assets:      
Total identifiable net assets acquired 110,472 7,195 185,415
Less cash acquired (5,872) 0 (33,270)
Less contingent consideration (5,935) 0 (2,533)
Less fair value of treasury stock issued (40,472) 0 (5,584)
Less advances on purchase price paid in prior period 4,600 0 0
Cash purchase price $ 53,592 $ 7,195 $ 144,028
v3.25.0.1
Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Accel Entertainment, Inc. (and together with its subsidiaries, the “Company” or “Accel”) is a leading distributed gaming and local entertainment operator in the United States (“U.S.”). The Company has operations in Illinois, Montana, Nevada, Nebraska, Georgia, Iowa, Louisiana, and Pennsylvania. The Company is subject to the various gaming regulations in the states in which it operates, as well as various other federal, state and local laws and regulations.
The Company’s business primarily consists of the installation, maintenance, operation and servicing of gaming terminals and related equipment, redemption devices that disburse winnings and contain automated teller machine (“ATM”) functionality, and amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. The Company also operates stand-alone ATMs in gaming and non-gaming locations.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of presentation and preparation: The consolidated financial statements and accompanying notes were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
In November 2024, the Company acquired 85% of the ownership interests in both Toucan Gaming, LLC and LSM Gaming, LLC (herein referred to as “Toucan Gaming”), two Louisiana-based operators and owners of multiple licensed video poker establishments. Concurrent with the acquisition, the Company entered into a redemption agreement with the noncontrolling interest holder in the form of put and call options that would allow the Company to eventually own 100% of Toucan Gaming. The noncontrolling interest holder may exercise its put option after seven years, or the occurrence of a change in control event at the Company. The Company may exercise its call option after ten years or upon termination of key employees of Toucan Gaming for cause. The redemption provisions are not currently considered probable. As these redemption features are not solely within the Company’s control, they cause the noncontrolling interests to be redeemable. As a result, the Company recorded the redeemable noncontrolling interest at its acquisition date fair value to temporary equity based on the proportionate share in net assets of Toucan Gaming, which is reported in the mezzanine section between total liabilities and shareholders’ equity in the consolidated balance sheets. These redeemable noncontrolling interests are subsequently recorded at carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss. If the redemption criteria become probable, the redeemable noncontrolling interests are recorded at the greater of carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss, or estimated redemption value at each reporting period. If the carrying value, after the income or loss attribution, is below the estimated redemption value at each reporting period, the Company remeasures the redeemable noncontrolling interests to its redemption value at which point any measurement period adjustments are recorded to equity and a corresponding adjustment to earnings per share.
Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used by the Company include, among other things, the useful lives for depreciable and amortizable assets, income tax provisions, the evaluation of the future realization of deferred tax assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with business and asset acquisitions, the selection of useful lives for depreciable and amortizable assets in conjunction with business and asset acquisitions, the valuation of level 3 investments, the valuation of contingent earnout shares and warrants, the valuation of interest rate caplets, contingencies, and the expected term of share-based compensation awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates.
Cash and cash equivalents: Cash and cash equivalents include bank deposit accounts; term bank deposit accounts; cash in the Company’s gaming terminals, ATMs, redemption terminals, and Company vaults.
The Company’s policy is to limit the amount of credit exposure to any one financial institution. The Company maintains its cash in accounts which may at times exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts.
Accounts receivable, net: Accounts receivable, net represent amounts due from third-party locations serviced by the Company and amounts due for machines, software and equipment sold by the Company. The carrying amount of receivables is presented on a net basis as it is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. Management determines its allowance for doubtful accounts by regularly evaluating individual receivables from third-party locations and considers a customer’s financial condition, credit history and current economic conditions. The Company's allowance for doubtful accounts was $0.7 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. The Company generally does not charge interest on past due accounts receivable.
Inventories: Inventories consist of gaming machines for sale to third-parties, raw materials, and manufacturing supplies. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the average cost method. Labor and overhead associated with the assembly of gaming machines for sales to third-parties are capitalized and allocated to inventory. Inventories of spare parts are included in other current assets when acquired and are expensed when used to repair equipment.
Derivative instruments: The Company may manage its exposure to certain financial risks through the use of derivative financial instruments (“derivatives”). The Company does not use derivatives for speculative purposes. For a derivative that is designated as a cash flow hedge, changes in the fair value of the derivative are recognized in accumulated other comprehensive income to the extent the derivative is effective at offsetting the changes in the cash flows being hedged until the hedged item affects earnings.
Investment in convertible notes: At acquisition, an entity shall classify debt securities as trading, available-for-sale, or held-to-maturity. The Company classified its investment in convertible notes as available for sale due to the conversion feature.
Property and equipment: Property and equipment are stated at cost or fair value at the date of acquisition. Maintenance and repairs are charged to expense as incurred. Major additions, replacements and improvements are capitalized. Depreciation has been computed using the straight-line method over the following estimated useful lives:
Years
Gaming terminals, software and equipment
3-13
Amusement, ATM and other equipment
7-10
Office equipment and furniture7
Computer software and equipment
3-5
Leasehold improvements *5
Vehicles5
Buildings and improvements
15-29
* Leasehold improvements are amortized over the shorter of the useful life or the lease.
Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If
substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed.
Equity method investments: In the normal course of business, the Company makes investments within companies that will allow it to expand the Company’s core business and enter new markets. In certain instances, such investments with less than 100% ownership may be considered a variable interest entity (“VIE”). The Company’s management assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has an obligation to absorb losses or the right to receive benefits from the entity. The activities that the Company believes most significantly impact the economic performance of its VIE include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with providers, among others. If the Company determines it has an investment in a VIE, the next step is to determine whether the Company is the primary beneficiary of the VIE, which would require the Company to consolidate the investment. Among the factors the Company’s management assesses whether it has a controlling financial interest is the Company’s risk of loss, its investment percentage and its ability to control the operations of the investment. If the Company determines it is not the primary beneficiary, it will account for the investment under the equity method of accounting.
The Company accounts for its investments in unconsolidated affiliates, which do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for VIEs, under the equity method of accounting. Under the equity method of accounting, the Company records its share of net income or loss from equity method investments within (income) loss from unconsolidated affiliates in the consolidated statements of operations and comprehensive income based on the most recently available financials after a lag of one quarter. The Company also adjusts the carrying value of its investments in unconsolidated affiliates based on its share of net income or loss from equity method investments.
On June 17, 2024, the Company invested $5.0 million in HBC Gaming LLC (“HBC”), in exchange for a 5% equity interest. HBC is a local entertainment company based in Hampton, New Hampshire that specializes in providing a variety of gaming services to its customers. The Company assessed its investment and determined it is an investment in a VIE, but determined it is not the primary beneficiary and does not consolidate HBC. The Company’s maximum risk of loss is equal to its initial $5.0 million investment. As such, the Company’s 5% investment in HBC qualifies for equity method accounting. The Company recorded its initial investment of $5.0 million within other assets on the consolidated balance sheets. The Company also has obligations to fund additional equity investments in the event certain construction and development milestones are met in an amount up to 10% ownership of HBC, on an undiluted basis, at an additional cost of up to $6.5 million.
The Company recorded a loss from unconsolidated affiliates of less than $0.1 million for the year ended December 31, 2024.
Concentration of credit risk: The Company’s operations are centralized primarily in Illinois, Montana and Nevada. Should there be favorable or unfavorable changes to the gaming regulations in these states there may be an impact on the Company’s results of operations. The Company has high concentrations of locations within certain municipalities in Illinois which could also impact the Company if these municipalities change their gaming laws.
Fair value of financial instruments: The Company’s financial instruments consist principally of cash, convertibles notes, accounts payable, route and customer acquisition costs payable, contingent consideration, contingent earnout shares liability, interest rate caplets, and bank indebtedness. The carrying amount of cash, accounts payable and short-term borrowings approximates fair value because of the short-term maturity of these instruments.
The Company estimated the fair value of its investment in convertible notes, interest rate caplets, debt, contingent consideration, contingent earnout shares liability and warrant liability using various methods that are described in Note 12.
Revenue recognition: The Company generates revenues from the following types of services: gaming terminals, amusements and ATMs. The Company also generates manufacturing revenue from the sales of gaming terminals and associated software. Revenue is disaggregated by type of revenue and is presented on the face of the consolidated statements of operations and comprehensive income.
Net gaming revenue is the net cash from gaming activities, which is the difference between gaming wins and losses. Net gaming revenue includes the amounts earned by the gaming locations and is recognized at the time of gaming play. Additionally, taxes and administrative expenses due to the states in which the Company operates are recorded as net gaming revenue. Amounts earned by the gaming locations and taxes and administrative expenses are also included in cost of revenue.
Amusement revenue represents amounts collected from machines (e.g. dart boards, digital jukeboxes, pool tables, etc.) operated at various locations and is recognized at the time the machine is used.
Manufacturing revenue represents the sale of gaming terminals and associated software and is recognized at the time the goods are delivered to the customer.
ATM fees and other revenue represents fees charged for the withdrawal of funds from the Company’s redemption terminals and stand-alone ATM machines and is recognized at the time of the transaction.
The Company determined that in a gaming environment, whenever a customer’s money has been accepted by a machine, the Company has an obligation (an implied contract) to provide the customer access to the game and honor the outcome of the game (in the case of gaming terminals). The Company determined that when the implied contract is entered into between the Company and the customer, it satisfies the requirements of a contract under the revenue standard, as (i) the contract is a legally enforceable contract with the customer, (ii) the arrangement identifies the rights of the parties, (iii) the contract has commercial substance, and (iv) the cash is received upfront from the customer, so its collectability is probable. The gaming service is a single performance obligation in each implied contract with the customer. The Company applies the portfolio approach of all wins and losses by gaming terminals daily to determine the total transaction price of the portfolio of implied contracts. The Company recognizes revenue when the single performance obligation is satisfied, which is at the completion of each game.
Total net revenues for the years ended December 31, is disaggregated in the following table by the primary states in which the Company operates given the geographic economic factors that affect the revenues in the states.
(in thousands)202420232022
Total net revenues by state:
Illinois$906,572 $867,200 $808,652 
Montana161,698 154,402 79,639 
Nevada114,551 117,074 66,989 
Nebraska
25,384 19,043 5,217 
Louisiana (1)
5,445 — — 
All other
17,322 12,701 9,300 
Total net revenues$1,230,972 $1,170,420 $969,797 
(1) Revenues for Louisiana only represents two months of operations.
Route and customer acquisition costs: The Company’s route and customer acquisition costs consist of fees paid, typically an upfront payment and future installment payment over the life of the contract, entered into with third parties and location partners. These contracts are non-cancelable and allow the Company to install and operate gaming terminals in the locations it serves. The route and customer acquisition costs are accounted for as intangible assets and route and customer acquisition costs payable are recorded at the net present value of the future payments using a discount rate equal to the Company’s incremental borrowing rate associated with its long-term debt. Route and customer acquisition costs are amortized on a straight-line basis over 18 years beginning on the date the location goes live and amortized over the life of the contract, which includes expected renewals. The Company records the accretion of interest on route and customer acquisitions costs payable in the consolidated statements of operations and comprehensive income as a component of interest expense. For locations that close prior to the end of the contractual term, the Company writes-off the net book value of the route and customer acquisition cost and route and customer
acquisition cost payable and records a gain or loss in the consolidated statements of operations and comprehensive income as a component of other expenses, net. Additionally, most of the route acquisition contracts allow the Company to clawback some upfront and installment payments over the initial years of a contract if the location is unable to secure the appropriate licensing or it goes out of business prior to the end of the contract term. In the instances where a claw-back or recovery is triggered and the Company assesses it as probable of being recovered, a receivable will be recorded. Upfront payments with a claw-back prior to a location going live are capitalized and will not begin amortization until the respective location commences operations. The Company’s route and customer acquisition costs also consists of prepaid commission costs to the Company's internal sales employees. The commissions paid to internal sales employees are subsequently expensed once the respective gaming location goes live and the commission is earned by the employee.
Business acquisitions: The Company evaluates the inputs, processes and outputs of each business acquisition to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive income. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. The Company accounts for acquisitions that meet the definition of a business combination using the acquisition method of accounting. Acquired tangible personal property such as gaming equipment and buildings are generally measured at fair value using a cost approach which measures the fair value based on the cost to reproduce or replace the asset, while land is valued using a market approach which looks at the values of similar properties. Location contract intangibles, which primarily represent the acquisition-date fair value of the preexisting relationships between the acquired company, gaming locations, and other third parties, are generally measured at fair value using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions such as discount rates. Operating licenses that the acquired company holds to operate in its applicable gaming jurisdiction, are valued using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions, such as discount rates. Any contingent consideration is measured at its fair value on the acquisition date, recorded as a liability, and accreted over its payment term in the Company’s consolidated statements of operations and comprehensive income as other expenses, net.
Location contracts acquired: Location contracts acquired are accounted for as intangible assets and consist of expected cash flows to be generated from location contracts acquired through business and asset acquisitions. Location contracts acquired are amortized on a straight-line basis over the expected useful life of primarily 15 years. Location contracts are tested for impairment when triggering events occur. If a triggering event were to occur, the Company compares the carrying amount of the location contracts to future undiscounted cash flows. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, an impairment loss is recorded based on the excess of the carrying amount over the fair value of the asset group.
Goodwill: Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets acquired when accounted for using the acquisition method of accounting. Goodwill is reviewed for impairment annually, as of October 1st, and whenever events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. When performing the annual goodwill impairment test, the Company conducts a qualitative assessment to determine whether it is more likely than not that the goodwill is impaired. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance, and makes a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the goodwill is impaired, it then performs a quantitative test. When performing the quantitative test, the Company compares the fair value of the reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the Company would record an impairment loss equal to the difference.
Consideration payable: Consideration payable consists of amounts payable related to certain business acquisitions as well as contingent consideration for future location performance related to certain business acquisitions (see Note 10). Consideration payable, exclusive of contingent consideration, is discounted using the Company’s incremental borrowing rate associated with its outstanding debt. The contingent consideration is measured at fair value on a recurring basis. The changes in the fair value of contingent consideration are recognized within the Company’s consolidated statements of operations and comprehensive income as other expenses, net. The Company presents on its consolidated statement of cash flows, payments for consideration payable within 90-days in investing activities, payments after 90-days and up to the acquisition date fair value in financing activities, and payments in excess of the acquisition date fair value in operating activities.
Impairment of long-lived assets: Long-lived assets, which includes property and equipment, net and other assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Impairment of the assets is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount of which the carrying amount of the asset exceeds the fair value of the asset.
Contingent earnout shares liability: The Company's Class A-2 common stock is classified as a contingent earnout share liability due to the fact that the conversion of the Company's Class A-2 common stock would be accelerated on a change of control regardless of the transaction value. The liability is stated at fair value and any change in the fair value is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive income.
Leases: The Company determines if an arrangement is a lease at inception and categorizes it as either an operating or finance lease. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit interest rate, the Company utilizes its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment. Right-of-use (“ROU”) assets are recognized at the lease commencement date of the lease based on the amount of the initial measurement of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred, if applicable. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases is recognized within depreciation and amortization expense for the reduction of the ROU asset and interest expense on the accretion of the lease liability. We do not recognize a ROU asset and lease liability for leases with a duration of less than 12 months. The Company separates lease and non-lease components for our lease contracts.
ROU assets are included in other assets on the consolidated balance sheets. Short-term lease liabilities are included in accounts payable and other accrued expenses while long-term lease liabilities are included in other long-term liabilities.
Stock-based compensation: The Company grants restricted stock units (“RSUs”), performance-based stocked units (“PSUs”) and common stock options to certain employees and officers. Stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized in general and administrative expense over the requisite service period. All stock-based awards are classified as equity awards.
Income taxes: The Company is organized as a C-corporation and files income tax returns at the federal and state level. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the book basis of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of
the deferred tax asset, will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates as of the date of enactment.
The consolidated financial statements may reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. When and if applicable, potential interest and penalty costs are accrued as incurred and recognized in general and administrative expenses in the consolidated statements of operations and comprehensive income.
Earnings per common share: The Company computes basic earnings per common share (“EPS”) by dividing net income by the weighted average number of common shares outstanding for the applicable period. Diluted EPS is computed based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, unless the effect of such increase would be anti-dilutive. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase shares. Dilutive potential common shares include outstanding stock options, unvested RSUs, unvested PSUs, contingent earnout shares, and warrants.
Debt issuance costs: Debt issuance costs are capitalized and amortized over the contractual terms of the related loans. Debt issuance costs are presented as an offset to the related debt on the consolidated balance sheets.
Advertising costs: Advertising costs are primarily comprised of marketing expenses, which are recorded within general and administrative expense within the accompanying consolidated statements of operations and comprehensive income. Advertising costs were $6.3 million, $6.1 million, and $5.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Adopted accounting pronouncements: In November, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses regularly provided to the CODM. The amendments in this ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. See Note 15, Segment Reporting, for the Company’s disclosures on its reportable segment which incorporates the disclosure requirements of this ASU.
Recent accounting pronouncements:
In November, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose information about certain costs and expenses. The amendments in this ASU improve financial reporting by requiring additional the disclosure of information and specific expense categories in the notes to the financial statements at interim and annual periods. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
In November, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments, which requires public entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion and enhances current guidance on induced conversions applies only to conversions that include the issuance of all equity securities issuable pursuant to the conversion privileges provided in the terms of the debt at issuance. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within annual reporting periods. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting
periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid disaggregated by jurisdiction. The new requirements will be effective for annual periods beginning after December 15, 2024 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
Other recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on its consolidated financial statements.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consists of the following as of December 31 (in thousands):
20242023
Raw materials and manufacturing supplies$6,113 $5,693 
Finished products2,009 1,988 
  Total inventories$8,122 $7,681 
At December 31, 2024 and 2023, no write down of inventory was determined to be necessary.
v3.25.0.1
Investment in Convertible Notes
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment in Convertibles Notes Investment in Convertible Notes
In 2019, the Company purchased $30.0 million in convertible notes bearing interest at 3% per annum from Gold Rush Amusements, Inc. (“Gold Rush”), another terminal operator in Illinois. The convertible notes each included an option to convert the notes to common stock of Gold Rush prior to the maturity date upon written notice from the Company.
On May 31, 2023, the Company and Gold Rush entered into a settlement agreement which resolved any and all lawsuits and all outstanding obligations under the convertible notes. As part of the settlement, the Company received $32.5 million from Gold Rush in June 2023, which included the repayment of the face value of the convertible notes plus accrued interest as well as a $0.4 million prepayment on future amounts due. In addition, the Company has recorded a receivable from Gold Rush of $1.5 million as of December 31, 2024, which represents the present value of the remaining $1.5 million due from Gold Rush by May 2025, and is presented within other assets in the consolidated balance sheets. The Company also recorded a gain of $1.7 million in the second quarter of 2023, which is included in other expenses, net on the consolidated statements of operations and comprehensive income for the year ended December 31, 2023.
v3.25.0.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net consists of the following as of December 31 (in thousands):
20242023
Gaming terminals, software and equipment
$415,003 $361,662 
Amusement, ATM and other equipment
29,174 27,182 
Office equipment and furniture4,281 3,385 
Computer software and equipment
23,136 20,592 
Leasehold improvements10,151 8,281 
Vehicles22,974 19,862 
Buildings and improvements30,105 14,047 
Land7,718 2,469 
Construction in progress4,453 5,480 
Total property and equipment546,995 462,960 
Less accumulated depreciation and amortization(238,998)(202,147)
Total property and equipment, net
$307,997 $260,813 
Depreciation and amortization of property and equipment was $44.0 million, $37.9 million and $29.3 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Long-lived assets, which includes property and equipment, net and other assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. There were no indicators of impairment of long-lived assets in 2024, 2023, or 2022.
v3.25.0.1
Route and Customer Acquisition Costs
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Route and Customer Acquisition Costs Route and Customer Acquisition Costs
The Company enters into contracts with third parties and its gaming locations to install and operate gaming terminals. Payments are due when gaming operations commence and then on a periodic basis for a specified period of time thereafter. Gross payments due, based on the number of live locations, are approximately $11.2 million and $7.4 million as of December 31, 2024 and 2023, respectively. Payments are due over varying terms of the individual agreements and are discounted at the Company’s incremental borrowing rate associated with its long-term debt at the time the contract is acquired. The net present value of payments due is $9.4 million and $6.5 million as of December 31, 2024 and 2023, respectively, of which approximately $2.2 million and $1.5 million, included in current liabilities in the accompanying consolidated balance sheets as of both December 31, 2024 and 2023, respectively. The route and customer acquisition cost asset is comprised of upfront payments made on the contracts of $22.3 million and $20.0 million as of December 31, 2024 and 2023, respectively. The Company has upfront payments of commissions paid to the third parties for the acquisition of the customer contracts that are subject to a claw back provision if the customer cancels the contract prior to completion. The payments subject to a claw back are $1.2 million and $1.0 million as of December 31, 2024 and 2023, respectively.
Route and customer acquisition costs consist of the following as of December 31 (in thousands):
20242023
Cost$39,204 $33,855 
Accumulated amortization(15,946)(14,667)
Route and customer acquisition costs, net$23,258 $19,188 
Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$2,541 
20262,472 
20272,383 
20282,258 
20291,885 
Thereafter11,719 
Total$23,258 
Amortization expense of route and customer acquisition costs was $2.3 million, $1.6 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Location Contracts Acquired
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Location Contracts Acquired Location Contracts Acquired
Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):
20242023
Cost$330,903 $286,728 
Accumulated amortization(128,285)(110,417)
Location contracts acquired, net$202,618 $176,311 
Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$20,256 
202620,111 
202720,008 
202819,962 
202919,916 
Thereafter102,365 
Total$202,618 
Amortization expense of location contracts acquired was $17.9 million, $17.1 million and $14.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Location contracts are tested for impairment when triggering events occur. There were no indicators of impairment of location contracts in December 31, 2024, 2023, or 2022.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The Company had goodwill of $116.3 million as of December 31, 2024, of which $39.1 million is deductible for tax purposes.
The following are the Company’s acquisitions for the years ended December 31, 2024 and 2023, that resulted in the recording of goodwill. See Note 10, Business and Asset Acquisitions, for more information on how the amount of goodwill for the respective acquisitions was calculated.
On December 2, 2024, the Company acquired Fairmount Holdings, Inc. (“Fairmount”), a racing track in Collinsville, Illinois, for a total stock consideration of $40.5 million, of which $12.0 million was recorded as goodwill.
On On November 1, 2024, the Company completed its acquisition of Toucan Gaming, a distributed gaming operator in the state of Louisiana, for total cash consideration of $41.6 million, of which $2.1 million was recorded as goodwill.
