Mark T. Phelan, President of U.S. Gaming at Accel Entertainment, Inc. (NYSE:ACEL), executed a notable stock transaction recently. According to a Form 4 filing with the Securities and Exchange Commission, Phelan sold 9,577 shares of the company's Class A-1 Common Stock on December 3, 2024. The shares were sold at a weighted average price of $11.653, generating a total of approximately $111,600. The transaction comes as ACEL trades near its 52-week high of $12.61, with the stock currently at $12.09. InvestingPro data shows the company maintains notably low price volatility.
In addition to the sale, Phelan exercised stock options to acquire 9,577 shares at $5.24 per share on the same day and an additional 736 shares on December 4, 2024, at the same price. These transactions resulted in a total acquisition value of $54,040.
Following these transactions, Phelan's direct ownership in Accel Entertainment now stands at 190,524 shares. This activity is part of routine stock option exercises and subsequent sales, reflecting typical executive stock management practices.
In other recent news, Accel Entertainment, a leading distributed gaming operator, has made strategic moves to strengthen its position in the gaming industry. The company recently completed the acquisition of a majority stake in two Louisiana-based gaming entities, Toucan Gaming, LLC and LSM Gaming, LLC. This $40 million transaction is expected to generate approximately $25 million in revenue and $6 million in Adjusted EBITDA for the year 2025.
Accel Entertainment also reported steady growth in its third-quarter results for 2024, with a revenue of $302 million and an adjusted EBITDA of $46 million. This indicates a year-over-year growth of 5.1% and 3.9% respectively. The growth has been attributed to strategic moves in Illinois, its largest market, and expansion into new markets including Nebraska, with the upcoming acquisition of Fairmont Park.
Further, Accel is actively repurchasing shares under a $200 million program and is focusing on organic growth in Illinois, Nebraska, and Georgia. The company is also exploring M&A opportunities in the $15 billion local gaming market. These recent developments highlight Accel Entertainment's commitment to growth and shareholder returns.
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