Accel Entertainment to Acquire FanDuel Sportsbook & Horse Racing, Add New Casino

Accel Entertainment, the largest terminal operator in the U.S. and a Chicago-based publicly traded company, is acquiring FanDuel Sportsbook & Horse Racing and the Collinsville horse track in Illinois in a $35 million stock deal. 

Accel Entertainment agreed to a buyout of both Fairmount Holdings Inc. and its subsidiary, Fairmount Park Inc. 

There are also plans to add a casino to the site. FanDuel Sportsbook & Horse Racing hosts 65 race days and approximately 435 horse races per year. 

The deal is valued at 3.45 million shares of Accel Class A-1 common stock. That translates to about $35 million based on recent averages. 

The buyout includes both Fairmount Holdings Inc. and its subsidiary, Fairmount Park Inc. from co-owners William Stiritz, chairman of Brentwood-based consumer packaged goods holding company Post Holdings Inc., and Robert Vitale, CEO of Post Holdings.

“As a leading distributed gaming operator in the United States, we are excited to partner with ‘Hall of Fame’ value creators Bill Stiritz and Rob Vitale to deploy our local gaming expertise in this promising sportsbook, racetrack and future casino,” said Andy Rubenstein, Accel co-founder, President, CEO and Director. 

“We’re also deeply grateful to Mayor Jeff Stehman of Collinsville, state representatives Jay Hoffman (113th District) and Katie Stuart (112th District), state senator Chris Belt (57th District), the Illinois Gaming Board and the Illinois Racing Board for their support of this opportunity to reinvest and support job creation in the southern Illinois and greater St. Louis community.

“We are excited to be a part of an almost 100-year-old southern Illinois institution in Fairmount Park and support the Illinois agriculture and equine industries.” 

Accel owns and operates about 25,000 electronic gaming machines in 4,000 retail sites across seven states

Furthermore, Accel owns and operates around 25,000 electronic gaming machines in 4,000 retail sites across seven states. In addition to Illinois, the company operates in Iowa, Georgia, Missouri, Nebraska, Nevada, and North Carolina. 

“We’ve long sought strategically aligned, well capitalized and proven operators in the local gaming space to realize the full potential of this sportsbook and racetrack. … Accel is the ideal fit,” said Vitale.

Accel plans to invest $85 to $95 million to fund both temporary and permanent casino construction and modest track investments. The temporary facility is expected to open in mid-2025 with 200 slot machines and four to six tables. 

Additionally, the Collinsville track was rebranded as FanDuel Sportsbook & Horse Racing in 2020. Its rich history dates back to 1925. The permanent casino is targeted for a mid- to late-2027 opening with 500 slot machines, 24 tables, and a sportsbook. 

The transaction is expected to close in the fourth quarter of 2024. Of course, this is based on pending approvals from the Illinois Racing Board and Illinois Gaming Board.

Accel Entertainment was granted its “Terminal Operator” license by the Illinois Gaming Board on March 15, 2012. The company was one of the first “Terminal Operators” to be licensed in the state.