On September 19, 2024, the Company completed its acquisition of Lucky 7’s Beverages, LLC (“Lucky 7s”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.
On September 19, 2024, the Company completed its acquisition of 24th Street Station Casino (“24th Street Station”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.
On June 26, 2024, the Company acquired BRM Services, Inc. (“Jorgenson’s Lounge”), a hospitality location in Helena, Montana, for a total purchase price of $1.1 million, of which $0.3 million was recorded as goodwill.
On February 13, 2023, the Company acquired Rendezvous Casino and Burger Bar (“Rendezvous”), a hospitality operation in Billings, Montana, for a total purchase price of $2.6 million, of which $0.8 million was recorded as goodwill.
The following is a roll forward of the Company's goodwill (in thousands):
Goodwill balance as of January 1, 2023$100,707 
Addition to goodwill for acquisition of Rendezvous847 
Goodwill balance as of December 31, 2023$101,554 
Addition to goodwill for acquisition of Jorgenson's Lounge306 
Addition to goodwill for acquisition of Lucky 7s145 
Addition to goodwill for acquisition of 24th Street Station146 
Addition to goodwill for acquisition of Toucan Gaming2,130 
Addition to goodwill for acquisition of Fairmount11,971 
Goodwill balance as of December 31, 2024$116,252 
The Company conducted its annual goodwill impairment test on October 1, 2024. The Company conducted a qualitative assessment to determine whether it is more likely than not that the goodwill was impaired. Under the qualitative assessment, the Company considered both positive and negative factors, including macroeconomic conditions, industry events, and financial performance, to make a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. In performing this assessment, the Company considered such factors as its historical performance, its growth opportunities in existing markets; new markets and new products in determining whether the goodwill was impaired. The Company also referenced its forecasts of revenue, operating income, and capital expenditures and concluded it is more likely than not, that the carrying value of its goodwill was not impaired as of October 1, 2024.
Other intangible assets
Other intangible assets, net consist of definite-lived trade names, customer relationships, software applications and indefinite-lived operating licenses. The Company determines the fair value of trade name assets acquired in acquisitions using a relief from royalty valuation method which requires assumptions such as projected revenue and a royalty rate. Customer relationships, software applications and trade names are amortized over their estimated 7 to 20-year useful lives. Operating licenses were assigned an indefinite useful life based on the Company's expected use of the licenses and determined that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the these operating licenses.
Other intangible assets, net consist of the following as of December 31 (in thousands):
20242023
Amortization Period
Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships7 years$6,800 $(3,325)$3,475 $6,800 $(1,538)$5,262 
Software Applications8 years7,800 (2,519)5,281 7,800 (1,544)6,256 
Trade Names20 years11,700 (1,265)10,435 9,800 (776)9,024 
Operating licenses
Indefinite
34,749 
N/A
34,749 2,810 
N/A
2,810 
$61,049 $(7,109)$53,940 $27,210 $(3,858)$23,352 
(1)Included in accumulated amortization is an impairment change of $0.8 million on the customer relationships intangible related to the surrender of the Company’s manufacturing license in Louisiana on October 31, 2024 due to the acquisition of Toucan Gaming. The impairment charge is recorded within Other expenses, net on consolidated statement of operations and comprehensive income.
Amortization expense of other intangible assets, net was $2.4 million, $2.4 million and $1.4 million for the years ended December 31, 2024, 2023 and 2022 respectively. The Company’s estimated annual amortization expense relating to other intangible assets over the next five years is $2.4 million.
Indefinite-lived intangibles are tested for impairment annually or when triggering events occur. There were no indicators of impairment of indefinite-lived intangibles as of December 31, 2024.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The Company’s debt as of December 31, consisted of the following (in thousands):
20242023
Senior Secured Credit Facility (as amended):
Revolving credit facility$6,500 $46,000 
Term Loan293,125 310,625 
Delayed Draw Term Loan
297,750 188,750 
Total borrowings
597,375 545,375 
Add: Remaining premium on interest rate caplets financed as debt1,076 2,059 
Total debt
598,451 547,434 
Less: Debt issuance costs(3,072)(4,860)
Total debt, net of debt issuance costs595,379 542,574 
Less: Current maturities(34,443)(28,483)
Total debt, net of current maturities$560,936 $514,091 
Senior Secured Credit Facility
On November 13, 2019, in order to refinance its prior credit facility, for working capital and other general purposes from time to time, the Company entered into a credit agreement (as amended, the “Credit Agreement”) as borrower, the Company and its wholly-owned domestic subsidiaries, as a guarantor, the banks, financial institutions and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto and Capital One, National Association, as administrative agent (in such capacity, the “Agent”), collateral agent, issuing bank and swingline lender providing for a:
•$100.0 million revolving credit facility, including a letter of credit facility with a $10.0 million sublimit and a swing line facility with a $10.0 million sublimit,
•$240.0 million initial term loan facility and
•$125.0 million additional term loan facility.
The additional term loan facility was available for borrowings until November 13, 2020. Each of the revolving loans and the term loans were scheduled to mature on November 13, 2024. The Company incurred $8.8 million of debt issuance costs related to the Senior Secured Credit Facility, which are being amortized over the life of the Facility.
In order to provide additional financial flexibility, the Company and the other parties thereto amended the Credit Agreement on August 4, 2020 ("Amendment No. 1") to provide a waiver of financial covenant breach for the periods ended September 30, 2020 through March 31, 2021 of the First Lien Net Leverage Ratio and Fixed Charge Coverage Ratio (each as defined under the Credit Agreement). Amendment No. 1 also raised the floor for the adjusted LIBOR rate to 0.50% and the floor for the Base Rate to 1.50%. The Company incurred costs of $0.4 million associated with Amendment No.1 of the Credit Agreement, of which $0.3 million was capitalized and is being amortized over the remaining life of the Credit Agreement. The waivers of financial covenant breach were never utilized as the Company remained in compliance with all debt covenants during these periods.
On October 22, 2021, in order to increase the borrowing capacity under the Credit Agreement, the Company and the other parties thereto entered into Amendment No. 2 to the Credit Agreement (“Amendment No. 2”). Amendment No. 2, among other things, provides for
•an increase in the amount of the revolving credit facility from $100.0 million to $150.0 million,
•$350.0 million initial term loan facility, the proceeds of which were applied to refinancing existing indebtedness and
•$400.0 million delayed draw term (“DDTL”) loan facility.
The maturity date of the Credit Agreement was extended to October 22, 2026. The interest rate and covenants remain unchanged. The Company incurred $4.3 million in debt issuance costs associated with Amendment No. 2. The debt issuance costs are presented as a non-cash item on the consolidated statements of cash flows (less the portion impacting net income which are presented within operating activities) as they were financed with borrowings under the term loan.
On June 7, 2023, in order to replace the referenced LIBOR interest rate in the Company’s Credit Agreement with SOFR, the Company and the other parties thereto entered into Amendment No. 3 to the Credit Agreement (“Amendment No. 3”). Under Amendment No. 3, borrowings under the Credit Agreement beginning on June 14, 2023 will bear interest, at the Company’s option, at a rate per annum equal to either (a) the Adjusted Term SOFR (which cannot be less than 0.5%) for interest periods of 1, 2, 3 or 6 months (or if consented to by (i) each applicable lender, 12 months or any period shorter than 1 month or (ii) the administrative agent, a shorter period necessary to ensure that the end of the relevant interest period would coincide with any required amortization payment) plus the applicable SOFR margin or (b) the alternative base rate (“ABR”) plus the applicable ABR margin. ABR is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus 1/2 of 1.0%, (ii) the prime rate announced from time to time by Capital One, National Association or (iii) SOFR for a 1-month interest period on such day plus 1.0%. As of December 31, 2024, the weighted-average interest rate was approximately 7.4%.
On August 23, 2023, in order to extend the termination date to draw on the DDTL under the Credit Agreement to October 22, 2024, the Company and the other parties thereto entered into Amendment No. 4 to the Credit Agreement (“Amendment No. 4”). The other terms of the Credit Agreement remained unchanged. The Company incurred $0.3 million in debt issuance costs related to Amendment No. 4, which are being amortized over the remaining life of the credit facility.
During October 2024, the Company borrowed an additional $119.0 million on the DDTL under the Credit Agreement of which $77.5 million was used to pay down the revolving credit facility, $35.0 million was used for a business acquisition and the remaining $6.5 million was used for general business operations. The Company’s ability to borrow on the DDTL ended on October 22, 2024.
The obligations under the Credit Agreement are guaranteed by the Company and its wholly-owned domestic subsidiaries (collectively, the “Guarantors”), subject to certain exceptions. The obligations under the Credit Agreement are secured by substantially all of the assets of the Guarantors, subject to certain exceptions. Certain future-formed or acquired wholly-owned domestic subsidiaries of the Company will also be required to guarantee the Credit Agreement and grant a security interest in substantially all of their assets, subject to certain exceptions, to secure the obligations under the Credit Agreement.
Interest is payable quarterly in arrears for ABR loans, at the end of the applicable interest period for SOFR loans (but not less frequently than quarterly) and upon the prepayment or maturity of the underlying loans. The Company is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the revolving credit facility and the additional term loan facility.
The applicable SOFR and ABR margins and the commitment fee rate are calculated based upon the first lien net leverage ratio of the Company and its restricted subsidiaries on a consolidated basis, as defined in the Credit Agreement. The revolving loans and term loans bear interest at either (a) ABR (150 bps floor) plus a margin up to 1.75% or (b) SOFR (50 bps floor) plus a margin up to 2.75%, at the option of the Company.
The term loans and, once drawn, the additional term loans will amortize at an annual rate equal to 5.00% per annum. Upon the consummation of certain non-ordinary course asset sales, the Company may be required to apply the net cash proceeds thereof
to prepay outstanding term loans and additional term loans. The loans under the Credit Agreement may be prepaid without premium or penalty, subject to customary SOFR “breakage” costs.
The Credit Agreement contains certain customary affirmative and negative covenants and events of default and requires the Company and certain of its affiliates obligated under the Credit Agreement to make customary representations and warranties in connection with credit extensions thereunder.
In addition, the Credit Agreement requires the Company to maintain (a) a ratio of consolidated first lien net debt to consolidated EBITDA no greater than 4.50 to 1.00 and (b) a ratio of consolidated EBITDA to consolidated fixed charges no less than 1.20 to 1.00, in each case, tested as of the last day of each full fiscal quarter ending after the Closing Date and determined on the basis of the four most recently ended fiscal quarters of the Company for which financial statements have been delivered pursuant to the Credit Agreement, subject to customary “equity cure” rights.
If an event of default (as such term is defined in the Credit Agreement) occurs, the lenders would be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement, termination of the lenders’ commitments thereunder, foreclosure on collateral, and all other remedial actions available to a secured creditor. The failure to pay certain amounts owing under the Credit Agreement may result in an increase in the interest rate applicable thereto.
The principal maturities of total debt are as follows (in thousands):
Year ending December 31:
2025$34,443 
2026$564,008 
Total Debt$598,451 
As previously mentioned in Note 2, the Company recorded temporary equity associated with a redeemable noncontrolling interest at its carrying value. If certain criteria are met, the non-controlling interest would be revalued to its estimated redemption value. The Company has excluded any amounts associate with this noncontrolling interest from the table above as the Company is uncertain as to the timing and the ultimate amount of the potential payment it may be required to make.
The fair value of the Company’s debt as of December 31, 2024 and 2023, was estimated using a discounted cash flow model, which forecasts future interest and principal payments. The forecasted cash flows were discounted back to present value using the term-matched risk-free rate plus an option adjusted spread to account for credit risk. The option adjusted spread was calculated as of the debt's issuance date and then adjusted to the valuation date. The inputs used to determine the fair value were classified as Level 2 in the fair value hierarchy as defined in Note 12.
The carrying value and estimated fair value the Company's debt as of December 31, was as follows (in thousands):
20242023
Carrying value$598,451 547,434 
Estimated fair value$594,955 $543,724 
Interest rate caplets
The Company manages its exposure to some of its interest rate risk through the use of interest rate caplets, which are derivatives. On January 12, 2022, the Company hedged the variability of the cash flows attributable to the changes in the 1-month LIBOR/SOFR interest rate on the first $300 million of the term loan under the Credit Agreement by entering into a 4-year series of 48 deferred premium caplets (“caplets”). The caplets mature at the end of each month and protect the Company if interest rates exceed 2% of 1-month LIBOR/SOFR. The maturing dates of these caplets coincide with the timing of the Company's interest payments and each caplet is expected to be highly effective at offsetting changes in interest payment cash flows. The aggregate
premium for these caplets was $3.9 million, which was the initial fair value of the caplets recorded in the Company's financial statements, and was financed as additional debt.
The Company recognized an unrealized loss on the change in fair value of the interest rate caplets of $3.8 million and $4.3 million, net of income taxes, for the years ended December 31, 2024, and 2023. For more information on how the Company determines the fair value of the caplets, see Note 12. Further, as the 1-month LIBOR/SOFR interest rate began to exceed 2% starting in second half of 2022, the Company recognized interest income on the caplets of $9.8 million and $9.2 million for the years ended December 31, 2024 and 2023, respectively, which is reflected in interest expense, net in the consolidated statements of operations and other comprehensive income.
v3.25.0.1
Business and Asset Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business and Asset Acquisitions 10. Business and Asset Acquisitions
2024 Business Acquisitions
Randy’s
On December 23, 2024, the Company completed its acquisition of certain assets of Randy’s Vending (“Randy’s”), an Illinois based operator, for a total consideration transferred of $0.3 million, which included i) $0.1 million in cash at closing and ii) contingent purchase consideration with an estimated fair value of $0.2 million. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) amusement equipment totaling less than $0.1 million, and ii) location contracts totaling $0.2 million The results of operations for Randy’s are included in the consolidated financial statements of of the Company from the date of acquisition and were not material.
Fairmount
On December 2, 2024, the Company completed its acquisition of Fairmount Holdings, Inc. (“Fairmount”), the owner of the FanDuel Sportsbook & Racetrack in Collinsville, Illinois, for total stock consideration of approximately $40.5 million. Consideration transferred was approximately 3.5 million shares of the Company’s Class A-1 common stock and the value was based on a prior twenty-day trailing weighted average close price. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $12.0 million has been recorded as goodwill. The Fairmount acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity of Fairmount’s operations, industry and workforce. While management has integrated certain operations of Fairmount into its existing business structure, Fairmount is its own operating segment, casino and racing.
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Fair value of treasury stock issued
$40,472 
Cash and cash equivalents$858 
Accounts receivable, net
1,477 
Inventory
60 
Prepaid expenses
575 
Property and equipment, net
11,788 
Location contracts acquired, net17,600 
Other intangible assets, net8,600 
Other assets356 
Accounts payable and other accrued expenses
(3,267)
Other long-term liabilities(340)
Deferred income tax liability, net
(9,206)
Net assets acquired
28,501 
Goodwill$11,971 

The Company incurred $1.8 million in acquisition related costs that are included in other expenses, net within the consolidated statements of operations and comprehensive income for the year ended December 31, 2024.
The results of operations for Fairmount are included in the consolidated financial statements of the Company from the date of acquisition. Fairmount's acquired assets generated revenues and net income of $1.4 million and less than $0.1 million for the year ended December 31, 2024. The unaudited pro forma revenue and net income of Fairmount, as if this acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of acquisition, is not material to the consolidated results of the Company for the years ended December 31, 2024 and 2023.
Bayou
On November 21, 2024, the Company completed its acquisition of Bayou Gaming, Inc. (“Bayou”), a Louisiana based operator and owner of multiple licensed video poker establishments, for a total purchase price of $0.5 million, which the Company paid in cash at closing. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming and amusement equipment totaling $0.1 million, and ii) location contracts totaling $0.4 million. The results of operations for Bayou are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Pelican
On November 21, 2024, the Company completed its acquisition of Pelican State Gaming, Inc. (“Pelican”), a Louisiana based operator and owner of multiple licensed video poker establishments, for a total consideration of $1.8 million, which included i) $1.5 million paid in cash at closing and ii) contingent purchase consideration with an estimated fair value of $0.3 million. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming and amusement assets totaling $0.3 million, and ii) location contracts totaling $1.5 million. The results of operations for Pelican are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Xtreme
On November 1, 2024, the Company completed its acquisition of certain assets of Xtreme ATM of Louisiana LLC, (“Xtreme”) for a total purchase price of $1.5 million, which the Company paid in cash at closing. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) location contract assets totaling $1.4 million, and ii) redemption equipment totaling less than $0.1 million. The results of operations for Xtreme are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Toucan Gaming
On November 1, 2024, the Company completed its acquisition of 85% ownership of Toucan Gaming for a total cash consideration of $41.6 million, of which $38.3 million was paid in cash (of which $4.6 million was paid in the prior year as an advance on the purchase price) and the remaining $3.3 million was recorded as consideration payable. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $2.1 million has been recorded as goodwill. The Toucan Gaming acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity and quality of Toucan Gaming’s operations, industry and workforce. Management integrated Toucan Gaming into its existing business structure, which is comprised of a single reporting unit.
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Cash paid$38,253 
Consideration payable
3,348 
Total consideration$41,601 
Cash and cash equivalents$1,816 
Accounts receivable, net
618 
Inventories38 
Other current assets29 
Property and equipment, net
11,625 
Location contracts acquired, net9,200 
Other intangible assets, net22,300 
Deferred income tax asset
767 
Other assets1,194 
Accounts payable and other accrued expenses(3,122)
Current maturities of debt
(60)
Debt, net of current maturities
(520)
Other long-term liabilities(175)
Temporary equity - redeemable noncontrolling interest
(4,239)
Net assets acquired
39,471 
Goodwill2,130 
The Company incurred $0.3 million in acquisition related costs that are included in other expenses, net within the consolidated statements of operations and comprehensive income for the year ended December 31, 2024.
The results of operations for Toucan Gaming are included in the consolidated financial statements of the Company from the date of acquisition. Toucan Gaming's acquired assets generated revenues and net income of $5.4 million and $0.3 million for the year ended December 31, 2024. The unaudited pro forma revenue and net income of Toucan Gaming, as if this acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of acquisition, is not material to the consolidated results of the Company for the years ended December 31, 2024 and 2023.
24th Street Station
On September 19, 2024, the Company completed its acquisition of 24th Street Station, a retail establishment in Montana, for a total purchase price of $0.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.7 million, and ii) goodwill totaling $0.1 million. The results of operations for the 24th Street Station are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Lucky 7s
On September 19, 2024, the Company completed its acquisition of Lucky 7s, a retail establishment in Montana, for a total purchase price of $0.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.7 million, and ii) goodwill totaling $0.1. The results of operations for Lucky 7s are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Jorgenson’s Lounge
On June 26, 2024, the Company acquired Jorgenson’s Lounge, a retail establishment in Montana, for a total purchase price of $1.1 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.8 million, and ii) goodwill totaling $0.3 million. The results of operations Jorgenson’s Lounge are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Illinois Gaming Entertainment
On May 1, 2024, the Company acquired certain assets of Illinois Gaming Entertainment LLC (“IGE”), an Illinois-based terminal operator. The Company acquired 16 operational locations, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The aggregate purchase consideration transferred totaled $13.5 million, which included i) $11.4 million in cash at closing and ii) contingent purchase consideration with an estimated fair value of $2.1 million. The contingent purchase consideration represents three installments of $0.6 million which are due on the first, second and third anniversary of the acquisition with $0.7 million due on the fourth anniversary of the acquisition. All payments are subject to the acquired locations still being in operation on the respective anniversary dates. The present value of the consideration payable was $2.2 million as of September 30, 2024 and is recorded in consideration payable on the consolidated balance sheets. The aggregate purchase consideration of $13.5 million was allocated to the following assets: i) location contracts totaling $11.6 million, ii) gaming equipment totaling $1.6 million, and iii) redemption equipment totaling $0.3 million. The results of operations for IGE are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Great Lakes Vending
On February 22, 2024, the Company acquired certain assets of Great Lakes Vending Corporation (“GLV”), an Illinois-based terminal operator. The Company acquired one operational location, as well as gaming and redemption terminal equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.3 million, which the Company paid in cash at closing. The total purchase price of $1.3 million was allocated to the following assets: i) location contracts totaling $1.2 million and ii) gaming and redemption equipment totaling $0.1 million. The results of operations for GLV are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Doc & Eddy’s
On January 10, 2024, the Company acquired Doc & Eddy’s West (“D&E”), a hospitality operation in Montana. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $2.3 million, which the Company paid in cash at closing, and was allocated to the following assets: i) buildings totaling $1.0 million, ii) indefinite long-lived assets totaling $0.9 million and iii) land totaling $0.4 million. The results of operations for D&E are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
2023 Business Acquisitions
Illinois Video Slot Management
On December 27, 2023, the Company acquired certain assets of Illinois Video Slot Management Corp. (“IVSM”), an Illinois-based terminal operator. The Company acquired a gaming location, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.0 million, of which the Company paid $0.7 million in cash at closing. The remaining $0.3 million of consideration is payable in three installments of $0.1 million which are due on the first, second and third anniversary of the acquisition assuming the location is still in operation. The total purchase price of $1.0 million was allocated to the following assets: i) a location contract totaling $0.9 million and ii) gaming equipment totaling $0.1 million. The results of operations for the IVSM acquisition is included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Illinois Gaming Entertainment
On May 23, 2023, the Company acquired certain assets of Illinois Gaming Entertainment LLC (“IGE”), an Illinois-based terminal operator. The Company acquired four operational locations, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.5 million, which the Company paid in cash at closing. The total purchase price of $1.5 million was allocated to the following assets: i) location contracts totaling $1.1 million and ii) gaming equipment totaling $0.4 million.
On October 3, 2023, the Company acquired an additional three operational locations, as well as gaming equipment, from IGE. This acquisition was also accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was $2.3 million, which the Company paid in cash at closing. The total purchase price of $2.3 million was allocated to the following assets: i) location contracts totaling $2.0 million and ii) gaming equipment totaling $0.3 million.
The results of operations for both IGE acquisitions are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
Rendezvous
On February 13, 2023, the Company acquired Rendezvous, a hospitality operation in Billings, Montana. The hospitality operation is set to be a Century-vended location. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The total purchase price of $2.6 million was paid in cash at
closing and was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.8 million; ii) land totaling $0.5 million; iii) buildings totaling $0.4 million; iv) gaming equipment totaling $0.1 million, and v) goodwill totaling $0.8 million. The results of operations for Rendezvous are included in the consolidated financial statements of the Company from the date of acquisition and were not material.
