Accel Entertainment announced a major strategic acquisition to purchase FanDuel Sportsbook and racetrack in Collinsville, Illinois, for about $35 million. The acquisition includes both Fairmount Holdings and its subsidiary Fairmount Park, which currently hosts the only active racetrack in the St. Louis area.

The deal, worth 3.45 million shares of Accel, represents a significant expansion of Accel Entertainment, which is known for operating gaming terminals primarily in non-casino venues such as bars and restaurants. The company owns and operates about 25,000 electronic game consoles in seven states and serves 4,000 retail sites.

According to Fox2, Accel acquisition plan includes a significant investment of between $85 million and $95 million to develop a temporary and permanent casino on the Collinsville site. The temporary facility, expected to open by mid-2025, will feature 200 slot machines and four to six game tables. Aiming to open in mid-to-late 2027, the more ambitious permanent casino will sport 500 slot machines, 24 tables and a sportsbook.

The deal is expected to close in the fourth quarter of 2024, pending approval from Illinois Racing Board and Illinois Gaming Board. This represents not only a growth opportunity for Axel, but also a significant improvement in the local gaming market, potentially driving economic development in southern Illinois and the St. Louis region.

“I am delighted with Axel Entertainment’s acquisition of FanDuel Sportsbook & Horse Racing. This move is a testament to Collinsville’s vitality and potential. It will undoubtedly drive economic development, create jobs, and strengthen our local economy along Collinsville road corridors. We expect this acquisition to have a positive impact on our city,” said Collinsville Mayor Jeff Stiman, according to a press release released by Axel Entertainment.

an ongoing tradition

Accel plans for the Collinsville track, rebranded as FanDuel Sportsbook & Horse Racing in 2020, include continuing the horse racing tradition dating back to 1925 with a new gaming facility. The company’s commitment to the field is demonstrated by its collaboration with local and state officials to ensure community benefits and support for the Illinois agricultural and horse industries beyond track and casino development.

The acquisition aligns with Accel strategic goal of expanding its presence in the local gaming market and leveraging its expertise in route-based operations. Andrew Rubenstein, Accel co-founder, president, CEO, and director, expressed enthusiasm for re-investing in the community and working with local stakeholders to support job creation. “As leading distributed gaming operators in the United States, we are excited to partner with ‘Hall of Fame’ value creators Bill Styritz and Rob Vitale to deploy our local gaming expertise to this promising sportsbook, racetrack, and future casino,” Rubenstein said.

The deal particularly highlights the evolving landscape of the Illinois gaming industry, which has seen various changes and developments following the state legislature’s 2019 approval of game expansion. With planned casinos and ongoing horse racing operations, Axel aims to become a cornerstone of local gaming and create a vibrant entertainment hub that attracts visitors from across the region. 동행복권파워볼

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