2022 Business Acquisitions
Progressive
On December 15, 2022, Century, the Company’s wholly owned subsidiary, acquired from DEP, Inc. ("Progressive"), a gaming operator in Montana, certain gaming assets and locations. The acquisition of Progressive adds 26 Montana gaming locations and approximately 300 gaming terminals to the Century portfolio. The total purchase price was $6.4 million, which Century paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations (“Topic 805”). The purchase price was allocated to the following assets: i) gaming terminals and amusement equipment totaling $0.9 million; ii) location contracts totaling $4.3 million; and iii) goodwill totaling $1.2 million.
River City
On September 9, 2022, the Company acquired from River City Amusement Company (“River City”) all of its operating assets in Nebraska, Iowa and South Dakota. River City's operations in these states consist of the ownership and operation of MAD and amusement equipment, as well as ATMs in the approximately 120 locations it serves. The total purchase price was approximately $2.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.1 million; ii) amusement and other equipment totaling $0.9 million; iii) location contracts totaling $1.7 million; and iv) cash totaling $0.1 million.
VVS
On August 1, 2022, the Company acquired from VVS, Inc. (“VVS”), a licensed distributor of mechanical amusement devices in Nebraska, substantially all of its MAD and ATM assets. The acquisition of VVS adds approximately 250 locations in the greater Lincoln area. The total purchase price was approximately $12.0 million, of which the Company paid approximately $9.5 million in cash at closing. The remaining $2.5 million of contingent consideration was paid in cash in the third quarter of 2023 as the net revenue target outlined in the purchase agreement was achieved. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.9 million; ii) amusement and other equipment totaling $3.9 million; and iii) location contracts totaling $7.2 million.
Century
On June 1, 2022, the Company completed its previously announced acquisition of all of the outstanding equity interests of Century pursuant to the terms of a Securities Purchase Agreement (the “Purchase Agreement”), dated March 2, 2021, by and among Century, the shareholders of Century, and the Company. Century is Montana’s largest gaming operator and a leader in the Nevada gaming market as well as a manufacturer of gaming terminals.
The acquisition aggregate purchase consideration transferred totaled $164.3 million, which included: i) a cash payment made at closing of $45.5 million to the equity holders of Century; ii) repayment of $113.2 million of Century's indebtedness; and iii) 515,622 shares of the Company’s Class A-1 common stock issued to certain members of Century’s management with a fair value of $5.6 million on the acquisition date. The cash payments were financed using cash from a draw of approximately $160 million from the Company’s revolving credit facility and delayed draw term loan facility under the Credit Agreement.
The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the valuation of location contracts, inventory, property and equipment, and final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $53.4 million has been recorded as goodwill. The Century acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity and quality of Century's operations, industry and workforce. Management integrated Century into its existing business structure, which is comprised of a single reporting unit.
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Cash paid$158,681 
Fair value of stock issued5,584 
Total consideration$164,265 
Cash and cash equivalents$33,229 
Prepaid expenses1,563 
Accounts receivable4,394 
Inventories6,441 
Income taxes receivable189 
Other current assets475 
Property and equipment29,302 
Location contracts acquired40,400 
Other intangible assets24,400 
Accounts payable and other accrued expenses(10,766)
Accrued compensation and related expenses(1,626)
Other long-term liabilities(446)
Deferred income tax liability(16,646)
Net assets acquired$110,909 
Goodwill$53,356 
Upon adoption of Topic 842, the Company recognized ROU assets and lease liabilities of $3.6 million as of June 1, 2022 related to Century.
The Company incurred $0.3 million and $1.3 million in acquisition related costs that are included in other operating expenses within the consolidated statements of operations and comprehensive income for the years ended December 31, 2022 and 2021, respectively.
The results of operations for Century are included in the consolidated financial statements of the Company from the date of acquisition. Century's acquired assets generated revenues and net income of $146.6 million and $4.0 million for the year ended December 31, 2022.
Consideration Payable
The Company has a contingent consideration payable related to certain locations, as defined, in the respective acquisition agreement which are placed into operation during a specified period after the acquisition date. The fair value of contingent consideration is included in the consideration payable on the consolidated balance sheets as of December 31, 2024 and 2023. The contingent consideration accrued is measured at fair value on a recurring basis. Payments related to consideration payable were $3.4 million for the year ended December 31, 2024.
Current and long-term portions of consideration payable consist of the following as of December 31 (in thousands):
20242023
CurrentLong-TermCurrentLong-Term
TAV *$— $— $2,005 — 
Fair Share Gaming *969 5,493 504 92 
Skyhigh *563 4,264 528 3,941 
IVSM94 187 94 168 
IGE Asset Acquisition586 1,605 — — 
Tom's Amusements*— — 57 — 
Island100 — 100 — 
Randy's
165 — — — 
Toucan Gaming
474 2,892 — — 
Pelican
165 155 — — 
Total$3,116 $14,596 $3,288 $4,201 
* Acquisitions that occurred prior to 2022.
v3.25.0.1
Contingent Earnout Share Liability
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Contingent Earnout Share Liability Contingent Earnout Share Liability
Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance 10,000,000 shares of Class A-2 common stock. The holders of the Class A-2 common stock do not have voting rights and are not entitled to receive or participate in any dividends or distributions when and if declared from time to time. The Company concluded that the Class A-2 common stock should be reflected as a contingent earnout share liability due to the fact that such shares are not entitled to dividends, voting rights, or a stake in the Company in the case of liquidation. The contingent earnout share liability is recorded at fair value. For more information on how the fair value is determined, see Note 12.
In 2019, 5,000,000 shares of Class A-2 common stock were issued, subject to the conditions set forth in a restricted stock agreement (the “Restricted Stock Agreement”), which sets forth the terms upon which the Class A-2 common stock will be exchanged for an equal number of validly issued, fully paid and non-assessable Class A-1 common stock. The exchange of Class A-2 common stock for Class A-1 common stock will be subject to the terms and conditions set forth in the Restricted Stock Agreement, with such exchanges occurring in three separate tranches upon the satisfaction of the specified triggers, based on the closing sale price of Class A-1 common stock exceeding certain prices over certain trading periods.
In 2020, the market condition for the settlement of Tranche I was satisfied. As a result, 1,666,636 shares of the 1,666,666 shares of Class A-2 common stock were converted into Class A-1 common stock.
The market conditions for the remaining two tranches are as follows:
•Tranche II, equal to 1,666,667 shares of Class A-2 common stock, will be exchanged for Class A-1 common stock if the closing sale price of Class A-1 common stock on the New York Stock Exchange (“NYSE”) equals or exceeds $14.00 for
at least twenty trading days in any consecutive thirty trading day period; and
•Tranche III, equal to 1,666,667 shares of Class A-2 common stock, will be exchanged for Class A-1 common stock if the closing sale price of Class A-1 common stock on the NYSE equals or exceeds $16.00 for at least twenty trading days in any consecutive thirty trading day period.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and the corresponding disclosure requirements around fair value measurements. This topic applies to all financial instruments that are being measured and reported on a fair value basis.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, various methods, including market, income and cost approaches, are used. Based on these approaches, certain assumptions are utilized that the market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. Valuation techniques are utilized that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, it is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
Level 1: Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets or for similar assets or liabilities in active markets.
Level 3: Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.
Assets measured at fair value
The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):
Fair Value Measurement at Reporting Date Using
December 31, 2024Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
   Interest rate caplets6,821 — 6,821 — 
Fair Value Measurement at Reporting Date Using
December 31, 2023Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
   Interest rate caplets
13,011 — 13,011 $— 
Interest rate caplets
The Company determines the fair value of the interest rate caplets using quotes that are based on models whose inputs are observable LIBOR/SOFR forward interest rate curves. The valuation of the interest rate caplets is considered to be a Level 2 fair value measurement as the significant inputs are observable. Unrealized changes in the fair value of interest rate caplets are classified within other comprehensive income on the accompanying consolidated statements of operations and comprehensive income. Realized gains on the interest rate caplets are recorded to interest expense, net on the accompanying consolidated statements of operations and comprehensive income and included within cash payments for interest, net on the consolidated statements of cash flow.
Investment in convertible notes
As described in Note 4, after the IGB Administrator’s denial of the transfer of the equity interest in Gold Rush on December 2, 2021, the Company concluded that the fair value of the convertible notes should be calculated as principal plus interest accrued as of December 31, 2022. The Company had considered interest as an input to the accounting fair value as of December 31, 2022. This valuation of the Company's investment in convertible notes is considered to be a Level 3 fair value measurement as the significant inputs are unobservable. The Company reached a settlement with Gold Rush in the second quarter of 2023, which provided for the full repayment of the outstanding principal and interest accrued on the convertible notes.
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for assets for the year ended December 31 (in thousands):
2023
Assets:
Investment in convertible notes:
Beginning of year balance$32,065 
Proceeds from settlement on convertible notes
(32,065)
Ending balance$— 
Liabilities measured at fair value
The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):
Fair Value Measurement at Reporting Date Using
December 31, 2024Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration$13,928 $— $— $13,928 
Contingent earnout shares33,103 — 33,103 — 
Total$47,031 $— $33,103 $13,928 
Fair Value Measurement at Reporting Date Using
December 31, 2023Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration$5,484 $— $— $5,484 
Contingent earnout shares31,827 — 31,827 — 
Warrants13 — 13 — 
Total$37,324 $— $31,840 $5,484 
Contingent consideration
The Company uses a discounted cash flow analysis to determine the value of contingent consideration upon acquisition and updates this estimate on a recurring basis. The significant assumptions in the Company's cash flow analysis includes the probability adjusted projected revenues after state taxes, a discount rate as applicable to each acquisition, and the estimated number of locations that “go live” with the Company during the contingent consideration period. The valuation of the Company's contingent consideration is considered to be a Level 3 fair value measurement as the significant inputs are unobservable and require significant judgment or estimation. Changes in the fair value of contingent consideration liabilities are classified within other expenses, net on the accompanying consolidated statements of operations and comprehensive income.
Contingent earnout shares
The Company determined the fair value of the contingent earnout shares based on the market price of the Company's A-1 common stock. The liability, by tranche, is then stated at present value based on i) an interest rate derived from the Company's borrowing rate and the applicable risk-free rate and ii) an estimate on when it expects the contingent earnout shares to convert to A-1 common stock. The valuation of the Company's contingent consideration is considered to be a Level 2 fair value measurement. Changes in the fair value of contingent earnout shares are included within loss (gain) on change in fair value of contingent earnout shares on the accompanying consolidated statements of operations and comprehensive income.
Warrants
The Company’s 5,144 warrants expired in November 2024. The liability for warrants was included in other long-term liabilities on the consolidated balance sheets and was considered to be a Level 2 fair value measurement. Upon expiration of the warrants, the Company reduced the fair value of the warrants to zero and recognized a gain on the expiration of warrants of less than $0.1 million on the consolidated statements of operations and comprehensive income
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for liabilities for the years ended December 31, (in thousands):
20242023
Liabilities:
Contingent consideration:
Beginning of year balance$5,484 $9,543 
Issuance of contingent consideration in connection with acquisitions2,449 262 
Payment of contingent consideration(1,347)(4,828)
Fair value adjustments7,342 507 
Ending balance$13,928 $5,484 
There were no transfers in or out of Level 3 assets or liabilities for the periods presented.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company's lease portfolio has both operating and finance leases but is primarily comprised of operating leases for buildings and vehicles. The Company's leases have remaining lease terms that range from less than 1 to 13 years, some of which also include options to extend or terminate the lease. Most leases contain both fixed and variable payments. Variable costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor.
Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):
202420232022
Operating lease costs
Short-term lease expense$667 $789 $600 
Operating lease expense3,284 2,875 1,586 
Variable lease expense150 316 368 
Total operating lease expense
$4,101 $3,980 $2,554 
Total expense related to finance leases was $0.3 million and less than $0.1 million for the years ended December 31, 2024 and 2023, respectively. There were no finance leases for the year ended December 31, 2022.
Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):
Lease componentClassification20242023
Operating lease ROU asset
Other assets$8,526 $7,862 
Finance lease ROU asset
Other assets1,115 1,388 
Current operating lease liabilityAccounts payable and other accrued expenses2,721 2,269 
Current finance lease liability
Accounts payable and other accrued expenses245 221 
Long-term operating lease liabilityOther long-term liabilities6,125 5,826 
Long-term finance lease liability
Other long-term liabilities927 1,172 
As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):
Operating leases
Finance leases
2025$3,306 $322 
20262,437 329 
20271,494 335 
20281,082 342 
20291,082 29 
Thereafter997 — 
Total$10,398 $1,357 
Less: present value discount(1,552)(185)
Total lease liability
$8,846 $1,172 
The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:
202420232022
Weighted average remaining lease term (in years)
Operating leases
4.44.23.4
Finance leases
4.15.1N/A
Weighted average discount rate
Operating leases
6.46 %5.85 %3.28 %
Finance leases
7.71 %7.71 %N/A
Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$3,034 $2,659 $1,525 
Operating cash flows for finance leases
959—
Financing cash flows for finance leases
22117—
Total cash paid for lease liabilities
$3,350 $2,685 $1,525 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases3,383 5,508 5,602 
Finance leases
N/A1,411 N/A
Leases Leases
The Company's lease portfolio has both operating and finance leases but is primarily comprised of operating leases for buildings and vehicles. The Company's leases have remaining lease terms that range from less than 1 to 13 years, some of which also include options to extend or terminate the lease. Most leases contain both fixed and variable payments. Variable costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor.
Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):
202420232022
Operating lease costs
Short-term lease expense$667 $789 $600 
Operating lease expense3,284 2,875 1,586 
Variable lease expense150 316 368 
Total operating lease expense
$4,101 $3,980 $2,554 
Total expense related to finance leases was $0.3 million and less than $0.1 million for the years ended December 31, 2024 and 2023, respectively. There were no finance leases for the year ended December 31, 2022.
Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):
Lease componentClassification20242023
Operating lease ROU asset
Other assets$8,526 $7,862 
Finance lease ROU asset
Other assets1,115 1,388 
Current operating lease liabilityAccounts payable and other accrued expenses2,721 2,269 
Current finance lease liability
Accounts payable and other accrued expenses245 221 
Long-term operating lease liabilityOther long-term liabilities6,125 5,826 
Long-term finance lease liability
Other long-term liabilities927 1,172 
As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):
Operating leases
Finance leases
2025$3,306 $322 
20262,437 329 
20271,494 335 
20281,082 342 
20291,082 29 
Thereafter997 — 
Total$10,398 $1,357 
Less: present value discount(1,552)(185)
Total lease liability
$8,846 $1,172 
The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:
202420232022
Weighted average remaining lease term (in years)
Operating leases
4.44.23.4
Finance leases
4.15.1N/A
Weighted average discount rate
Operating leases
6.46 %5.85 %3.28 %
Finance leases
7.71 %7.71 %N/A
Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$3,034 $2,659 $1,525 
Operating cash flows for finance leases
959—
Financing cash flows for finance leases
22117—
Total cash paid for lease liabilities
$3,350 $2,685 $1,525 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases3,383 5,508 5,602 
Finance leases
N/A1,411 N/A
v3.25.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance the following shares and classes of capital stock, each with a par value of $0.0001 per share: i) 1,000,000 shares of preferred stock; and ii) 250,000,000 shares of Class A-1 common stock.
Class A-1 Common Stock
The holders of the Class A-1 common stock are entitled to one vote for each share. The holders of Class A-1 common stock are entitled to receive dividends or other distributions when and if declared from time to time and share equally on a per share basis in such dividends and distributions subject to such rights of the holders of preferred stock.
Treasury Stock
On November 22, 2021, the Company’s Board of Directors approved a share repurchase program of up to $200 million of shares of common stock. On February 27, 2025, the Board approved an amendment to the share repurchase program to replenish the dollar amount that may be purchased under the program back to up to $200 million of shares of Class A-1 common stock (as amended, the “share repurchase program”). The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases or privately negotiated transactions, in compliance with the rules of the SEC and other applicable legal requirements. The share repurchase program does not obligate the Company to acquire any particular amount of shares, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of December 31, 2024, the Company has
purchased a total of 13,855,897 shares under the share repurchase program at a total purchase price of $143.6 million, of which 2,446,700 shares at a total purchase price of $25.5 million were acquired during the year ended December 31, 2024.
In December 2024, the Company re-issued 3.1 million shares of treasury stock to complete the Fairmount acquisition at an average cost per share of $11.58. The difference between the average cost per share and the fair value of the shares issued resulted in a gain of $4.1 million, which was recorded to additional paid-in-capital on the consolidated balance sheets.
As of December 31, 2024 and 2023, the Company has reserved Class A-1 common stock for future issuance in relation to the following:
20242023
Class A-1 common stock warrants issued and outstanding
— 5,144 
Class A-1 common stock options, RSUs and PSUs issued and outstanding
4,222,125 3,559,104 
Conversion of Class A-2 common stock
3,333,363 3,333,363 
  Total Class A-1 common stock reserved for issuance
7,555,488 6,897,611 
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company assesses its reportable segments on an annual basis or as changes in its business occur. As part of its assessment, the Company has determined its chief operating decision maker (“CODM”) to be its Chief Executive Officer, Andrew Rubenstein, who is ultimately responsible for the operating performance of the Company and the allocation of resources. The CODM assesses financial performance and allocates resources based on Adjusted EBITDA. Adjusted EBITDA is used by the CODM to understand the Company’s underlying drivers of profitability, trends in its business, and to facilitate company-to-company and period-to-period comparisons. Segment asset information is provided to the CODM but is not used to allocate resources.
The Company defines Adjusted EBITDA as net income plus:
•Amortization of intangible assets and route and customer acquisition costs
•Stock-based compensation expense
•Loss from unconsolidated affiliates
•Loss (gain) on change in fair value of contingent earnout shares
•Gain on expiration of warrants
•Other expenses, net
•Depreciation and amortization of property and equipment
•Interest expense, net
•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where the Company’s operations are developing
•Income tax expense
The Company’s distributed gaming reportable segment consists of the installation, maintenance, and operation of gaming terminals, redemption devices that disburse winnings and contain ATM functionality, and other amusement devises in authorized non-casino locations such as restaurants, bars, convenience stores, liquor stores, truck stops, and grocery stores. The Company’s operations and services are consistent in the Company’s markets.
The Company has determined that with the acquisition of the FanDuel Sportsbook & Horse Racing in Collinsville, Illinois, that as of December 31, 2024, it has two operating segments, distributed gaming and casino and racing. However, due to the fact
the construction of the casino is in its early stages and the limited operations of racing in the winter months, the casino and racing operating segment does not reach the criteria of being a reportable segment. As such, the Company will continue to report as a single reportable segment.
Significant segment expenses, including disaggregated significant expenses that are presented within general and administrative expenses, are presented in the Company’s consolidated statement of operations and comprehensive income and are included in the table below.
The following table presents financial information with respect to the Company’s single reportable segment, distributed gaming, for the years ended December 31, 2024, 2023, 2022. Additionally, the Company has included an "all other" operating segment which is its casino and racing business that is neither individually reportable nor able to be aggregated or combined with another operating segment.
(in thousands,)
December 31,
20242023
2022
Distributed gaming
Total net revenues (1)
$1,229,577 $1,170,420 $969,797 
Adjustments: (2)
Cost of revenue
852,226 809,524 666,126 
Compensation related costs - operations (3)
77,902 67,523 59,174 
Compensation related costs - general and administrative (3)
53,606 51,926 37,070 
All other segment items (4)
56,899 60,002 45,035 
Adjusted EBITDA for distributed gaming
$188,944 $181,445 $162,392 
Adjusted EBITDA for “all other” operating segment (5)
$203 $— $— 
Less Adjustments for:
Depreciation and amortization of property and equipment
$43,978 $37,906 $29,295 
Amortization of intangible assets and route and customer acquisition costs
22,577 21,211 17,484 
Interest expense, net35,892 33,144 21,637 
Emerging markets165 (948)2,598 
Stock-based compensation12,204 9,416 6,840 
Loss (gain) on change in fair value of contingent earnout shares1,276 8,539 (19,544)
Gain on expiration of warrants
(13)— — 
Other expenses, net19,339 6,453 9,320 
Income before income tax expense$53,729 $65,724 $94,762 
Income tax expense18,438 20,121 20,660 
Net income$35,291 $45,603 $74,102 
(1)Total net revenues is further disaggregated by revenue stream as included on the consolidated statements of operations and comprehensive income.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Compensation related costs represent payroll and other related costs that are included in General and administrative on the consolidated statements of operations and comprehensive income.
(4)All other segment items include other operating and general and administrative expenses (such as general and administrative expenses related to parts, advertising, information technology, etc.) which are included in general and administrative on the consolidated statements of operations and comprehensive income and cost of manufacturing good sold, as well as, adjustments for stock-based compensation expense and emerging markets.
(5)Given the timing of the acquisition for the casino and racing business in December of 2024 (see Note 10, Business and Asset Acquisitions, for information on the acquisition), all corporate expenses were allocated to the distributed gaming reportable segment as of December 31, 2024. The "all other" operating segment had total net revenues of $1.4 million; cost of revenues of $147 thousand; compensation related costs - operations of $581 thousand and all other segment items of $464 thousand.
As of December 31, 2024 the consolidated assets associated with the distributed gaming segment are $990.1 million and the assets for the "all other" operating segment are $58.3 million.
See the consolidated financial statements for other financial information (such as cash used for capital expenditures, etc.) regarding the Company’s reportable segment.
v3.25.0.1
Cost Associated with Gaming Terminals
 12 Months Ended
Dec. 31, 2024
Gaming Terminal Fees [Abstract]  
Cost Associated with Gaming Terminals Cost Associated with Gaming Terminals
Included in cost of revenue are costs associated with the operation of gaming terminals. In each jurisdiction that the Company operates, it is subject to state, municipal and/or administrative fees associated with the operation of its gaming terminals. The taxes and administrative fees are included in cost of revenue in the accompanying consolidated statements of operations and comprehensive income. These costs associated with the operation of gaming terminals totaled $333.7 million, $312.2 million and $281.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The remaining net terminal income after deducting the taxes and administrative fees described above is split between the Company and the gaming location according to local gaming laws or are prenegotiated. The gaming location's share of net terminal income totaled $487.2 million, $466.4 million and $359.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
401(k) Plan
The Company maintains a 401(k)-benefit plan for all employees with at least three months of service and have reached 21 years of age. Participants are 100% vested in their contributions. The Company provides an employer match contribution of 50% of the participants’ contribution up to 5% of their eligible compensation. Participants are fully vested in the employer match contribution after one year of employment. The Company may also make profit sharing contributions to the plan which vest 20% a year after the first 2 years of employment and are fully vested after 6 years of employment. The Company may also elect to make other discretionary contributions to the Plan. The Company incurred 401(k)-benefit plan expense of approximately $1.6 million, $1.5 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Multiemployer Benefit Plans
Some of the Company’s employees in its racing operations participate in union-sponsored benefit plans which includes the participation in several multiemployer defined benefit pension plans under terms of a collective bargaining agreement. The Company’s contributions to these plans are determined in accordance with the provisions of the negotiated labor contracts based on the aggregate number of hours works. The Company’s contributions to these plans for the year ended December 31, 2024 was less than $0.1 million, which represents one month of payments.
Incentive Compensation Plan
Included in certain employee agreements are provisions for commissions and bonuses, which are determined at the discretion of management. Incentive compensation expense amounted to $14.7 million, $14.8 million and $12.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Accrued incentive compensation totaled $5.7 million and $5.6 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company previously adopted the 2011 Equity Incentive Plan of Accel Entertainment, Inc., and 2016 Equity Incentive Plan of Accel Entertainment, Inc., (collectively, “Plans”). Under the Plans, the aggregate number of shares of common stock that may be issued or transferred pursuant to options, restricted stock awards, or stock appreciation rights under the Plans will not exceed 10 percent of the outstanding shares of the Company.
In 2019, the Company adopted the Long Term Incentive Plan (the “LTIP”). The LTIP provides for grants of a variety of stock-based awards to employees and non-employees for providing services to the Company, including, but not limited to incentive stock options qualified as such under U.S. federal income tax laws, stock options that do not qualify as incentive stock options, stock appreciation rights, restricted stock awards, RSUs, PSUs, cash incentive awards, and other stock-based awards. The Company has reserved, and in January 2020 registered, a total of 6,000,000 shares of Class A-1 common stock for issuance pursuant to the LTIP, subject to certain adjustments set forth therein.
Stock-based awards are valued on the date of grant and are expensed over the required service period. Total stock-based compensation expense recognized during the years ended December 31, 2024, 2023 and 2022, was $12.2 million, $9.4 million and $6.8 million, respectively. As of December 31, 2024, and 2023, there was approximately $13.9 million and $16.1 million, respectively, of unrecognized compensation expense related to stock-based awards, which is expected to be recognized through 2028.
During the years ended December 31, 2024, 2023 and 2022, the Company recognized gross excess tax (expense) benefit from stock-based compensation of $(0.1) million, $(0.9) million, and $0.1 million, respectively. Excess tax benefits reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock awards in excess of the deferred tax assets that were previously recorded. 
Grant of RSUs
The Company issued 918,103 RSUs to eligible employees and Directors of the Company during the year ended December 31, 2024, which will vest over a period of 2 to 5 years for employees and a period of 1 year for Directors. The RSUs are valued using the stock price on the grant date and had an estimated grant date fair value of $9.8 million.
The following table sets forth the activities of the Company’s RSUs for the years ended December 31, 2024, 2023 and 2022.
Non-vested RSUsSharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 2022
1,593,729 $11.55 
Granted569,600 $12.16 
Vested (1)
(383,088)$11.51 
Forfeited(361,532)$11.03 
Nonvested at December 31, 20221,418,709 $11.94 
Granted937,738 $9.36 
Vested (2)
(652,767)$11.11 
Forfeited(150,014)$11.07 
Nonvested at December 31, 20231,553,666 $10.81 
Granted918,103 $10.67 
Vested (3)
(765,463)$11.12 
Forfeited(155,269)$10.10 
Nonvested at December 31, 20241,551,037 $10.65 
(1) Includes 273,358 RSUs that are vested and not issued.
(2) Includes 379,719 RSUs that are vested and not issued.
(3) Includes 522,270 RSUs that are vested and not issued.
Grant of PSUs
The Company issued 149,381 PSUs to eligible employees during the year ended December 31, 2024. The PSUs are valued using the stock price and a performance expense factor on the grant date and had an estimated grant date fair value of $1.7 million. Performance-based shares vest based upon the passage of time and the achievement of performance conditions, in an amount ranging from 0% to 200% of the grant amount, as determined by the Compensation Committee prior to the date of the award. Vesting periods for these awards are 2 to 3 years, with each year weighted equally in determining such average. The Company reviews the progress toward the attainment of the performance condition for each quarter during the vesting period. When it is probable the minimum performance condition for an award will be achieved, the Company began recognizing the expense equal to the proportionate share of the total fair value of the Class A-1 stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A-1 stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance condition. For grants with a market condition and a service condition, the fair value is determined on the grant date and is calculated using the average implied multiple using the Company’s internal forecast along with weighting of probability of award, with a service condition of three years. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. If the service condition is not met the stock-based compensation would be reversed.
The following table sets forth the activities of the Company’s PSUs for the years ended December 31, 2024 and 2023.
Non-vested PSUs
SharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 2023
— $— 
Granted702,741 $8.62 
Adjustments for Performance Measures
(236,399)$8.68 
Vested— $— 
Forfeited— $— 
Nonvested at December 31, 2023466,342 $8.62 
Granted149,381 $11.34 
Adjustments for Performance Measures466,342 $9.33 
Vested
— $— 
Forfeited— $— 
Nonvested at December 31, 20241,082,065 $9.09 
Grant of Stock Options
Stock options generally vest over a three to five-year period and the term of the options are a maximum of 10 years from the grant date. The exercise price of stock options shall not be less than 100% of the fair market value per share of common stock on the grant date.
The Company used the Black-Scholes formula to estimate the fair value of its stock-based payments. The volatility assumption used in the Black-Scholes formula were based on the volatility of comparable public companies. The Company determined the share price at grant date used in the Black-Scholes formula based on an internal valuation model for options granted prior to the Company going public. Upon going public, the Company used the closing market stock price on the date of grant.
The fair value assigned to each option was estimated on the date of grant using a Black-Scholes-based option valuation model. The expected term of each option granted represented the period of time that each option granted is expected to be outstanding. The risk-free rate for periods within the contractual life of the unit is based on U.S. Treasury yields in effect at the time of grant.
Starting on January 1, 2023, the Company discontinued the use of stock options as part of the LTIP and there were no stock options granted to eligible officers and employees during 2023 and 2024.
The following assumptions were used in the option valuation model for options granted during the year ended December 31 as follows:
2022
Expected approximate volatility
60%
Expected dividends
None
Expected term (in years)
7
Risk-free rate
2.12% - 4.04%
A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the year ended December 31, are as follows:
2022
Options granted
315,881
Vesting period (in years)
4
The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2024, 2023, and 2022.
Outstanding optionsSharesWeighted Average Grant Date Fair ValueWeighted Average Exercise Price
Outstanding at January 1, 20221,556,486 $4.51 $10.47 
Granted315,881 $7.30 $12.09 
Exercised(136,998)$2.20 $5.93 
Forfeited/expired(436,960)$4.79 $10.97 
Outstanding at December 31, 20221,298,409 $7.25 $11.18 
Granted— $— $— 
Exercised(80,315)$1.65 $4.67 
Forfeited/expired(58,717)$5.25 $12.10 
Outstanding at December 31, 20231,159,377 $5.60 $11.58 
Granted— $— $— 
Exercised(55,173)$1.84 $5.24 
Forfeited/expired(37,451)$6.04 $12.06 
Outstanding at December 31, 20241,066,753 $5.60 $11.58 
A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2024, 2023 and 2022 is as follows:
Nonvested optionsSharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 20221,411,331 $4.77 
Granted315,881 $7.30 
Vested(314,462)$4.17 
Forfeited(321,682)$4.86 
Nonvested at December 31, 20221,091,068 $5.65 
Granted— $— 
Vested(393,550)$5.54 
Forfeited(54,717)$5.27 
Nonvested at December 31, 2023642,801 $5.75 
Granted— $— 
Vested(330,292)$5.69 
Forfeited— $— 
Nonvested at December 31, 2024312,509 $5.76 
As of December 31, 2024, and 2023, a total of 524,739 and 516,576 options with a weighted-average remaining contractual term of 4.83 and 5.7 years, respectively, granted to employees were vested. The fair value of options that vested during 2024, 2023 and 2022 was $1.9 million, $2.2 million, and $1.3 million, respectively. As of December 31, 2024, and 2023, the weighted-average exercise price of the non-vested awards was $11.92 for both years. As of December 31, 2024, and 2023, the weighted-average remaining contractual term of the outstanding awards was 5.5 years and 6.4 years, respectively. The total intrinsic value of options that were exercised during the years ended December 31, 2024, 2023 and 2022 was approximately $0.3 million, $0.5 million and $0.6 million, respectively. The aggregate intrinsic value of options outstanding as of December 31, 2024 is $0.5 million.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recognized income tax expense of $18.4 million, $20.1 million and $20.7 million during the years ended December 31, 2024, 2023 and 2022, respectively, which consists of the following (in thousands):
202420232022
Current provision
Federal
$14,700 $5,390 $1,558 
State
6,126 7,385 5,669 
Total current provision
20,826 12,775 7,227 
Deferred provision
Federal
(3,244)10,278 13,743 
State
856 (2,932)(310)
Total deferred provision
(2,388)7,346 13,433 
Total income tax expense
$18,438 $20,121 $20,660 
A reconciliation of the “expected” income taxes computed by applying the federal statutory income tax rate to the total expense is as follows (in thousands):
202420232022
Computed “expected” tax expense
$11,283 $13,802 $19,900 
Increase (decrease) in income taxes resulting from:
State income taxes5,575 3,627 4,289 
Return-to-provision(121)380 (132)
Change in fair value of contingent earnout shares268 1,793 (4,104)
Permanently non-deductible transaction costs215 51 137 
Officer's compensation221 129 177 
Stock-based compensation212 720 124 
Other permanent items589 641 343 
State Rate Change
119 (724)(121)
Other
77 (298)47 
Total income tax expense
$18,438 $20,121 $20,660 
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31 (in thousands):
20242023
Deferred tax assets:
Net operating loss carryforwards$7,964 $8,015 
Interest expense limitation carryforward10,765 8,174 
  Stock-based compensation4,452 3,284 
Lease liabilities2,397 2,589 
  Capitalized research & experimental costs
2,481 1,159 
Other3,144 2,867 
31,203 26,088 
Deferred tax liabilities:
Property and equipment58,471 53,804 
Location contracts and other intangibles15,282 9,348 
Lease assets2,294 2,524 
Interest rate caplets1,585 3,008 
Other943 154 
78,575 68,838 
  Total deferred tax liability, net$47,372 $42,750 
A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient taxable income can reasonably be expected in future years in order to utilize the deferred tax asset.
The Company evaluated the need to record a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration was given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. As a result of this evaluation, the Company concluded as of December 31, 2024, that the positive evidence outweighed the negative evidence and that it is more likely than not that its deferred tax assets will be realized.
As of December 31, 2024, and 2023, the Company did not record a liability for unrecognized tax benefits.
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. As of December 31, 2024, the Company is subject to U.S federal income tax examinations for the years 2021 through 2023 and income tax examinations from state jurisdictions for the years 2021 through 2023.
The following table summarizes carryforwards of net operating losses as of December 31 (in thousands):
20242023
AmountExpirationAmountExpiration
State net operating losses106,110 2030106,690 2030
Significant equity restructuring often results in an Internal Revenue Code Section 382 ownership change that limits the future use of net operating loss (“NOL”) carryforwards and other tax attributes. With regard to Century Gaming, an ownership change occurred on the date the outstanding equity interests were purchased in 2022. As a result, the Company's use of the acquired
NOLs, interest expense limitation carryforward and R&D credit carryforward on an annual basis were limited. As of December 31, 2024, only the interest expense limitation is subject to limitation. The recognition and measurement of the Company's tax benefit includes estimates and judgment by the Company's management, which includes subjectivity. Changes in estimates may create volatility in the Company's tax rate in future periods based on new information about particular tax positions that may cause management to change its estimates.
The Company has no federal general business tax credit carryforward as of December 31, 2024.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company has certain earnouts in periods for future location performance related to certain business acquisitions (see discussion in Note 10).
The Company has certain employment agreements that call for salaries and potential severance upon termination.
Lawsuits and claims are filed against the Company from time to time in the ordinary course of business, including related to employee matters, employment of professionals and non-compete clauses and agreements. Other than settled matters explained as follows, these actions are in various stages, and no judgments or decisions have been rendered. Management, after reviewing matters with legal counsel, believes that the outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations.
The Company has been involved in a series of related litigated matters stemming from claims that it wrongly contracted with 10 different licensed establishments (the “Defendant Establishments”) in 2012 in violation of the contractual rights held by J&J Ventures Gaming, LLC (“J&J”), as further described below.
On August 21, 2012, one of the Company’s operating subsidiaries entered into certain agreements with Jason Rowell (“Rowell”), a member of Action Gaming LLC (“Action Gaming”), which was an unlicensed terminal operator that had exclusive rights to place and operate gaming terminals within a number of establishments, including the Defendant Establishments. Under agreements with Rowell, the Company agreed to pay him for each licensed establishment which decided to enter into an exclusive location agreement with Accel. In late August and early September 2012, each of the Defendant Establishments signed a separate location agreement with the Company, purporting to grant the Company the exclusive right to operate gaming terminals in those establishments. Separately, on August 24, 2012, Action Gaming sold and assigned its rights to all its location agreements to J&J, including its exclusive rights with the Defendant Establishments (the “J&J Assigned Agreements”). At the time of the assignment of such rights to J&J, the Defendant Establishments were not yet licensed by the IGB.
Action Gaming, J&J, and other parties, collectively, the Plaintiffs, filed a complaint against the Company, Rowell, and other parties in the Circuit Court of Cook County, Illinois (the “Circuit Court”), on August 31, 2012, as amended on November 1, 2012, December 19, 2012, and October 3, 2013, alleging, among other things, that Accel aided and abetted Rowell in breaches of his fiduciary duties and contractual obligations with Action Gaming and tortiously interfered with Action Gaming’s contracts with Rowell and agreements assigned to J&J. The complaint seeks damages and injunctive and equitable relief. On January 24, 2018, the Company filed a motion to dismiss for lack of subject matter jurisdiction, as further described below. On May 14, 2018, the Circuit Court denied the Company’s motion to dismiss and granted a stay to the case, pending a ruling from the IGB on the validity of the J&J Assigned Agreements.
From 2013 to 2015, the Plaintiffs filed additional claims, including J&J Ventures Gaming, LLC et al. v. Wild, Inc. (“Wild”), in various circuit courts seeking declaratory judgments with a number of establishments, including each of the Defendant Establishments, requesting declarations that, among other things, J&J held the exclusive right to operate gaming terminals at each of the Defendant Establishments as a result of the J&J Assigned Agreements. The Company was granted leave to intervene in all of the declaratory judgments. The circuit courts found that the J&J Assigned Agreements were valid because each of the underlying location agreements were between an unlicensed establishment and an unlicensed terminal operator, and therefore did
not constitute use agreements that were otherwise precluded from assignment under the IGB’s regulations. Upon the Company’s appeal, the Illinois Appellate Court, Fifth District (the “District Court”), vacated the circuit courts’ judgments and dismissed the appeals, holding that the IGB had exclusive jurisdiction over the matter that formed the basis of the parties’ claims, and declined to consider the merits of the parties’ disputes. On September 22, 2016, and after the IGB intervened, the Supreme Court of Illinois issued a judgment in Wild, affirming the District Court’s decision vacating the circuit courts’ judgments for lack of subject matter jurisdiction and dismissing the appeals, determining that the IGB has exclusive jurisdiction to decide the validity and enforceability of gaming terminal use agreements.
Between May 2017 and September 2017, both the Company and J&J filed petitions with the IGB seeking adjudication of the rights of the parties and the validity of the use agreements. Those petitions were recently adjudicated by the IGB, largely in the Company’s favor, and J&J has filed two new lawsuits to challenge the IGB’s rulings. J&J lost at both the trial court and appellate court level and recently filed a petition with the Illinois Supreme Court seeking permission for a further appeal. The second case is awaiting a ruling at the trial court level. The Company does not have a present estimate regarding the potential damages, if any, that could potentially be awarded in this litigation and, accordingly, has established no reserves relating to such matters.
On October 7, 2019, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Rowell and other parties related to Rowell’s breaches of his non-compete agreement with Accel. The Company alleged that Rowell and a competitor were working together to interfere with the Company’s customer relationships. On November 7, 2019, Rowell filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company alleging that he had not received certain equity interests in the Company to which he was allegedly entitled under his agreement. On July 18, 2024, the Company and Rowell entered into a settlement agreement pursuant to which the Company paid Rowell $0.1 million in exchange for a mutual release of the Company's claims against Rowell and Rowell's claims against the Company. The litigation involving Action Gaming, J&J, and the other parties, as described above, remains pending.
On July 2, 2019, Illinois Gaming Investors, LLC filed a lawsuit against the Company. The lawsuit alleges that a current employee violated his non-competition agreement with Illinois Gaming Investors, LLC, and together with the Company, wrongfully solicited prohibited licensed video gaming locations. The parties settled this dispute in April 2022.
On December 18, 2020, the Company received a disciplinary complaint from the IGB alleging violations of the Video Gaming Act and the IGB’s Adopted Rules for Video Gaming. The disciplinary complaint sought to fine the Company in the amount of $5 million. On July 6, 2023, the IGB and the Company entered into a settlement agreement for $1.1 million of which $1.0 million is the fine for the alleged conduct and $0.1 million is for reimbursement of administrative and investigative costs. The amount was paid in the third quarter of 2023. As a result of the settlement agreement, the Company has agreed to review similar initiatives with the IGB before implementing a new program or making any public announcements, require additional annual training of its employees, and provide additional compliance disclosures to the IGB.
On March 9, 2022, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Gold Rush relating to the Gold Rush convertible notes. The complaint sought damages for breach of contract and the implied covenant of good faith and fair dealing as well as unjust enrichment. On June 22, 2022, Gold Rush filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company. The lawsuit alleged that the Company tortiously interfered with Gold Rush’s business activities and engaged in misconduct with respect to the Gold Rush convertible notes. On April 22, 2022, the Company filed a petition in the Circuit Court of Cook County, Illinois to judicially review the IGB's decision to deny the requested transfer of Gold Rush common stock in respect of the Company’s conversion of the convertible notes. Discovery ensued on these lawsuits but both suits were dismissed with prejudice as a result of the previously mentioned settlement between the Company and Gold Rush on the convertible notes. The Company also withdrew its petition to judicially review the IGB's decision. For more information, see Note 4.
On March 25, 2022, Midwest Electronics Gaming LLC (“Midwest”) filed an administrative review action against the Illinois Gaming Board, the Company and J&J in the Circuit Court of Cook County, Illinois seeking administrative review of decisions of the IGB ruling in favor of the Company and J&J and against Midwest regarding the validity of certain use agreements covering locations currently serviced by Midwest. No monetary damages are sought against the Company. The Company filed a motion to dismiss Midwest’s amended complaint, which was granted in part and denied in part. The Company moved for summary judgment, and the trial court heard argument in January 2025. A ruling is expected in March 2025.
In July 2022, an enforcement action was brought against the Company by an Illinois municipality related to an alleged violation of an ordinance requiring the collection of an additional tax, the enforceability of which is currently being contested by the Illinois Gaming Machine Operators Association. Rather than litigate the alleged violation, the Company pled no contest and paid an initial penalty to the municipality in October 2022 and for the remaining months of 2022. The Company continued to negotiate with and voluntarily make the appropriate payments to the municipality during 2023 and 2024.
In February 2023, an Illinois municipality issued an order against the Company for the alleged failure to pay a terminal operator tax (“TO Tax”) for the privilege of operating gaming terminals within the municipality. The TO Tax was adopted by the municipality on June 8, 2021, but there was no enforcement of this tax until the Company was issued a notice of hearing in February 2023. In April 2023, the Company, along with numerous other terminal operators, filed a complaint in the Circuit Court of Cook County, Illinois contesting the validity and enforceability of the TO Tax and won a temporary restraining order to stay the order. Currently, the matter remains pending as a result of a motion to consolidate and to finalize the assignment of the judge.
The results for the years ended December 31, 2024 and 2023 included losses of $0.5 million and $1.4 million, respectively, related to these matters, which is included within general and administrative expenses in the consolidated statements of operations and other comprehensive income.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic EPS is computed based on the weighted average number of shares of Class A-1 common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, unvested RSUs, contingent earnout shares, and warrants.
Since the shares issuable under the contingent earnout are contingently issuable shares that depend on future earnings or future market prices of the common stock or a change in control, the shares are excluded when computing diluted EPS unless the shares would be issuable if the reporting date was the end of the contingency period. Upon settlement, these shares are included in Class A-1 common stock in the Company’s basic EPS share count.
The components of basic and diluted EPS were as follows (in thousands, except per share amounts):
202420232022
Net income attributable to Accel Entertainment, Inc.
$35,252 $45,603 $74,102 
Basic weighted average outstanding shares of common stock83,747 85,949 90,629 
Dilutive effect of stock-based awards for common stock1,230 854 600 
Diluted weighted average outstanding shares of common stock84,977 86,803 91,229 
Earnings per common share:
Basic$0.42 $0.53 $0.82 
Diluted$0.41 $0.53 $0.81 
Anti-dilutive stock-based awards, contingent earnout shares and warrants excluded from the calculations of diluted EPS were 4.3 million, 4.4 million, and 5.0 million shares for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 35,252 $ 45,603 $ 74,102
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 26, 2024, Andrew Rubenstein, our President and Chief Executive Officer, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Rubenstein Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of our Class A-1 common stock. The Rubenstein Rule 10b5-1 Plan was adopted during an open trading window in accordance with our insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Rubenstein Rule 10b5-1 Plan provides for the potential sale of up to 800,000 shares of our Class A-1 common stock, so long as the market price of our Class A-1 common stock is higher than certain minimum threshold prices specified in the Rubenstein Rule 10b5-1 Plan between March 26, 2025 and February 27, 2026.
The Rubenstein Rule 10b5-1 Plan included a representation from Mr. Rubenstein to the broker administering the plan that he was not in possession of any material nonpublic information regarding us or our securities subject to the Rubenstein Rule 10b5-1 Plan at the time the Rubenstein Rule 10b5-1 Plan was entered into. A similar representation was made to us in a certification Mr. Rubenstein provided to us in connection with the adoption of the Rubenstein Rule 10b5-1 Plan under our insider trading policy. Those representations were made as of the date of adoption of the Rubenstein Rule 10b5-1 Plan or the certification, as applicable, and speak only as of those dates. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer , was unaware, or with respect to any material nonpublic information acquired by the officer or director, as applicable, or us after the applicable date of the representation.
Once executed, transactions under the Rubenstein Rule 10b5-1 Plan will be disclosed publicly through Form 4 and/or Form 144 filings with the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modification, termination, or other activity under current or future Rule 10b5-1 plans that may be adopted by Mr. Rubenstein or our other officers or directors.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Andrew Rubenstein [Member]    
Trading Arrangements, by Individual    
Name Andrew Rubenstein  
Title President and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 26, 2024  
Expiration Date February 27, 2026  
Arrangement Duration 338 days  
Aggregate Available 800,000 800,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. As a result, cybersecurity risk management is an integral part of our overall risk management and compliance program. Our cybersecurity risk management processes are modeled after industry best practices, such as the National Institute of Standards and Technology Cybersecurity Framework, for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed by third-party service providers, and facilitate coordination across different departments of our company.
The Board has overall oversight responsibility for our cybersecurity risk management; however, it delegates cybersecurity risk management oversight to the audit committee of the Board (the “Audit Committee”). The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
These processes include steps for assessing the severity of a cybersecurity threat, identifying the root cause of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies, and informing management and our Board of material cybersecurity threats and incidents. Our information technology team is responsible for assessing our cybersecurity risk management program, and we currently do not engage third parties for such assessment.
Our cybersecurity program is under the direction of our Chief Financial Officer (“CFO”) and our Chief Technology Officer (“CTO”), who receive reports from our information technology team and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CTO has over 27 years of extensive information technology experience in various roles of increasing importance. His experience includes roles as Director of Technology, Information Technology Manager, Technical Manager, and Systems Analyst. Among his other duties as CTO, he manages our cybersecurity team, which comprises certified and experienced information security professionals, and he has been instrumental in the implementation and monitoring of our various cybersecurity systems and tools.
Management is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs, including:
•Implementing a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner;
•Deploying technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence;
•Establishing and maintaining comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis; and
•Providing regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Management, including the CFO, regularly updates the Audit Committee on our cybersecurity processes, material cybersecurity risks and mitigation strategies. The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. As a result, cybersecurity risk management is an integral part of our overall risk management and compliance program. Our cybersecurity risk management processes are modeled after industry best practices, such as the National Institute of Standards and Technology Cybersecurity Framework, for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed by third-party service providers, and facilitate coordination across different departments of our company.
Cybersecurity Risk Management Third Party Engaged [Flag] false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board has overall oversight responsibility for our cybersecurity risk management; however, it delegates cybersecurity risk management oversight to the audit committee of the Board (the “Audit Committee”). The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
These processes include steps for assessing the severity of a cybersecurity threat, identifying the root cause of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies, and informing management and our Board of material cybersecurity threats and incidents. Our information technology team is responsible for assessing our cybersecurity risk management program, and we currently do not engage third parties for such assessment.
Our cybersecurity program is under the direction of our Chief Financial Officer (“CFO”) and our Chief Technology Officer (“CTO”), who receive reports from our information technology team and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CTO has over 27 years of extensive information technology experience in various roles of increasing importance. His experience includes roles as Director of Technology, Information Technology Manager, Technical Manager, and Systems Analyst. Among his other duties as CTO, he manages our cybersecurity team, which comprises certified and experienced information security professionals, and he has been instrumental in the implementation and monitoring of our various cybersecurity systems and tools.
Management is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs, including:
•Implementing a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner;
•Deploying technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence;
•Establishing and maintaining comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis; and
•Providing regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Management, including the CFO, regularly updates the Audit Committee on our cybersecurity processes, material cybersecurity risks and mitigation strategies. The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Role of Management [Text Block]
Management is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs, including:
•Implementing a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner;
•Deploying technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence;
•Establishing and maintaining comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis; and
•Providing regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Management, including the CFO, regularly updates the Audit Committee on our cybersecurity processes, material cybersecurity risks and mitigation strategies. The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Board has overall oversight responsibility for our cybersecurity risk management; however, it delegates cybersecurity risk management oversight to the audit committee of the Board (the “Audit Committee”). The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
These processes include steps for assessing the severity of a cybersecurity threat, identifying the root cause of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies, and informing management and our Board of material cybersecurity threats and incidents. Our information technology team is responsible for assessing our cybersecurity risk management program, and we currently do not engage third parties for such assessment.
Our cybersecurity program is under the direction of our Chief Financial Officer (“CFO”) and our Chief Technology Officer (“CTO”), who receive reports from our information technology team and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CTO has over 27 years of extensive information technology experience in various roles of increasing importance. His experience includes roles as Director of Technology, Information Technology Manager, Technical Manager, and Systems Analyst. Among his other duties as CTO, he manages our cybersecurity team, which comprises certified and experienced information security professionals, and he has been instrumental in the implementation and monitoring of our various cybersecurity systems and tools.
Management is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs, including:
•Implementing a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner;
•Deploying technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence;
•Establishing and maintaining comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis; and
•Providing regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Management, including the CFO, regularly updates the Audit Committee on our cybersecurity processes, material cybersecurity risks and mitigation strategies. The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CTO has over 27 years of extensive information technology experience in various roles of increasing importance. His experience includes roles as Director of Technology, Information Technology Manager, Technical Manager, and Systems Analyst. Among his other duties as CTO, he manages our cybersecurity team, which comprises certified and experienced information security professionals, and he has been instrumental in the implementation and monitoring of our various cybersecurity systems and tools.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Management, including the CFO, regularly updates the Audit Committee on our cybersecurity processes, material cybersecurity risks and mitigation strategies. The Audit Committee reports all material cybersecurity risks to the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of presentation and preparation
Basis of presentation and preparation: The consolidated financial statements and accompanying notes were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
In November 2024, the Company acquired 85% of the ownership interests in both Toucan Gaming, LLC and LSM Gaming, LLC (herein referred to as “Toucan Gaming”), two Louisiana-based operators and owners of multiple licensed video poker establishments. Concurrent with the acquisition, the Company entered into a redemption agreement with the noncontrolling interest holder in the form of put and call options that would allow the Company to eventually own 100% of Toucan Gaming. The noncontrolling interest holder may exercise its put option after seven years, or the occurrence of a change in control event at the Company. The Company may exercise its call option after ten years or upon termination of key employees of Toucan Gaming for cause. The redemption provisions are not currently considered probable. As these redemption features are not solely within the Company’s control, they cause the noncontrolling interests to be redeemable. As a result, the Company recorded the redeemable noncontrolling interest at its acquisition date fair value to temporary equity based on the proportionate share in net assets of Toucan Gaming, which is reported in the mezzanine section between total liabilities and shareholders’ equity in the consolidated balance sheets. These redeemable noncontrolling interests are subsequently recorded at carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss. If the redemption criteria become probable, the redeemable noncontrolling interests are recorded at the greater of carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss, or estimated redemption value at each reporting period. If the carrying value, after the income or loss attribution, is below the estimated redemption value at each reporting period, the Company remeasures the redeemable noncontrolling interests to its redemption value at which point any measurement period adjustments are recorded to equity and a corresponding adjustment to earnings per share.
Use of estimates
Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used by the Company include, among other things, the useful lives for depreciable and amortizable assets, income tax provisions, the evaluation of the future realization of deferred tax assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with business and asset acquisitions, the selection of useful lives for depreciable and amortizable assets in conjunction with business and asset acquisitions, the valuation of level 3 investments, the valuation of contingent earnout shares and warrants, the valuation of interest rate caplets, contingencies, and the expected term of share-based compensation awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates.
Cash and cash equivalents
Cash and cash equivalents: Cash and cash equivalents include bank deposit accounts; term bank deposit accounts; cash in the Company’s gaming terminals, ATMs, redemption terminals, and Company vaults.
The Company’s policy is to limit the amount of credit exposure to any one financial institution. The Company maintains its cash in accounts which may at times exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts.
Accounts receivable, net
Accounts receivable, net: Accounts receivable, net represent amounts due from third-party locations serviced by the Company and amounts due for machines, software and equipment sold by the Company. The carrying amount of receivables is presented on a net basis as it is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. Management determines its allowance for doubtful accounts by regularly evaluating individual receivables from third-party locations and considers a customer’s financial condition, credit history and current economic conditions. The Company's allowance for doubtful accounts was $0.7 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. The Company generally does not charge interest on past due accounts receivable.
Inventories
Inventories: Inventories consist of gaming machines for sale to third-parties, raw materials, and manufacturing supplies. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the average cost method. Labor and overhead associated with the assembly of gaming machines for sales to third-parties are capitalized and allocated to inventory. Inventories of spare parts are included in other current assets when acquired and are expensed when used to repair equipment.
Derivative instruments Derivative instruments: The Company may manage its exposure to certain financial risks through the use of derivative financial instruments (“derivatives”). The Company does not use derivatives for speculative purposes. For a derivative that is designated as a cash flow hedge, changes in the fair value of the derivative are recognized in accumulated other comprehensive income to the extent the derivative is effective at offsetting the changes in the cash flows being hedged until the hedged item affects earnings.
Investment in convertible notes Investment in convertible notes: At acquisition, an entity shall classify debt securities as trading, available-for-sale, or held-to-maturity. The Company classified its investment in convertible notes as available for sale due to the conversion feature.
Property and equipment
Property and equipment: Property and equipment are stated at cost or fair value at the date of acquisition. Maintenance and repairs are charged to expense as incurred. Major additions, replacements and improvements are capitalized. Depreciation has been computed using the straight-line method over the following estimated useful lives:
Years
Gaming terminals, software and equipment
3-13
Amusement, ATM and other equipment
7-10
Office equipment and furniture7
Computer software and equipment
3-5
Leasehold improvements *5
Vehicles5
Buildings and improvements
15-29
* Leasehold improvements are amortized over the shorter of the useful life or the lease.
Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If
substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed.
Equity method investments
Equity method investments: In the normal course of business, the Company makes investments within companies that will allow it to expand the Company’s core business and enter new markets. In certain instances, such investments with less than 100% ownership may be considered a variable interest entity (“VIE”). The Company’s management assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has an obligation to absorb losses or the right to receive benefits from the entity. The activities that the Company believes most significantly impact the economic performance of its VIE include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with providers, among others. If the Company determines it has an investment in a VIE, the next step is to determine whether the Company is the primary beneficiary of the VIE, which would require the Company to consolidate the investment. Among the factors the Company’s management assesses whether it has a controlling financial interest is the Company’s risk of loss, its investment percentage and its ability to control the operations of the investment. If the Company determines it is not the primary beneficiary, it will account for the investment under the equity method of accounting.
The Company accounts for its investments in unconsolidated affiliates, which do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for VIEs, under the equity method of accounting. Under the equity method of accounting, the Company records its share of net income or loss from equity method investments within (income) loss from unconsolidated affiliates in the consolidated statements of operations and comprehensive income based on the most recently available financials after a lag of one quarter. The Company also adjusts the carrying value of its investments in unconsolidated affiliates based on its share of net income or loss from equity method investments.
Concentration of credit risk
Concentration of credit risk: The Company’s operations are centralized primarily in Illinois, Montana and Nevada. Should there be favorable or unfavorable changes to the gaming regulations in these states there may be an impact on the Company’s results of operations. The Company has high concentrations of locations within certain municipalities in Illinois which could also impact the Company if these municipalities change their gaming laws.
Fair value of financial instruments
Fair value of financial instruments: The Company’s financial instruments consist principally of cash, convertibles notes, accounts payable, route and customer acquisition costs payable, contingent consideration, contingent earnout shares liability, interest rate caplets, and bank indebtedness. The carrying amount of cash, accounts payable and short-term borrowings approximates fair value because of the short-term maturity of these instruments.
The Company estimated the fair value of its investment in convertible notes, interest rate caplets, debt, contingent consideration, contingent earnout shares liability and warrant liability using various methods that are described in Note 12.
Revenue recognition / Route and customer acquisition costs
Revenue recognition: The Company generates revenues from the following types of services: gaming terminals, amusements and ATMs. The Company also generates manufacturing revenue from the sales of gaming terminals and associated software. Revenue is disaggregated by type of revenue and is presented on the face of the consolidated statements of operations and comprehensive income.
Net gaming revenue is the net cash from gaming activities, which is the difference between gaming wins and losses. Net gaming revenue includes the amounts earned by the gaming locations and is recognized at the time of gaming play. Additionally, taxes and administrative expenses due to the states in which the Company operates are recorded as net gaming revenue. Amounts earned by the gaming locations and taxes and administrative expenses are also included in cost of revenue.
Amusement revenue represents amounts collected from machines (e.g. dart boards, digital jukeboxes, pool tables, etc.) operated at various locations and is recognized at the time the machine is used.
Manufacturing revenue represents the sale of gaming terminals and associated software and is recognized at the time the goods are delivered to the customer.
ATM fees and other revenue represents fees charged for the withdrawal of funds from the Company’s redemption terminals and stand-alone ATM machines and is recognized at the time of the transaction.
The Company determined that in a gaming environment, whenever a customer’s money has been accepted by a machine, the Company has an obligation (an implied contract) to provide the customer access to the game and honor the outcome of the game (in the case of gaming terminals). The Company determined that when the implied contract is entered into between the Company and the customer, it satisfies the requirements of a contract under the revenue standard, as (i) the contract is a legally enforceable contract with the customer, (ii) the arrangement identifies the rights of the parties, (iii) the contract has commercial substance, and (iv) the cash is received upfront from the customer, so its collectability is probable. The gaming service is a single performance obligation in each implied contract with the customer. The Company applies the portfolio approach of all wins and losses by gaming terminals daily to determine the total transaction price of the portfolio of implied contracts. The Company recognizes revenue when the single performance obligation is satisfied, which is at the completion of each game.
Total net revenues for the years ended December 31, is disaggregated in the following table by the primary states in which the Company operates given the geographic economic factors that affect the revenues in the states.
(in thousands)202420232022
Total net revenues by state:
Illinois$906,572 $867,200 $808,652 
Montana161,698 154,402 79,639 
Nevada114,551 117,074 66,989 
Nebraska
25,384 19,043 5,217 
Louisiana (1)
5,445 — — 
All other
17,322 12,701 9,300 
Total net revenues$1,230,972 $1,170,420 $969,797 
(1) Revenues for Louisiana only represents two months of operations.
Route and customer acquisition costs: The Company’s route and customer acquisition costs consist of fees paid, typically an upfront payment and future installment payment over the life of the contract, entered into with third parties and location partners. These contracts are non-cancelable and allow the Company to install and operate gaming terminals in the locations it serves. The route and customer acquisition costs are accounted for as intangible assets and route and customer acquisition costs payable are recorded at the net present value of the future payments using a discount rate equal to the Company’s incremental borrowing rate associated with its long-term debt. Route and customer acquisition costs are amortized on a straight-line basis over 18 years beginning on the date the location goes live and amortized over the life of the contract, which includes expected renewals. The Company records the accretion of interest on route and customer acquisitions costs payable in the consolidated statements of operations and comprehensive income as a component of interest expense. For locations that close prior to the end of the contractual term, the Company writes-off the net book value of the route and customer acquisition cost and route and customer
acquisition cost payable and records a gain or loss in the consolidated statements of operations and comprehensive income as a component of other expenses, net. Additionally, most of the route acquisition contracts allow the Company to clawback some upfront and installment payments over the initial years of a contract if the location is unable to secure the appropriate licensing or it goes out of business prior to the end of the contract term. In the instances where a claw-back or recovery is triggered and the Company assesses it as probable of being recovered, a receivable will be recorded. Upfront payments with a claw-back prior to a location going live are capitalized and will not begin amortization until the respective location commences operations. The Company’s route and customer acquisition costs also consists of prepaid commission costs to the Company's internal sales employees. The commissions paid to internal sales employees are subsequently expensed once the respective gaming location goes live and the commission is earned by the employee.
Business acquisitions / Consideration payable
Business acquisitions: The Company evaluates the inputs, processes and outputs of each business acquisition to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive income. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. The Company accounts for acquisitions that meet the definition of a business combination using the acquisition method of accounting. Acquired tangible personal property such as gaming equipment and buildings are generally measured at fair value using a cost approach which measures the fair value based on the cost to reproduce or replace the asset, while land is valued using a market approach which looks at the values of similar properties. Location contract intangibles, which primarily represent the acquisition-date fair value of the preexisting relationships between the acquired company, gaming locations, and other third parties, are generally measured at fair value using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions such as discount rates. Operating licenses that the acquired company holds to operate in its applicable gaming jurisdiction, are valued using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions, such as discount rates. Any contingent consideration is measured at its fair value on the acquisition date, recorded as a liability, and accreted over its payment term in the Company’s consolidated statements of operations and comprehensive income as other expenses, net.
Consideration payable: Consideration payable consists of amounts payable related to certain business acquisitions as well as contingent consideration for future location performance related to certain business acquisitions (see Note 10). Consideration payable, exclusive of contingent consideration, is discounted using the Company’s incremental borrowing rate associated with its outstanding debt. The contingent consideration is measured at fair value on a recurring basis. The changes in the fair value of contingent consideration are recognized within the Company’s consolidated statements of operations and comprehensive income as other expenses, net. The Company presents on its consolidated statement of cash flows, payments for consideration payable within 90-days in investing activities, payments after 90-days and up to the acquisition date fair value in financing activities, and payments in excess of the acquisition date fair value in operating activities.
Location contracts acquired
Location contracts acquired: Location contracts acquired are accounted for as intangible assets and consist of expected cash flows to be generated from location contracts acquired through business and asset acquisitions. Location contracts acquired are amortized on a straight-line basis over the expected useful life of primarily 15 years. Location contracts are tested for impairment when triggering events occur. If a triggering event were to occur, the Company compares the carrying amount of the location contracts to future undiscounted cash flows. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, an impairment loss is recorded based on the excess of the carrying amount over the fair value of the asset group.
Goodwill
Goodwill: Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets acquired when accounted for using the acquisition method of accounting. Goodwill is reviewed for impairment annually, as of October 1st, and whenever events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. When performing the annual goodwill impairment test, the Company conducts a qualitative assessment to determine whether it is more likely than not that the goodwill is impaired. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance, and makes a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the goodwill is impaired, it then performs a quantitative test. When performing the quantitative test, the Company compares the fair value of the reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the Company would record an impairment loss equal to the difference.
Impairment of long-lived assets Impairment of long-lived assets: Long-lived assets, which includes property and equipment, net and other assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Impairment of the assets is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount of which the carrying amount of the asset exceeds the fair value of the asset.
Contingent earnout shares liability
Contingent earnout shares liability: The Company's Class A-2 common stock is classified as a contingent earnout share liability due to the fact that the conversion of the Company's Class A-2 common stock would be accelerated on a change of control regardless of the transaction value. The liability is stated at fair value and any change in the fair value is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive income.
Leases
Leases: The Company determines if an arrangement is a lease at inception and categorizes it as either an operating or finance lease. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit interest rate, the Company utilizes its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment. Right-of-use (“ROU”) assets are recognized at the lease commencement date of the lease based on the amount of the initial measurement of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred, if applicable. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases is recognized within depreciation and amortization expense for the reduction of the ROU asset and interest expense on the accretion of the lease liability. We do not recognize a ROU asset and lease liability for leases with a duration of less than 12 months. The Company separates lease and non-lease components for our lease contracts.
ROU assets are included in other assets on the consolidated balance sheets. Short-term lease liabilities are included in accounts payable and other accrued expenses while long-term lease liabilities are included in other long-term liabilities.
Stock-based compensation
Stock-based compensation: The Company grants restricted stock units (“RSUs”), performance-based stocked units (“PSUs”) and common stock options to certain employees and officers. Stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized in general and administrative expense over the requisite service period. All stock-based awards are classified as equity awards.
Income taxes
Income taxes: The Company is organized as a C-corporation and files income tax returns at the federal and state level. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the book basis of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of
the deferred tax asset, will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates as of the date of enactment.
The consolidated financial statements may reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. When and if applicable, potential interest and penalty costs are accrued as incurred and recognized in general and administrative expenses in the consolidated statements of operations and comprehensive income.
Earnings per common share Earnings per common share: The Company computes basic earnings per common share (“EPS”) by dividing net income by the weighted average number of common shares outstanding for the applicable period. Diluted EPS is computed based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, unless the effect of such increase would be anti-dilutive. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase shares.
Debt issuance costs Debt issuance costs: Debt issuance costs are capitalized and amortized over the contractual terms of the related loans. Debt issuance costs are presented as an offset to the related debt on the consolidated balance sheets.
Advertising costs Advertising costs: Advertising costs are primarily comprised of marketing expenses, which are recorded within general and administrative expense within the accompanying consolidated statements of operations and comprehensive income.
Adopted and recent accounting pronouncements
Adopted accounting pronouncements: In November, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses regularly provided to the CODM. The amendments in this ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. See Note 15, Segment Reporting, for the Company’s disclosures on its reportable segment which incorporates the disclosure requirements of this ASU.
Recent accounting pronouncements:
In November, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose information about certain costs and expenses. The amendments in this ASU improve financial reporting by requiring additional the disclosure of information and specific expense categories in the notes to the financial statements at interim and annual periods. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
In November, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments, which requires public entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion and enhances current guidance on induced conversions applies only to conversions that include the issuance of all equity securities issuable pursuant to the conversion privileges provided in the terms of the debt at issuance. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within annual reporting periods. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting
periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid disaggregated by jurisdiction. The new requirements will be effective for annual periods beginning after December 15, 2024 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.
Other recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on its consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Property and Equipment Useful Lives Depreciation has been computed using the straight-line method over the following estimated useful lives:
Years
Gaming terminals, software and equipment
3-13
Amusement, ATM and other equipment
7-10
Office equipment and furniture7
Computer software and equipment
3-5
Leasehold improvements *5
Vehicles5
Buildings and improvements
15-29
* Leasehold improvements are amortized over the shorter of the useful life or the lease.
Property and equipment, net consists of the following as of December 31 (in thousands):
20242023
Gaming terminals, software and equipment
$415,003 $361,662 
Amusement, ATM and other equipment
29,174 27,182 
Office equipment and furniture4,281 3,385 
Computer software and equipment
23,136 20,592 
Leasehold improvements10,151 8,281 
Vehicles22,974 19,862 
Buildings and improvements30,105 14,047 
Land7,718 2,469 
Construction in progress4,453 5,480 
Total property and equipment546,995 462,960 
Less accumulated depreciation and amortization(238,998)(202,147)
Total property and equipment, net
$307,997 $260,813 
Disaggregation of Revenue
Total net revenues for the years ended December 31, is disaggregated in the following table by the primary states in which the Company operates given the geographic economic factors that affect the revenues in the states.
(in thousands)202420232022
Total net revenues by state:
Illinois$906,572 $867,200 $808,652 
Montana161,698 154,402 79,639 
Nevada114,551 117,074 66,989 
Nebraska
25,384 19,043 5,217 
Louisiana (1)
5,445 — — 
All other
17,322 12,701 9,300 
Total net revenues$1,230,972 $1,170,420 $969,797 
(1) Revenues for Louisiana only represents two months of operations.
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consists of the following as of December 31 (in thousands):
20242023
Raw materials and manufacturing supplies$6,113 $5,693 
Finished products2,009 1,988 
  Total inventories$8,122 $7,681 
v3.25.0.1
Property and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment Depreciation has been computed using the straight-line method over the following estimated useful lives:
Years
Gaming terminals, software and equipment
3-13
Amusement, ATM and other equipment
7-10
Office equipment and furniture7
Computer software and equipment
3-5
Leasehold improvements *5
Vehicles5
Buildings and improvements
15-29
* Leasehold improvements are amortized over the shorter of the useful life or the lease.
Property and equipment, net consists of the following as of December 31 (in thousands):
20242023
Gaming terminals, software and equipment
$415,003 $361,662 
Amusement, ATM and other equipment
29,174 27,182 
Office equipment and furniture4,281 3,385 
Computer software and equipment
23,136 20,592 
Leasehold improvements10,151 8,281 
Vehicles22,974 19,862 
Buildings and improvements30,105 14,047 
Land7,718 2,469 
Construction in progress4,453 5,480 
Total property and equipment546,995 462,960 
Less accumulated depreciation and amortization(238,998)(202,147)
Total property and equipment, net
$307,997 $260,813 
v3.25.0.1
Route and Customer Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Route and Customer Acquisition Costs
Route and customer acquisition costs consist of the following as of December 31 (in thousands):
20242023
Cost$39,204 $33,855 
Accumulated amortization(15,946)(14,667)
Route and customer acquisition costs, net$23,258 $19,188 
Schedule of Future Amortization Expense
Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$2,541 
20262,472 
20272,383 
20282,258 
20291,885 
Thereafter11,719 
Total$23,258 
Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$20,256 
202620,111 
202720,008 
202819,962 
202919,916 
Thereafter102,365 
Total$202,618 
v3.25.0.1
Location Contracts Acquired (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Location Contracts Acquired
Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):
20242023
Cost$330,903 $286,728 
Accumulated amortization(128,285)(110,417)
Location contracts acquired, net$202,618 $176,311 
Other intangible assets, net consist of the following as of December 31 (in thousands):
20242023
Amortization Period
Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships7 years$6,800 $(3,325)$3,475 $6,800 $(1,538)$5,262 
Software Applications8 years7,800 (2,519)5,281 7,800 (1,544)6,256 
Trade Names20 years11,700 (1,265)10,435 9,800 (776)9,024 
Operating licenses
Indefinite
34,749 
N/A
34,749 2,810 
N/A
2,810 
$61,049 $(7,109)$53,940 $27,210 $(3,858)$23,352 
(1)Included in accumulated amortization is an impairment change of $0.8 million on the customer relationships intangible related to the surrender of the Company’s manufacturing license in Louisiana on October 31, 2024 due to the acquisition of Toucan Gaming. The impairment charge is recorded within Other expenses, net on consolidated statement of operations and comprehensive income.
Schedule of Future Amortization Expense
Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$2,541 
20262,472 
20272,383 
20282,258 
20291,885 
Thereafter11,719 
Total$23,258 
Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):
Year ending December 31:
2025$20,256 
202620,111 
202720,008 
202819,962 
202919,916 
Thereafter102,365 
Total$202,618 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following is a roll forward of the Company's goodwill (in thousands):
Goodwill balance as of January 1, 2023$100,707 
Addition to goodwill for acquisition of Rendezvous847 
Goodwill balance as of December 31, 2023$101,554 
Addition to goodwill for acquisition of Jorgenson's Lounge306 
Addition to goodwill for acquisition of Lucky 7s145 
Addition to goodwill for acquisition of 24th Street Station146 
Addition to goodwill for acquisition of Toucan Gaming2,130 
Addition to goodwill for acquisition of Fairmount11,971 
Goodwill balance as of December 31, 2024$116,252 
Schedule of Location Contracts Acquired
Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):
20242023
Cost$330,903 $286,728 
Accumulated amortization(128,285)(110,417)
Location contracts acquired, net$202,618 $176,311 
Other intangible assets, net consist of the following as of December 31 (in thousands):
20242023
Amortization Period
Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships7 years$6,800 $(3,325)$3,475 $6,800 $(1,538)$5,262 
Software Applications8 years7,800 (2,519)5,281 7,800 (1,544)6,256 
Trade Names20 years11,700 (1,265)10,435 9,800 (776)9,024 
Operating licenses
Indefinite
34,749 
N/A
34,749 2,810 
N/A
2,810 
$61,049 $(7,109)$53,940 $27,210 $(3,858)$23,352 
(1)Included in accumulated amortization is an impairment change of $0.8 million on the customer relationships intangible related to the surrender of the Company’s manufacturing license in Louisiana on October 31, 2024 due to the acquisition of Toucan Gaming. The impairment charge is recorded within Other expenses, net on consolidated statement of operations and comprehensive income.
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s debt as of December 31, consisted of the following (in thousands):
20242023
Senior Secured Credit Facility (as amended):
Revolving credit facility$6,500 $46,000 
Term Loan293,125 310,625 
Delayed Draw Term Loan
297,750 188,750 
Total borrowings
597,375 545,375 
Add: Remaining premium on interest rate caplets financed as debt1,076 2,059 
Total debt
598,451 547,434 
Less: Debt issuance costs(3,072)(4,860)
Total debt, net of debt issuance costs595,379 542,574 
Less: Current maturities(34,443)(28,483)
Total debt, net of current maturities$560,936 $514,091 
Schedule of Maturities of Total Debt
The principal maturities of total debt are as follows (in thousands):
Year ending December 31:
2025$34,443 
2026$564,008 
Total Debt$598,451 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and estimated fair value the Company's debt as of December 31, was as follows (in thousands):
20242023
Carrying value$598,451 547,434 
Estimated fair value$594,955 $543,724 
v3.25.0.1
Business and Asset Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Consideration Transferred and Fair Value of Assets Acquired and Liabilities Assumed
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Fair value of treasury stock issued
$40,472 
Cash and cash equivalents$858 
Accounts receivable, net
1,477 
Inventory
60 
Prepaid expenses
575 
Property and equipment, net
11,788 
Location contracts acquired, net17,600 
Other intangible assets, net8,600 
Other assets356 
Accounts payable and other accrued expenses
(3,267)
Other long-term liabilities(340)
Deferred income tax liability, net
(9,206)
Net assets acquired
28,501 
Goodwill$11,971 
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Cash paid$38,253 
Consideration payable
3,348 
Total consideration$41,601 
Cash and cash equivalents$1,816 
Accounts receivable, net
618 
Inventories38 
Other current assets29 
Property and equipment, net
11,625 
Location contracts acquired, net9,200 
Other intangible assets, net22,300 
Deferred income tax asset
767 
Other assets1,194 
Accounts payable and other accrued expenses(3,122)
Current maturities of debt
(60)
Debt, net of current maturities
(520)
Other long-term liabilities(175)
Temporary equity - redeemable noncontrolling interest
(4,239)
Net assets acquired
39,471 
Goodwill2,130 
The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Cash paid$158,681 
Fair value of stock issued5,584 
Total consideration$164,265 
Cash and cash equivalents$33,229 
Prepaid expenses1,563 
Accounts receivable4,394 
Inventories6,441 
Income taxes receivable189 
Other current assets475 
Property and equipment29,302 
Location contracts acquired40,400 
Other intangible assets24,400 
Accounts payable and other accrued expenses(10,766)
Accrued compensation and related expenses(1,626)
Other long-term liabilities(446)
Deferred income tax liability(16,646)
Net assets acquired$110,909 
Goodwill$53,356 
Schedule of Consideration Payable
Current and long-term portions of consideration payable consist of the following as of December 31 (in thousands):
20242023
CurrentLong-TermCurrentLong-Term
TAV *$— $— $2,005 — 
Fair Share Gaming *969 5,493 504 92 
Skyhigh *563 4,264 528 3,941 
IVSM94 187 94 168 
IGE Asset Acquisition586 1,605 — — 
Tom's Amusements*— — 57 — 
Island100 — 100 — 
Randy's
165 — — — 
Toucan Gaming
474 2,892 — — 
Pelican
165 155 — — 
Total$3,116 $14,596 $3,288 $4,201 
* Acquisitions that occurred prior to 2022.
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):
Fair Value Measurement at Reporting Date Using
December 31, 2024Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
   Interest rate caplets6,821 — 6,821 — 
Fair Value Measurement at Reporting Date Using
December 31, 2023Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
   Interest rate caplets
13,011 — 13,011 $— 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for assets for the year ended December 31 (in thousands):
2023
Assets:
Investment in convertible notes:
Beginning of year balance$32,065 
Proceeds from settlement on convertible notes
(32,065)
Ending balance$— 
Schedule of Liabilities Measured on a Recurring Basis
The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):
Fair Value Measurement at Reporting Date Using
December 31, 2024Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration$13,928 $— $— $13,928 
Contingent earnout shares33,103 — 33,103 — 
Total$47,031 $— $33,103 $13,928 
Fair Value Measurement at Reporting Date Using
December 31, 2023Quoted Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration$5,484 $— $— $5,484 
Contingent earnout shares31,827 — 31,827 — 
Warrants13 — 13 — 
Total$37,324 $— $31,840 $5,484 
Schedule of Changes in Level 3 Instruments
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for liabilities for the years ended December 31, (in thousands):
20242023
Liabilities:
Contingent consideration:
Beginning of year balance$5,484 $9,543 
Issuance of contingent consideration in connection with acquisitions2,449 262 
Payment of contingent consideration(1,347)(4,828)
Fair value adjustments7,342 507 
Ending balance$13,928 $5,484 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense and Schedule of Supplemental Cash Flow Information Related to Leases
Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):
202420232022
Operating lease costs
Short-term lease expense$667 $789 $600 
Operating lease expense3,284 2,875 1,586 
Variable lease expense150 316 368 
Total operating lease expense
$4,101 $3,980 $2,554 
Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$3,034 $2,659 $1,525 
Operating cash flows for finance leases
959—
Financing cash flows for finance leases
22117—
Total cash paid for lease liabilities
$3,350 $2,685 $1,525 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases3,383 5,508 5,602 
Finance leases
N/A1,411 N/A
Balance Sheet Classification of Lease Assets and Liabilities and Weighted Average Lease Liabilities
Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):
Lease componentClassification20242023
Operating lease ROU asset
Other assets$8,526 $7,862 
Finance lease ROU asset
Other assets1,115 1,388 
Current operating lease liabilityAccounts payable and other accrued expenses2,721 2,269 
Current finance lease liability
Accounts payable and other accrued expenses245 221 
Long-term operating lease liabilityOther long-term liabilities6,125 5,826 
Long-term finance lease liability
Other long-term liabilities927 1,172 
The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:
202420232022
Weighted average remaining lease term (in years)
Operating leases
4.44.23.4
Finance leases
4.15.1N/A
Weighted average discount rate
Operating leases
6.46 %5.85 %3.28 %
Finance leases
7.71 %7.71 %N/A
Schedule of Operating Lease Liability Maturity
As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):
Operating leases
Finance leases
2025$3,306 $322 
20262,437 329 
20271,494 335 
20281,082 342 
20291,082 29 
Thereafter997 — 
Total$10,398 $1,357 
Less: present value discount(1,552)(185)
Total lease liability
$8,846 $1,172 
Schedule of Financing Lease Liability Maturity
As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):
Operating leases
Finance leases
2025$3,306 $322 
20262,437 329 
20271,494 335 
20281,082 342 
20291,082 29 
Thereafter997 — 
Total$10,398 $1,357 
Less: present value discount(1,552)(185)
Total lease liability
$8,846 $1,172 
v3.25.0.1
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Stock Reserved for Issuance
As of December 31, 2024 and 2023, the Company has reserved Class A-1 common stock for future issuance in relation to the following:
20242023
Class A-1 common stock warrants issued and outstanding
— 5,144 
Class A-1 common stock options, RSUs and PSUs issued and outstanding
4,222,125 3,559,104 
Conversion of Class A-2 common stock
3,333,363 3,333,363 
  Total Class A-1 common stock reserved for issuance
7,555,488 6,897,611 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
(in thousands,)
December 31,
20242023
2022
Distributed gaming
Total net revenues (1)
$1,229,577 $1,170,420 $969,797 
Adjustments: (2)
Cost of revenue
852,226 809,524 666,126 
Compensation related costs - operations (3)
77,902 67,523 59,174 
Compensation related costs - general and administrative (3)
53,606 51,926 37,070 
All other segment items (4)
56,899 60,002 45,035 
Adjusted EBITDA for distributed gaming
$188,944 $181,445 $162,392 
Adjusted EBITDA for “all other” operating segment (5)
$203 $— $— 
Less Adjustments for:
Depreciation and amortization of property and equipment
$43,978 $37,906 $29,295 
Amortization of intangible assets and route and customer acquisition costs
22,577 21,211 17,484 
Interest expense, net35,892 33,144 21,637 
Emerging markets165 (948)2,598 
Stock-based compensation12,204 9,416 6,840 
Loss (gain) on change in fair value of contingent earnout shares1,276 8,539 (19,544)
Gain on expiration of warrants
(13)— — 
Other expenses, net19,339 6,453 9,320 
Income before income tax expense$53,729 $65,724 $94,762 
Income tax expense18,438 20,121 20,660 
Net income$35,291 $45,603 $74,102 
(1)Total net revenues is further disaggregated by revenue stream as included on the consolidated statements of operations and comprehensive income.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Compensation related costs represent payroll and other related costs that are included in General and administrative on the consolidated statements of operations and comprehensive income.
(4)All other segment items include other operating and general and administrative expenses (such as general and administrative expenses related to parts, advertising, information technology, etc.) which are included in general and administrative on the consolidated statements of operations and comprehensive income and cost of manufacturing good sold, as well as, adjustments for stock-based compensation expense and emerging markets.
(5)Given the timing of the acquisition for the casino and racing business in December of 2024 (see Note 10, Business and Asset Acquisitions, for information on the acquisition), all corporate expenses were allocated to the distributed gaming reportable segment as of December 31, 2024. The "all other" operating segment had total net revenues of $1.4 million; cost of revenues of $147 thousand; compensation related costs - operations of $581 thousand and all other segment items of $464 thousand.
v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested RSUs and PSUs Activity
The following table sets forth the activities of the Company’s RSUs for the years ended December 31, 2024, 2023 and 2022.
Non-vested RSUsSharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 2022
1,593,729 $11.55 
Granted569,600 $12.16 
Vested (1)
(383,088)$11.51 
Forfeited(361,532)$11.03 
Nonvested at December 31, 20221,418,709 $11.94 
Granted937,738 $9.36 
Vested (2)
(652,767)$11.11 
Forfeited(150,014)$11.07 
Nonvested at December 31, 20231,553,666 $10.81 
Granted918,103 $10.67 
Vested (3)
(765,463)$11.12 
Forfeited(155,269)$10.10 
Nonvested at December 31, 20241,551,037 $10.65 
(1) Includes 273,358 RSUs that are vested and not issued.
(2) Includes 379,719 RSUs that are vested and not issued.
(3) Includes 522,270 RSUs that are vested and not issued.
The following table sets forth the activities of the Company’s PSUs for the years ended December 31, 2024 and 2023.
Non-vested PSUs
SharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 2023
— $— 
Granted702,741 $8.62 
Adjustments for Performance Measures
(236,399)$8.68 
Vested— $— 
Forfeited— $— 
Nonvested at December 31, 2023466,342 $8.62 
Granted149,381 $11.34 
Adjustments for Performance Measures466,342 $9.33 
Vested
— $— 
Forfeited— $— 
Nonvested at December 31, 20241,082,065 $9.09 
Schedule of Assumptions for Options Granted
The following assumptions were used in the option valuation model for options granted during the year ended December 31 as follows:
2022
Expected approximate volatility
60%
Expected dividends
None
Expected term (in years)
7
Risk-free rate
2.12% - 4.04%
Schedule of Options Granted and Range in Vesting Periods
A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the year ended December 31, are as follows:
2022
Options granted
315,881
Vesting period (in years)
4
Schedule of Vested Stock Options
The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2024, 2023, and 2022.
Outstanding optionsSharesWeighted Average Grant Date Fair ValueWeighted Average Exercise Price
Outstanding at January 1, 20221,556,486 $4.51 $10.47 
Granted315,881 $7.30 $12.09 
Exercised(136,998)$2.20 $5.93 
Forfeited/expired(436,960)$4.79 $10.97 
Outstanding at December 31, 20221,298,409 $7.25 $11.18 
Granted— $— $— 
Exercised(80,315)$1.65 $4.67 
Forfeited/expired(58,717)$5.25 $12.10 
Outstanding at December 31, 20231,159,377 $5.60 $11.58 
Granted— $— $— 
Exercised(55,173)$1.84 $5.24 
Forfeited/expired(37,451)$6.04 $12.06 
Outstanding at December 31, 20241,066,753 $5.60 $11.58 
Schedule of Nonvested Stock Options
A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2024, 2023 and 2022 is as follows:
Nonvested optionsSharesWeighted Average Grant Date Fair Value
Nonvested at January 1, 20221,411,331 $4.77 
Granted315,881 $7.30 
Vested(314,462)$4.17 
Forfeited(321,682)$4.86 
Nonvested at December 31, 20221,091,068 $5.65 
Granted— $— 
Vested(393,550)$5.54 
Forfeited(54,717)$5.27 
Nonvested at December 31, 2023642,801 $5.75 
Granted— $— 
Vested(330,292)$5.69 
Forfeited— $— 
Nonvested at December 31, 2024312,509 $5.76 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The Company recognized income tax expense of $18.4 million, $20.1 million and $20.7 million during the years ended December 31, 2024, 2023 and 2022, respectively, which consists of the following (in thousands):
202420232022
Current provision
Federal
$14,700 $5,390 $1,558 
State
6,126 7,385 5,669 
Total current provision
20,826 12,775 7,227 
Deferred provision
Federal
(3,244)10,278 13,743 
State
856 (2,932)(310)
Total deferred provision
(2,388)7,346 13,433 
Total income tax expense
$18,438 $20,121 $20,660 
Schedule of Reconciliation of Expected Income Taxes
A reconciliation of the “expected” income taxes computed by applying the federal statutory income tax rate to the total expense is as follows (in thousands):
202420232022
Computed “expected” tax expense
$11,283 $13,802 $19,900 
Increase (decrease) in income taxes resulting from:
State income taxes5,575 3,627 4,289 
Return-to-provision(121)380 (132)
Change in fair value of contingent earnout shares268 1,793 (4,104)
Permanently non-deductible transaction costs215 51 137 
Officer's compensation221 129 177 
Stock-based compensation212 720 124 
Other permanent items589 641 343 
State Rate Change
119 (724)(121)
Other
77 (298)47 
Total income tax expense
$18,438 $20,121 $20,660 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31 (in thousands):
20242023
Deferred tax assets:
Net operating loss carryforwards$7,964 $8,015 
Interest expense limitation carryforward10,765 8,174 
  Stock-based compensation4,452 3,284 
Lease liabilities2,397 2,589 
  Capitalized research & experimental costs
2,481 1,159 
Other3,144 2,867 
31,203 26,088 
Deferred tax liabilities:
Property and equipment58,471 53,804 
Location contracts and other intangibles15,282 9,348 
Lease assets2,294 2,524 
Interest rate caplets1,585 3,008 
Other943 154 
78,575 68,838 
  Total deferred tax liability, net$47,372 $42,750 
Schedule of Carryforwards of Net Operating Losses
The following table summarizes carryforwards of net operating losses as of December 31 (in thousands):
20242023
AmountExpirationAmountExpiration
State net operating losses106,110 2030106,690 2030
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Components of Basic and Diluted EPS
The components of basic and diluted EPS were as follows (in thousands, except per share amounts):
202420232022
Net income attributable to Accel Entertainment, Inc.
$35,252 $45,603 $74,102 
Basic weighted average outstanding shares of common stock83,747 85,949 90,629 
Dilutive effect of stock-based awards for common stock1,230 854 600 
Diluted weighted average outstanding shares of common stock84,977 86,803 91,229 
Earnings per common share:
Basic$0.42 $0.53 $0.82 
Diluted$0.41 $0.53 $0.81 
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details) - Toucan Gaming
Nov. 01, 2024
operator
Schedule of Equity Method Investments [Line Items]  
Ownership percentage 85.00%
Number of operators 2
Ownership percentage after redemption agreement 100.00%
Noncontrolling interest holder option exercise term 7 years
Option exercise term 10 years
v3.25.0.1
Summary of Significant Accounting Policies - Equity method investments (Details) - HBC Gaming LLC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jun. 17, 2024
Schedule of Equity Method Investments [Line Items]    
Equity method investments   $ 5.0
Ownership percentage   5.00%
Triggering event ownership percentage   10.00%
Additional investment   $ 6.5
Loss from unconsolidated affiliates $ 0.1  
v3.25.0.1
Summary of Significant Accounting Policies - Accounts receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Allowance for doubtful accounts $ 0.7 $ 0.1
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of property and equipment useful lives (Details)
Dec. 31, 2024
Gaming terminals, software and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Gaming terminals, software and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 13 years
Amusement, ATM and other equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 7 years
Amusement, ATM and other equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 10 years
Office equipment and furniture  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 7 years
Computer software and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Computer software and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
Vehicles  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
Buildings and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 15 years
Buildings and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 29 years
v3.25.0.1
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total net revenues $ 1,230,972 $ 1,170,420 $ 969,797
Illinois      
Disaggregation of Revenue [Line Items]      
Total net revenues 906,572 867,200 808,652
Montana      
Disaggregation of Revenue [Line Items]      
Total net revenues 161,698 154,402 79,639
Nevada      
Disaggregation of Revenue [Line Items]      
Total net revenues 114,551 117,074 66,989
Nebraska      
Disaggregation of Revenue [Line Items]      
Total net revenues 25,384 19,043 5,217
Louisiana      
Disaggregation of Revenue [Line Items]      
Total net revenues 5,445 0 0
All other      
Disaggregation of Revenue [Line Items]      
Total net revenues $ 17,322 $ 12,701 $ 9,300
v3.25.0.1
Summary of Significant Accounting Policies - Route and customer acquisition costs (Details)
Dec. 31, 2024
Customer Acquisition Costs  
Change in Accounting Estimate [Line Items]  
Expected useful life (in years) 18 years
v3.25.0.1
Summary of Significant Accounting Policies - Location contracts acquired (Details)
Dec. 31, 2024
Location Contracts  
Change in Accounting Estimate [Line Items]  
Expected useful life (in years) 15 years
v3.25.0.1
Summary of Significant Accounting Policies - Advertising costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Advertising costs $ 6.3 $ 6.1 $ 5.3
v3.25.0.1
Inventories (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and manufacturing supplies $ 6,113,000 $ 5,693,000
Finished products 2,009,000 1,988,000
Total inventories 8,122,000 7,681,000
Inventory valuation reserves $ 0 $ 0
v3.25.0.1
Investment in Convertible Notes (Details) - Convertible Promissory Notes - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]        
Investment purchase       $ 30.0
Investment interest rate       3.00%
Settlements received on investments owned $ 32.5      
Investments, prepayment in future amounts due $ 0.4 $ 0.4    
Accrued investment income receivable     $ 1.5  
Investments, amount due from other parties     $ 1.5  
Realized investment gain   $ 1.7    
v3.25.0.1
Property and Equipment, net (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Total property and equipment $ 546,995,000 $ 462,960,000  
Less accumulated depreciation and amortization (238,998,000) (202,147,000)  
Total property and equipment, net 307,997,000 260,813,000  
Depreciation and amortization of property and equipment 43,978,000 37,906,000 $ 29,295,000
Asset impairment charges 0 0 $ 0
Gaming terminals, software and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 415,003,000 361,662,000  
Amusement, ATM and other equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 29,174,000 27,182,000  
Office equipment and furniture      
Property, Plant and Equipment [Line Items]      
Total property and equipment 4,281,000 3,385,000  
Computer software and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 23,136,000 20,592,000  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 10,151,000 8,281,000  
Vehicles      
Property, Plant and Equipment [Line Items]      
Total property and equipment 22,974,000 19,862,000  
Buildings and improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 30,105,000 14,047,000  
Land      
Property, Plant and Equipment [Line Items]      
Total property and equipment 7,718,000 2,469,000  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Total property and equipment $ 4,453,000 $ 5,480,000  
v3.25.0.1
Route and Customer Acquisition Costs - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Gross payments due $ 11,200 $ 7,400  
Net present value of payments due 9,400 6,500  
Current portion of payments due 2,197 1,505  
Customer acquisition cost asset 22,300 20,000  
Capitalized contract cost, subject to claw back 1,200 1,000  
Amortization expense on route and customer acquisition costs $ 2,300 $ 1,600 $ 1,300
v3.25.0.1
Route and Customer Acquisition Costs - Schedule of Customer Contract Acquired (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Cost $ 39,204 $ 33,855
Accumulated amortization (15,946) (14,667)
Route and customer acquisition costs, net $ 23,258 $ 19,188
v3.25.0.1
Route and Customer Acquisition Costs - Schedule Of Amortization Expense, Route And Customer Acquisition Costs (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Location contracts acquired, net $ 202,618 $ 176,311
Route and Customer Acquisition Costs    
Finite-Lived Intangible Assets [Line Items]    
2025 2,541  
2026 2,472  
2027 2,383  
2028 2,258  
2029 1,885  
Thereafter 11,719  
Location contracts acquired, net $ 23,258  
v3.25.0.1
Location Contracts Acquired - Schedule of Customer Contract Acquired (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Capitalized Contract Cost [Line Items]    
Cost $ 39,204 $ 33,855
Accumulated amortization 15,946 14,667
Route and customer acquisition costs, net 23,258 19,188
Location Contracts Acquired    
Capitalized Contract Cost [Line Items]    
Cost 330,903 286,728
Accumulated amortization 128,285 110,417
Route and customer acquisition costs, net $ 202,618 $ 176,311
v3.25.0.1
Location Contracts Acquired - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Location contracts acquired, net $ 202,618 $ 176,311
Location contract    
Finite-Lived Intangible Assets [Line Items]    
2025 20,256  
2026 20,111  
2027 20,008  
2028 19,962  
2029 19,916  
Thereafter 102,365  
Location contracts acquired, net $ 202,618  
v3.25.0.1
Location Contracts Acquired - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 2,400,000 $ 2,400,000 $ 1,400,000
Location contract      
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets 17,900,000 17,100,000 14,800,000
Impairment $ 0 $ 0 $ 0
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 02, 2024
Nov. 01, 2024
Sep. 19, 2024
Jun. 26, 2024
Feb. 13, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill           $ 116,252,000 $ 101,554,000 $ 100,707,000
Tax exempt portion of goodwill           39,100,000    
Amortization of Intangible Assets           2,400,000 $ 2,400,000 $ 1,400,000
Impairment           $ 0    
Minimum                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Expected useful life (in years)           7 years    
Maximum                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Expected useful life (in years)           20 years    
Fairmont Holdings                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill $ 11,971,000              
Total consideration $ 40,500,000              
Toucan Gaming                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill   $ 2,130,000            
Total consideration   $ 41,601,000            
Lucky 7’s Beverages                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill     $ 100,000          
Total consideration     800,000          
24th Street Station Casino                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill     100,000          
Total consideration     $ 800,000          
Jorgenson's Lounge                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill       $ 300,000        
Total consideration       $ 1,100,000        
Rendezvous Casino and Burger Bar                
Acquired Indefinite-Lived Intangible Assets [Line Items]                
Goodwill         $ 800,000      
Total consideration         $ 2,600,000      
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of changes in Goodwill, Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance $ 101,554 $ 100,707
Ending balance 116,252 101,554
Rendezyous    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition   $ 847
Jorgenson's Lounge    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition 306  
Lucky 7’s Beverages    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition 145  
24th Street Station Casino    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition 146  
Toucan Gaming    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition 2,130  
Fairmount Holding, Inc    
Goodwill [Roll Forward]    
Addition to goodwill for acquisition $ 11,971  
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Oct. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Net Carrying Amount $ 202,618   $ 176,311
Century      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 61,049   27,210
Accumulated Amortization (7,109)   (3,858)
Net Carrying Amount 53,940   23,352
Century | Operating licenses      
Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets $ 34,749   2,810
Customer Relationships | Louisiana      
Finite-Lived Intangible Assets [Line Items]      
Accumulated Amortization   $ (800)  
Customer Relationships | Century      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period 7 years    
Gross Carrying Amount $ 6,800   6,800
Accumulated Amortization (3,325)   (1,538)
Net Carrying Amount $ 3,475   5,262
Software Applications | Century      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period 8 years    
Gross Carrying Amount $ 7,800   7,800
Accumulated Amortization (2,519)   (1,544)
Net Carrying Amount $ 5,281   6,256
Trade Names | Century      
Finite-Lived Intangible Assets [Line Items]      
Amortization Period 20 years    
Gross Carrying Amount $ 11,700   9,800
Accumulated Amortization (1,265)   (776)
Net Carrying Amount $ 10,435   $ 9,024
v3.25.0.1
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Oct. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Total borrowings $ 597,375   $ 545,375
Add: Remaining premium on interest rate caplets financed as debt 1,076   2,059
Total debt 598,451   547,434
Less: Debt issuance costs (3,072)   (4,860)
Total debt, net of debt issuance costs 595,379   542,574
Less: Current maturities (34,443)   (28,483)
Debt, net of current maturities 560,936   514,091
Revolving credit facility | Credit Agreement, Amendment      
Debt Instrument [Line Items]      
Total borrowings 6,500 $ 77,500 46,000
Term Loan | Credit Agreement, Amendment      
Debt Instrument [Line Items]      
Total borrowings 293,125   310,625
Delayed Draw Term Loan | Credit Agreement, Amendment      
Debt Instrument [Line Items]      
Total borrowings $ 297,750 $ 119,000 $ 188,750
v3.25.0.1
Debt - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 07, 2023
Jan. 12, 2022
USD ($)
caplet
Aug. 04, 2020
USD ($)
Dec. 31, 2022
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 31, 2024
USD ($)
Aug. 23, 2023
USD ($)
Oct. 22, 2021
USD ($)
Oct. 21, 2021
USD ($)
Nov. 13, 2019
USD ($)
Debt Instrument [Line Items]                        
Debt issuance costs         $ 8,800,000              
Debt issuance costs         3,072,000 $ 4,860,000            
Additional debt borrowed         597,375,000 545,375,000            
Unrealized (loss) gain on interest rate caplets, net of tax         (3,791,000) (4,304,000) $ 12,240,000          
Realized gain on interest rate caplets, net of tax         $ 9,800,000 9,200,000            
Credit Agreement                        
Debt Instrument [Line Items]                        
Ratio of consolidated net debt to EBITDA (no greater than)         4.50              
Ratio of consolidated EBITDA to fixed charges (no less than)         1.20              
Aggregate premium paid   $ 3,900,000                    
Credit Agreement | Alternative Base Rate                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (as a percent)         1.75%              
Debt instrument, floor interest rate (as a percent)         1.50%              
Credit Agreement | Secured Overnight Financing Rate (SOFR)                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (as a percent)         2.75%              
Debt instrument, floor interest rate (as a percent)         0.50%              
Amendment No. 1                        
Debt Instrument [Line Items]                        
Fees associated with amendment of credit agreement     $ 400,000                  
Unamortized debt issuance costs     $ 300,000                  
Amendment No. 1 | LIBOR                        
Debt Instrument [Line Items]                        
Debt instrument basis spread on variable rate, floor (as a percent)     0.50%                  
Amendment No. 1 | Alternative Base Rate                        
Debt Instrument [Line Items]                        
Debt instrument basis spread on variable rate, floor (as a percent)     1.50%                  
Amendment No. 2                        
Debt Instrument [Line Items]                        
Debt issuance costs         $ 4,300,000              
Amendment 3                        
Debt Instrument [Line Items]                        
Debt issuance costs                 $ 300,000      
Pending Business Acquisition                        
Debt Instrument [Line Items]                        
Additional debt borrowed               $ 35,000,000.0        
Remaining Business Acquisition                        
Debt Instrument [Line Items]                        
Additional debt borrowed               6,500,000        
Revolving credit facility | Credit Agreement                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                       $ 100,000,000.0
Revolving credit facility | Amendment No. 2                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                   $ 150,000,000 $ 100,000,000  
Revolving credit facility | Amendment 3                        
Debt Instrument [Line Items]                        
Weighted average interest rate (as a percent)         7.40%              
Revolving credit facility | Amendment 3 | Secured Overnight Financing Rate (SOFR)                        
Debt Instrument [Line Items]                        
Debt instrument basis spread on variable rate, floor (as a percent) 0.50%                      
Basis spread on variable rate (as a percent) 1.00%                      
Revolving credit facility | Amendment 3 | Federal Funds Effective Rate                        
Debt Instrument [Line Items]                        
Debt instrument basis spread on variable rate, floor (as a percent) 1.00%                      
Revolving credit facility | Credit Agreement, Amendment                        
Debt Instrument [Line Items]                        
Additional debt borrowed         $ 6,500,000 46,000,000   77,500,000        
Letter of Credit | Credit Agreement                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                       10,000,000.0
Swing Line Facility | Credit Agreement                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity                       10,000,000.0
Term Loan | Credit Agreement                        
Debt Instrument [Line Items]                        
Face amount                       240,000,000.0
Additional term loan repayment rate (as a percent)         5.00%              
Number of deferred premium caplets | caplet   48                    
Term Loan | Credit Agreement | LIBOR                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (as a percent)   2.00%   2.00%                
Term Loan | Amendment No. 2                        
Debt Instrument [Line Items]                        
Face amount                   350,000,000    
Term Loan | Credit Agreement, Amendment                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity   $ 300,000,000                    
Additional debt borrowed         $ 293,125,000 310,625,000            
Debt instrument, term   4 years                    
Additional Term Loan Facility | Credit Agreement                        
Debt Instrument [Line Items]                        
Face amount                       $ 125,000,000.0
Additional Term Loan Facility | Amendment No. 2                        
Debt Instrument [Line Items]                        
Face amount                   $ 400,000,000    
Delayed Draw Term Loan | Credit Agreement, Amendment                        
Debt Instrument [Line Items]                        
Additional debt borrowed         $ 297,750,000 $ 188,750,000   $ 119,000,000.0        
v3.25.0.1
Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 34,443  
2026 564,008  
Total debt $ 598,451 $ 547,434
v3.25.0.1
Debt - Schedule of Carrying Value and Estimated Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Carrying value    
Debt Instrument [Line Items]    
Debt $ 598,451 $ 547,434
Estimated fair value    
Debt Instrument [Line Items]    
Debt $ 594,955 $ 543,724
v3.25.0.1
Business and Asset Acquisitions - Narrative- 2024 Acquisitions (Details)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 23, 2024
USD ($)
Dec. 02, 2024
USD ($)
shares
Nov. 21, 2024
USD ($)
Nov. 01, 2024
USD ($)
Sep. 19, 2024
USD ($)
Jun. 26, 2024
USD ($)
May 01, 2024
USD ($)
day
location
Feb. 22, 2024
USD ($)
location
Jan. 10, 2024
USD ($)
May 23, 2023
USD ($)
location
Jun. 01, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Oct. 03, 2023
USD ($)
Business Acquisition [Line Items]                                
Contingent consideration liability                       $ 3,400        
Goodwill                       116,252 $ 101,554 $ 100,707    
Bayou                                
Business Acquisition [Line Items]                                
Asset acquisition for gaming equipment     $ 100                          
Asset acquisition location contracts     400                          
Asset acquisition, consideration transferred     500                          
Xtreme                                
Business Acquisition [Line Items]                                
Asset acquisition location contracts       $ 1,400                        
Asset acquisition, consideration transferred       1,500                        
Asset acquisition, redemption equipment       100                        
Illinois Gaming Entertainment                                
Business Acquisition [Line Items]                                
Asset acquisition for gaming equipment             $ 1,600     $ 400           $ 300
Asset acquisition location contracts             11,600     1,100           $ 2,000
Asset acquisition, consideration transferred             13,500     $ 1,500            
Asset acquisition, redemption equipment             300                  
Cash paid             $ 11,400                  
Number of locations | location             16     4            
Number of installments | day             3                  
Asset acquisition, consideration transferred, contingent consideration             $ 2,100         2,200        
Illinois Gaming Entertainment | First Anniversary                                
Business Acquisition [Line Items]                                
Asset acquisition, consideration transferred, contingent consideration             600                  
Illinois Gaming Entertainment | Second Anniversary                                
Business Acquisition [Line Items]                                
Asset acquisition, consideration transferred, contingent consideration             600                  
Illinois Gaming Entertainment | Third Anniversary                                
Business Acquisition [Line Items]                                
Asset acquisition, consideration transferred, contingent consideration             600                  
Illinois Gaming Entertainment | Fourth Anniversary                                
Business Acquisition [Line Items]                                
Asset acquisition, consideration transferred, contingent consideration             $ 700                  
Great Lakes Vending                                
Business Acquisition [Line Items]                                
Asset acquisition location contracts               $ 1,200                
Asset acquisition, consideration transferred               $ 1,300                
Number of locations | location               1                
Asset acquisition, gaming and redemption equipment               $ 100                
Doc & Eddy’s                                
Business Acquisition [Line Items]                                
Asset acquisition, consideration transferred                 $ 2,300              
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, buildings                 1,000              
Asset acquisition recognized identifiable assets acquired and liabilities assumed intangibles                 900              
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, land                 $ 400              
Randy's                                
Business Acquisition [Line Items]                                
Total consideration $ 300                              
Cash paid 100                              
Contingent consideration liability 200                              
Asset acquisition for gaming equipment 100                              
Asset acquisition location contracts $ 200                              
Fairmont Holdings                                
Business Acquisition [Line Items]                                
Total consideration   $ 40,500                            
Cash election (in shares) | shares   3.5                            
Goodwill   $ 11,971                            
Acquisition related costs                       1,800        
Revenue                       1,400        
Net income                       100        
Pelican                                
Business Acquisition [Line Items]                                
Total consideration     1,800                          
Cash paid     1,500                          
Contingent consideration liability     300                          
Asset acquisition for gaming equipment     300                          
Asset acquisition location contracts     $ 1,500                          
Century                                
Business Acquisition [Line Items]                                
Total consideration                     $ 164,265          
Cash paid                     158,681          
Goodwill                     $ 53,356          
Acquisition related costs                           300 $ 1,300  
Revenue                           146,600    
Net income                           $ 4,000    
Toucan Gaming                                
Business Acquisition [Line Items]                                
Total consideration       41,601                        
Cash paid       38,253                 $ 4,600      
Contingent consideration liability       3,348                        
Goodwill       $ 2,130                        
Acquisition related costs                       300        
Revenue                       5,400        
Net income                       $ 300        
Ownership percentage       85.00%                        
24th Street Station Casino                                
Business Acquisition [Line Items]                                
Total consideration         $ 800                      
Goodwill         100                      
Indefinite-lived gaming license intangible assets acquired         700                      
Lucky 7’s Beverages                                
Business Acquisition [Line Items]                                
Total consideration         800                      
Goodwill         100                      
Indefinite-lived gaming license intangible assets acquired         $ 700                      
Jorgenson's Lounge                                
Business Acquisition [Line Items]                                
Total consideration           $ 1,100                    
Goodwill           300                    
Indefinite-lived gaming license intangible assets acquired           $ 800                    
v3.25.0.1
Business and Asset Acquisitions - Schedule of Consideration Transferred (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2024
Nov. 01, 2024
Jun. 01, 2022
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]              
Temporary equity - Redeemable noncontrolling interest       $ 0 $ (4,278) $ 0 $ 0
Goodwill       101,554 $ 116,252 $ 100,707  
Fairmont Holdings              
Business Acquisition [Line Items]              
Fair value of treasury stock issued & Consideration payable $ 40,472            
Total consideration 40,500            
Cash and cash equivalents 858            
Accounts receivable, net 1,477            
Inventory 60            
Prepaid expenses 575            
Property and equipment, net 11,788            
Location contracts acquired, net 17,600            
Other intangible assets, net 8,600            
Other assets 356            
Accounts payable and other accrued expenses (3,267)            
Other long-term liabilities (340)            
Deferred income tax liability (9,206)            
Net assets acquired 28,501            
Goodwill $ 11,971            
Toucan Gaming              
Business Acquisition [Line Items]              
Fair value of treasury stock issued & Consideration payable   $ 3,300          
Total consideration   41,601          
Cash and cash equivalents   1,816          
Accounts receivable, net   618          
Inventory   38          
Other current assets   29          
Property and equipment, net   11,625          
Location contracts acquired, net   9,200          
Other intangible assets, net   22,300          
Deferred income tax asset   767          
Other assets   1,194          
Accounts payable and other accrued expenses   (3,122)          
Other long-term liabilities   (175)          
Current maturities of debt   (60)          
Debt, net of current maturities   (520)          
Temporary equity - Redeemable noncontrolling interest   (4,239)          
Net assets acquired   39,471          
Goodwill   2,130          
Cash paid   $ 38,253   $ 4,600      
Century              
Business Acquisition [Line Items]              
Fair value of treasury stock issued & Consideration payable     $ 5,584        
Total consideration     164,265        
Cash and cash equivalents     33,229        
Accounts receivable, net     4,394        
Inventory     6,441        
Prepaid expenses     1,563        
Income taxes receivable     189        
Other current assets     475        
Property and equipment, net     29,302        
Location contracts acquired, net     40,400        
Other intangible assets, net     24,400        
Accounts payable and other accrued expenses     (10,766)        
Other long-term liabilities     (446)        
Accrued compensation and related expenses     (1,626)        
Deferred income tax liability     (16,646)        
Net assets acquired     110,909        
Goodwill     53,356        
Cash paid     $ 158,681        
v3.25.0.1
Business and Asset Acquisitions - Narrative- 2023 Acquisitions (Details)
$ in Thousands
 12 Months Ended
May 01, 2024
USD ($)
day
location
Dec. 27, 2023
USD ($)
day
Oct. 03, 2023
USD ($)
location
May 23, 2023
USD ($)
location
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 13, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Acquisition [Line Items]                
Goodwill         $ 116,252 $ 101,554   $ 100,707
Rendezvous Casino and Burger Bar                
Business Acquisition [Line Items]                
Total purchase price             $ 2,600  
Location contracts acquired             800  
Land             500  
Buildings             400  
Video game terminals and equipment acquired             100  
Goodwill             $ 800  
Illinois Video Slot Management                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred   $ 1,000            
Cash paid   700            
Asset acquisition, consideration transferred, contingent consideration   $ 300            
Number of installments | day   3            
Asset acquisition location contracts   $ 900            
Illinois Video Slot Management | Gaming Equipment                
Business Acquisition [Line Items]                
Asset acquisition for gaming equipment         100      
Illinois Video Slot Management | Third Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, annual payment   100            
Illinois Video Slot Management | Second Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, annual payment   100            
Illinois Video Slot Management | First Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, annual payment   $ 100            
Illinois Gaming Entertainment                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred $ 13,500     $ 1,500        
Cash paid 11,400              
Asset acquisition, consideration transferred, contingent consideration $ 2,100       $ 2,200      
Number of installments | day 3              
Asset acquisition location contracts $ 11,600   $ 2,000 1,100        
Asset acquisition for gaming equipment $ 1,600   300 $ 400        
Number of locations | location 16     4        
Illinois Gaming Entertainment | Third Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred, contingent consideration $ 600              
Illinois Gaming Entertainment | Second Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred, contingent consideration 600              
Illinois Gaming Entertainment | First Anniversary                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred, contingent consideration $ 600              
IGE Asset Acquisition                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred     $ 2,300          
Number of locations | location     3          
v3.25.0.1
Business and Asset Acquisitions - Narrative- 2022 Acquisitions (Details)
$ in Thousands
 12 Months Ended
Dec. 15, 2022
USD ($)
gaming_terminal
location
Sep. 09, 2022
USD ($)
location
Aug. 01, 2022
USD ($)
location
Jun. 01, 2022
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]                
Cash purchase price         $ 53,592 $ 7,195 $ 144,028  
Contingent consideration liability         3,400      
Goodwill         $ 116,252 $ 101,554 100,707  
Progressive                
Business Acquisition [Line Items]                
Number of video gaming terminals | gaming_terminal 300              
Total consideration $ 6,400              
Video game terminals and equipment 900              
Location contracts 4,300              
Goodwill $ 1,200              
River City                
Business Acquisition [Line Items]                
Number of locations | location   120            
Total consideration   $ 2,800            
Video game terminals and equipment   100            
Location contracts   1,700            
Amusement and other equipment   900            
Cash and cash equivalents   $ 100            
VVS, Inc                
Business Acquisition [Line Items]                
Number of locations | location     250          
Total consideration     $ 12,000          
Video game terminals and equipment     900          
Location contracts     7,200          
Amusement and other equipment     3,900          
Cash purchase price     9,500          
Contingent consideration liability     $ 2,500          
Century                
Business Acquisition [Line Items]                
Total consideration       $ 164,265        
Cash and cash equivalents       33,229        
Cash paid       158,681        
Repayment of debt       113,200        
Fair value of treasury stock issued       5,584        
Goodwill       53,356        
ROU assets acquired       3,600        
Lease liabilities acquired       3,600        
Acquisition related costs             300 $ 1,300
Revenue             146,600  
Net income             $ 4,000  
Century | Revolving credit facility | Revolving Credit Facility and Delayed Draw Term Loan | Revolving credit facility                
Business Acquisition [Line Items]                
Proceeds from long-term lines of credit       $ 160,000        
Century | Class A-1 Common Stock                
Business Acquisition [Line Items]                
Shares issued in transaction (in shares) | shares       515,622        
Century | Equity Shareholders                
Business Acquisition [Line Items]                
Cash paid       $ 45,500        
Montana | Progressive                
Business Acquisition [Line Items]                
Number of locations | location 26              
v3.25.0.1
Business and Asset Acquisitions - Schedule of Consideration Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 23, 2024
Nov. 01, 2024
Dec. 31, 2023
Business Acquisition [Line Items]        
Contingent consideration liability $ 3,400      
Current 3,116     $ 3,288
Long-Term 14,596     4,201
TAV        
Business Acquisition [Line Items]        
Current 0     2,005
Long-Term 0     0
Fair Share Gaming        
Business Acquisition [Line Items]        
Current 969     504
Long-Term 5,493     92
Skyhigh        
Business Acquisition [Line Items]        
Current 563     528
Long-Term 4,264     3,941
IVSM        
Business Acquisition [Line Items]        
Current 94     94
Long-Term 187     168
IGE Asset Acquisition        
Business Acquisition [Line Items]        
Current 586     0
Long-Term 1,605     0
Tom's Amusements        
Business Acquisition [Line Items]        
Current 0     57
Long-Term 0     0
Island        
Business Acquisition [Line Items]        
Current 100     100
Long-Term 0     0
Randy's        
Business Acquisition [Line Items]        
Contingent consideration liability   $ 200    
Current 165     0
Long-Term 0     0
Toucan Gaming        
Business Acquisition [Line Items]        
Contingent consideration liability     $ 3,348  
Current 474     0
Long-Term 2,892     0
Pelican        
Business Acquisition [Line Items]        
Current 165     0
Long-Term $ 155     $ 0
v3.25.0.1
Contingent Earnout Share Liability (Details)
 12 Months Ended
Dec. 31, 2024
day
$ / shares
shares
Dec. 31, 2023
shares
Dec. 31, 2020
shares
Dec. 31, 2019
tranche
shares
Nov. 20, 2019
shares
Business Acquisition, Contingent Consideration [Line Items]          
Common stock reserved for issuance (in shares) 7,555,488,000 6,897,611,000      
Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period          
Business Acquisition, Contingent Consideration [Line Items]          
Maximum stock price of common stock before conversion (in usd per share) | $ / shares $ 16.00        
Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period          
Business Acquisition, Contingent Consideration [Line Items]          
Maximum stock price of common stock before conversion (in usd per share) | $ / shares $ 14.00        
Class A-2 Common Stock          
Business Acquisition, Contingent Consideration [Line Items]          
Common stock reserved for issuance (in shares) 3,333,363,000 3,333,363,000     10,000,000
Class A-2 Common Stock | Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period          
Business Acquisition, Contingent Consideration [Line Items]          
Number of shares converted (in shares) 1,666,667   1,666,636    
Threshold trading days | day 20        
Threshold consecutive trading days | day 30        
Class A-2 Common Stock | Tranche I - EBITDA for last 12 months or 20 trading days in consecutive 30 day trading period          
Business Acquisition, Contingent Consideration [Line Items]          
Number of shares converted (in shares)     1,666,666    
Class A-2 Common Stock | Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period          
Business Acquisition, Contingent Consideration [Line Items]          
Number of shares converted (in shares) 1,666,667        
Threshold trading days | day 20        
Threshold consecutive trading days | day 30        
Class A-2 Common Stock | Common Stock          
Business Acquisition, Contingent Consideration [Line Items]          
Shares issued (in shares)       5,000,000  
Number of tranches upon satisfaction | tranche       3  
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value Measurements, Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate caplets $ 6,342 $ 8,140
Fair Value, Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate caplets 6,821 13,011
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate caplets 0 0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate caplets 6,821 13,011
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Interest rate caplets $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Unobservable Input Asset Value Reconciliation (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 32,065
Proceeds from settlement on convertible notes (32,065)
Ending balance $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value Measurements, Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration $ 13,928 $ 5,484
Contingent earnout shares 33,103 31,827
Warrants   13
Total 47,031 37,324
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration 0 0
Contingent earnout shares 0 0
Warrants   0
Total 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration 0 0
Contingent earnout shares 33,103 31,827
Warrants   13
Total 33,103 31,840
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration 13,928 5,484
Contingent earnout shares 0 0
Warrants   0
Total $ 13,928 $ 5,484
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Warrants issued and outstanding (in shares) 5,144    
Gain on expiration of warrants $ 13 $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value Measurements, Contingent Considerations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag Other expenses, net Other expenses, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of year balance $ 5,484 $ 9,543
Issuance of contingent consideration in connection with acquisitions 2,449 262
Payment of contingent consideration (1,347) (4,828)
Fair value adjustments 7,342 507
Ending balance $ 13,928 $ 5,484
v3.25.0.1
Leases - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Finance leases expenses $ 300,000 $ 100,000 $ 0
Minimum      
Lessee, Lease, Description [Line Items]      
Lease term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term 13 years    
v3.25.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Short-term lease expense $ 667 $ 789 $ 600
Operating lease expense 3,284 2,875 1,586
Variable lease expense 150 316 368
Total operating lease expense $ 4,101 $ 3,980 $ 2,554
v3.25.0.1
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating lease ROU asset $ 8,526 $ 7,862
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance lease ROU asset $ 1,115 $ 1,388
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and other accrued expenses Accounts payable and other accrued expenses
Current operating lease liability $ 2,721 $ 2,269
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and other accrued expenses Accounts payable and other accrued expenses
Current finance lease liability $ 245 $ 221
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Long-term operating lease liability $ 6,125 $ 5,826
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Long-term finance lease liability $ 927 $ 1,172
v3.25.0.1
Leases - Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Operating leases  
2025 $ 3,306
2026 2,437
2027 1,494
2028 1,082
2029 1,082
Thereafter 997
Total 10,398
Less: present value discount (1,552)
Total lease liability 8,846
Finance leases  
2025 322
2026 329
2027 335
2028 342
2029 29
Thereafter 0
Total 1,357
Less: present value discount (185)
Total lease liability $ 1,172
v3.25.0.1
Leases - Weighted Average Lease Liabilities (Details)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating leases, Weighted average remaining lease term (in years) 4 years 4 months 24 days 4 years 2 months 12 days 3 years 4 months 24 days
Finance lease, Weighted average remaining lease term (in years) 4 years 1 month 6 days 5 years 1 month 6 days  
Operating Lease, Weighted average discount rate 6.46% 5.85% 3.28%
Finance lease, Weighted average discount rate 7.71% 7.71%  
v3.25.0.1
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows for operating leases $ 3,034 $ 2,659 $ 1,525
Operating cash flows for finance leases 95 9 0
Financing cash flows for finance leases 221 17 0
Total cash paid for lease liabilities 3,350 2,685 1,525
Operating leases $ 3,383 5,508 $ 5,602
Finance leases   $ 1,411  
v3.25.0.1
Stockholders’ Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended 37 Months Ended
Sep. 28, 2020
vote
Dec. 31, 2024
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Feb. 27, 2025
USD ($)
Nov. 22, 2021
USD ($)
Class of Warrant or Right [Line Items]                
Preferred stock, par value (in usd per share) | $ / shares   $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001    
Common stock, par value (in usd per share) | $ / shares   $ 0.0001 $ 0.0001     $ 0.0001    
Preferred stock reserved for issuance (in shares) | shares   1,000,000 1,000,000     1,000,000    
Common stock reserved for issuance (in shares) | shares   7,555,488,000 7,555,488,000 6,897,611,000   7,555,488,000    
Stock repurchase program, authorized amount (up to) | $               $ 200,000
Repurchase of common stock | $     $ 25,749 $ 30,374 $ 79,003      
Reissuance of treasury stock (in shares) | shares   3,100,000            
Average cost per share (in dollars per share) | $ / shares   $ 11.58 $ 11.58     $ 11.58    
Gain on treasury stock | $     $ 4,100          
Class A-1 Common Stock                
Class of Warrant or Right [Line Items]                
Common stock, par value (in usd per share) | $ / shares   $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001    
Common stock reserved for issuance (in shares) | shares   250,000,000 250,000,000     250,000,000    
Common stock , voting rights, votes per share | vote 1              
Repurchase of common stock (in shares) | shares     2,446,700     13,855,897    
Repurchase of common stock | $     $ 25,500     $ 143,600    
Class A-1 Common Stock | Subsequent Event                
Class of Warrant or Right [Line Items]                
Stock repurchase program, authorized amount (up to) | $             $ 200,000  
v3.25.0.1
Stockholders’ Equity - Schedule of Stock Reserved for Issuance (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Nov. 20, 2019
Class of Stock [Line Items]      
Common stock reserved for issuance (in shares) 7,555,488,000 6,897,611,000  
Class A-1 common stock options, RSUs and PSUs issued and outstanding      
Class of Stock [Line Items]      
Common stock reserved for issuance (in shares) 4,222,125,000 3,559,104,000  
Conversion of Class A-2 common stock      
Class of Stock [Line Items]      
Common stock reserved for issuance (in shares) 3,333,363,000 3,333,363,000 10,000,000
Class A-1 common stock warrants issued and outstanding      
Class of Stock [Line Items]      
Common stock reserved for issuance (in shares) 0 5,144,000  
v3.25.0.1
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 2    
Segment Reporting Information [Line Items]      
Total net revenues $ 1,230,972 $ 1,170,420 $ 969,797
Less Adjustments for:      
Depreciation and amortization of property and equipment 43,978 37,906 29,295
Amortization of intangible assets and route and customer acquisition costs 22,577 21,211 17,484
Interest expense, net 35,892 33,144 21,637
Stock-based compensation 12,200 9,400 6,800
Loss (gain) on change in fair value of contingent earnout shares (1,276) (8,539) 19,544
Gain on expiration of warrants (13) 0 0
Other expenses, net 19,339 6,453 9,320
Income before income tax expense 53,729 65,724 94,762
Income tax expense 18,438 20,121 20,660
Net income 35,291 45,603 74,102
Reportable Segment      
Segment Reporting Information [Line Items]      
Total net revenues 1,229,577 1,170,420 969,797
Adjustments      
Cost of revenue 852,226 809,524 666,126
Compensation related costs - operations 77,902 67,523 59,174
Compensation related costs - general and administrative 53,606 51,926 37,070
All other segment items 56,899 60,002 45,035
Adjusted EBITDA for distributed gaming 188,944 181,445 162,392
Less Adjustments for:      
Depreciation and amortization of property and equipment 43,978 37,906 29,295
Amortization of intangible assets and route and customer acquisition costs 22,577 21,211 17,484
Interest expense, net 35,892 33,144 21,637
Emerging markets 165 (948) 2,598
Stock-based compensation 12,204 9,416 6,840
Loss (gain) on change in fair value of contingent earnout shares 1,276 8,539 (19,544)
Gain on expiration of warrants (13) 0 0
Other expenses, net 19,339 6,453 9,320
Income before income tax expense 53,729 65,724 94,762
Income tax expense 18,438 20,121 20,660
Net income 35,291 45,603 74,102
Other Operating Segment      
Segment Reporting Information [Line Items]      
Total net revenues 1,400    
Adjustments      
Cost of revenue 147    
Compensation related costs - operations 581    
All other segment items 464    
Adjusted EBITDA for distributed gaming $ 203 $ 0 $ 0
v3.25.0.1
Segment Reporting - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Assets $ 1,048,398 $ 912,893
Reportable Segment    
Segment Reporting Information [Line Items]    
Assets 990,100  
Other Operating Segment    
Segment Reporting Information [Line Items]    
Assets $ 58,300  
v3.25.0.1
Cost Associated with Gaming Terminals (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gaming Terminal Fees [Abstract]      
Video gaming terminal fees, tax and administrative fee $ 333.7 $ 312.2 $ 281.6
Licensed video gaming location net terminal income share $ 487.2 $ 466.4 $ 359.4
v3.25.0.1
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]      
Required period of service to be eligible to participate 3 months    
Employer matching contribution, percentage 50.00%    
Employer matching contribution, percent of employee's pay 5.00%    
Annual vesting percentage 20.00%    
401(k) benefit plan expense $ 1.6 $ 1.5 $ 1.3
Contribution amount 0.1    
Incentive compensation expense 14.7 14.8 $ 12.5
Accrued incentive compensation $ 5.7 $ 5.6  
20 percent vested      
Defined Contribution Plan Disclosure [Line Items]      
Vesting period (in years) 2 years    
Fully vested      
Defined Contribution Plan Disclosure [Line Items]      
Vesting period (in years) 6 years    
v3.25.0.1
Stock-based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum percentage of common stock outstanding allowed for awards (as a percent) 10.00%        
Stock-based compensation $ 12.2 $ 9.4 $ 6.8    
Unrecognized compensation expense 13.9 16.1      
Excess tax benefit from share based compensation $ (0.1) $ (0.9) $ 0.1    
Number of shares outstanding which vested (in shares) 1,066,753,000 1,159,377,000 1,298,409,000 1,556,486,000  
Fair value of vested options $ 1.9 $ 2.2 $ 1.3    
Weighted-average exercise price of non-vested awards (in usd per share) $ 11.92        
Weighted-average remaining contractual term of outstanding awards (in years) 5 years 6 months 6 years 4 months 24 days      
Intrinsic value of options exercised $ 0.3 $ 0.5 $ 0.6    
Intrinsic value of options outstanding $ 0.5        
Key Employees          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares outstanding which vested (in shares) 524,739 516,576      
Weighted-average remaining contractual term (in years) 4 years 9 months 29 days 5 years 8 months 12 days      
Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years)     4 years    
Award termination period (in years) 10 years        
Percentage of fair market value of common stock (not less than) (as a percent) 100.00%        
Options | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 3 years        
Options | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 5 years        
Options | Class A-1 Common Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, number of shares authorized (in shares)         6,000,000
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted stock units granted (in shares) 918,103,000 937,738,000 569,600,000    
Estimated grant date fair value $ 9.8        
Restricted Stock Units (RSUs) | Minimum | Employee          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 2 years        
Restricted Stock Units (RSUs) | Maximum | Employee          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 5 years        
Restricted Stock Units (RSUs) | Maximum | Director          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 1 year        
Phantom Share Units (PSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted stock units granted (in shares) 149,381,000 702,741,000      
Share based compensation grants in period, total fair value $ 1.7        
Service period 3 years        
Phantom Share Units (PSUs) | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 2 years        
Phantom Share Units (PSUs) | Minimum | Performance Shares Vesting Total Shareholder Return          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation vesting rights, percentage 0.00%        
Phantom Share Units (PSUs) | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 3 years        
Phantom Share Units (PSUs) | Maximum | Performance Shares Vesting Total Shareholder Return          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation vesting rights, percentage 200.00%        
v3.25.0.1
Stock-based Compensation - Schedule of Nonvested RSUs and PSUs Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Stock Units (RSUs)        
Shares        
Nonvested, beginning balance (in shares) 1,553,666,000 1,418,709,000 1,593,729,000  
Granted (in shares) 918,103,000 937,738,000 569,600,000  
Vested (in shares) (765,463,000) (652,767,000) (383,088,000)  
Forfeited (in shares) (155,269,000) (150,014,000) (361,532,000)  
Nonvested, ending balance (in shares) 1,551,037,000 1,553,666,000 1,418,709,000  
Weighted Average Grant Date Fair Value        
Nonvested, beginning balance (in USD per share) $ 10.65 $ 10.81 $ 11.94 $ 11.55
Granted (in USD per share) 10.67 9.36 12.16  
Vested (in USD per share) 11.12 11.11 11.51  
Forfeited (in USD per share) 10.10 11.07 11.03  
Nonvested, ending balance (in USD per share) $ 10.65 $ 10.81 $ 11.94  
Vested and not issued (in shares) 522,270,000 379,719 273,358  
Phantom Share Units (PSUs)        
Shares        
Nonvested, beginning balance (in shares) 466,342,000 0    
Granted (in shares) 149,381,000 702,741,000    
Adjustments for Performance Measures (in shares) 466,342,000 (236,399,000)    
Vested (in shares) 0 0    
Forfeited (in shares) 0 0    
Nonvested, ending balance (in shares) 1,082,065,000 466,342,000 0  
Weighted Average Grant Date Fair Value        
Nonvested, beginning balance (in USD per share) $ 9,090.00 $ 8,620 $ 0  
Granted (in USD per share) 11,340 8,620    
Adjustments for Performance Measures (in USD per share) 9,330 8,680    
Vested (in USD per share) 0 0    
Forfeited (in USD per share) 0 0    
Nonvested, ending balance (in USD per share) $ 9,090.00 $ 8,620 $ 0  
v3.25.0.1
Stock-based Compensation - Schedule of Assumptions for Options Granted (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free rate, minimum 2.12%
Risk-free rate, maximum 4.04%
Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected approximate volatility 60.00%
Expected dividends $ 0
Expected term (in years) 7 years
v3.25.0.1
Stock-based Compensation - Summary of Options Granted and Range in Vesting Periods (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted (in shares) 0 0 315,881,000
Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years)     4 years
v3.25.0.1
Stock-based Compensation - Schedule of Vested Stock Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]      
Number of shares outstanding (in shares) 1,159,377,000 1,298,409,000 1,556,486,000
Granted (in shares) 0 0 315,881,000
Exercised (in shares) (55,173,000) (80,315,000) (136,998,000)
Forfeited/expired (in shares) (37,451,000) (58,717,000) (436,960,000)
Number of shares outstanding (in shares) 1,066,753,000 1,159,377,000 1,298,409,000
Weighted Average Grant Date Fair Value      
Weighted average grant date fair value, outstanding (in usd per share) $ 5.60 $ 7.25 $ 4.51
Granted (in usd per share) 0 0 7.30
Exercised (in usd per share) 1.84 1.65 2.20
Forfeited/expired (in usd per share) 6.04 5.25 4.79
Weighted average grant date fair value, outstanding (in usd per share) 5.60 5.60 7.25
Weighted Average Exercise Price      
Weighted average exercise price, outstanding (in usd per share) 11.58 11.18 10.47
Granted (in usd per share) 0 0 12.09
Exercised (in usd per share) 5.24 4.67 5.93
Forfeited/expired (in usd per share) 12.06 12.10 10.97
Weighted average exercise price, outstanding (in usd per share) $ 11.58 $ 11.58 $ 11.18
v3.25.0.1
Stock-based Compensation - Summary of Nonvested Stock Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]      
Number of shares outstanding (in shares) 642,801,000 1,091,068,000 1,411,331,000
Granted (in shares) 0 0 315,881,000
Vested (in shares) (330,292,000) (393,550,000) (314,462,000)
Forfeited (in shares) 0 (54,717,000) (321,682,000)
Number of shares outstanding (in shares) 312,509,000 642,801,000 1,091,068,000
Weighted Average Grant Date Fair Value      
Weighted average grant date fair value, outstanding (in usd per share) $ 5.75 $ 5.65 $ 4.77
Granted (in usd per share) 0 0 7.30
Vested (in usd per share) 5.69 5.54 4.17
Forfeited (in usd per share) 0 5.27 4.86
Weighted average grant date fair value, outstanding (in usd per share) $ 5.76 $ 5.75 $ 5.65
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current provision      
Federal $ 14,700 $ 5,390 $ 1,558
State 6,126 7,385 5,669
Total current provision 20,826 12,775 7,227
Deferred provision      
Federal (3,244) 10,278 13,743
State 856 (2,932) (310)
Total deferred provision (2,388) 7,346 13,433
Total income tax expense $ 18,438 $ 20,121 $ 20,660
v3.25.0.1
Income Taxes - Reconciliation of Expected Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Computed “expected” tax expense $ 11,283 $ 13,802 $ 19,900
Increase (decrease) in income taxes resulting from:      
State income taxes 5,575 3,627 4,289
Return-to-provision (121) 380 (132)
Change in fair value of contingent earnout shares 268 1,793 (4,104)
Permanently non-deductible transaction costs 215 51 137
Officer's compensation 221 129 177
Stock-based compensation 212 720 124
Other permanent items 589 641 343
State Rate Change 119 (724) (121)
Other 77 (298) 47
Total income tax expense $ 18,438 $ 20,121 $ 20,660
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax expense $ 18,438,000 $ 20,121,000 $ 20,660,000
Tax credit carryforward $ 0    
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 7,964 $ 8,015
Interest expense limitation carryforward 10,765 8,174
Stock-based compensation 4,452 3,284
Lease liabilities 2,397 2,589
Capitalized research & experimental costs 2,481 1,159
Other 3,144 2,867
Total deferred tax assets 31,203 26,088
Deferred tax liabilities:    
Property and equipment 58,471 53,804
Location contracts and other intangibles 15,282 9,348
Lease assets 2,294 2,524
Interest rate caplets 1,585 3,008
Other 943 154
Deferred tax liabilities, gross 78,575 68,838
Total deferred tax liability, net $ 47,372 $ 42,750
v3.25.0.1
Income Taxes - Summary of Carryforwards of Net Operating Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
State net operating losses    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 106,110 $ 106,690
v3.25.0.1
Commitments and Contingencies (Details)
$ in Millions
 5 Months Ended 12 Months Ended
Jul. 18, 2024
USD ($)
Jul. 06, 2023
USD ($)
Dec. 18, 2020
USD ($)
Sep. 30, 2017
claim
Dec. 31, 2024
USD ($)
establishment
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]            
Number of licensed establishments | establishment         10  
New lawsuits | claim       2    
Loss contingency, loss in period         $ 0.5 $ 1.4
Rowell's Claim            
Loss Contingencies [Line Items]            
Settlement amount paid $ 0.1          
IGB Complaint            
Loss Contingencies [Line Items]            
Settlement amount paid   $ 1.1        
Damages sought     $ 5.0      
IGB Complaint | Alleged Conduct            
Loss Contingencies [Line Items]            
Settlement amount paid   1.0        
IGB Complaint | Administrative and Investigative Costs            
Loss Contingencies [Line Items]            
Settlement amount paid   $ 0.1        
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income attributable to Accel Entertainment, Inc. $ 35,252 $ 45,603 $ 74,102
Basic weighted average outstanding shares of common stock (in shares) 83,747,000 85,949,000 90,629,000
Dilutive effect of stock-based awards for common stock (in shares) 1,230,000 854,000 600,000
Diluted weighted average outstanding shares of common stock (in shares) 84,977,000 86,803,000 91,229,000
Earnings per common share:      
Basic (in usd per share) $ 0.42 $ 0.53 $ 0.82
Diluted (in usd per share) $ 0.41 $ 0.53 $ 0.81
Anti-dilutive options excluded from calculation of diluted EPS (in shares) 4,300,000 4,400,000 5,000,000.0