Accel Entertainment Inc (ACEL) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for attending the Accel Entertainment second quarter earnings call. My name is Jason, and I will be the moderator today. (Operator Instructions) I'd now like to pass the conference over to your host, Scott Levin.

下午好，感謝您參加 Accel Entertainment 第二季財報電話會議。我叫傑森，今天我將擔任主持人。（操作員指示）現在我想將會議交給主持人 Scott Levin。

Welcome to Accel Entertainment's Second Quarter 2025 Earnings Call. Participating on the call today are Andy Rubenstein, Accel's Chief Executive Officer; and Mark Phelan, Accel's President of US Gaming and Acting CFO.

歡迎參加 Accel Entertainment 2025 年第二季財報電話會議。今天參加電話會議的有 Accel 執行長 Andy Rubenstein 和 Accel 美國遊戲總裁兼代理財務長 Mark Phelan。

Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under Events and Presentations within the Investor Relations section of our website.

請參閱我們的網站，以了解本次電話會議將討論的新聞稿和補充資訊。今天的電話會議正在錄製中，並將在我們網站的「投資者關係」部分中的「活動和演示」下提供。

Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release available on our website as well as other risk factor disclosures in our filings with the SEC. Any projected financial information presented in this call is for illustrative purposes only and should not be relied upon as being predictive of future results.

今天電話會議中的某些評論可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響。實際結果可能與今天討論的結果有重大差異，除非法律要求，否則公司不承擔更新這些聲明的義務。如需更詳細地討論這些風險因素和其他風險因素，投資者應查看我們網站上的收益新聞稿中的前瞻性陳述部分以及我們向美國證券交易委員會提交的文件中披露的其他風險因素。本次電話會議中提供的任何預計財務資訊僅供說明之用，不應作為對未來結果的預測。

The inclusion of any financial forecast information in this call should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. During the call, we may discuss certain non-GAAP financial measures. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to our earnings release and other materials in the Investor Relations section of our website. Following management's prepared remarks, we will open the call for a question-and-answer session. With that, I would now like to introduce Andy.

本次電話會議中包含的任何財務預測資訊不應被視為任何人表示此類預測所反映的結果將會實現。在通話期間，我們可能會討論某些非公認會計準則財務指標。有關非公認會計準則指標的對帳以及有關這些指標的其他信息，請參閱我們網站投資者關係部分的收益報告和其他資料。在管理階層準備好發言之後，我們將開始問答環節。現在，我想介紹一下安迪。

Please go ahead.

請繼續。

Thank you, Scott, and good afternoon, everyone. We appreciate you joining us today. In the 2025 second quarter, Accel Excel generated record quarterly revenue and adjusted EBITDA of $336 million and $53 million, respectively.

謝謝你，斯科特，大家下午好。感謝您今天加入我們。2025 年第二季度，Accel Excel 創造了創紀錄的季度營收和調整後 EBITDA，分別為 3.36 億美元和 5,300 萬美元。

We continue to build on our leading position in delivering the best gaming experience to the US locals market as we support more than 27,000 legal and regulated gaming terminals at over 4,400 retail partners across 10 states.

我們為遍布 10 個州的 4,400 多個零售合作夥伴的 27,000 多個合法且受監管的遊戲終端提供支持，繼續鞏固我們在為美國本地市場提供最佳遊戲體驗方面的領先地位。

Across our broader portfolio, we generated growth in the majority of the markets where we operate. Our Q2 growth reflects our disciplined expansion strategy and consistent execution in our core, developing, and new markets.

在我們更廣泛的投資組合中，我們在大多數經營市場都實現了成長。我們第二季的成長反映了我們在核心市場、發展中市場和新市場的嚴謹擴張策略和持續執行。

Accel's continued growth will benefit from its strong competitive position and healthy balance sheet as we pursue our multipronged growth strategy. Today's call should leave everyone with the understanding that local gaming is an incredibly attractive, resilient, and a growing segment within the broader gaming market.

隨著我們推行多管齊下的成長策略，Accel 的持續成長將受益於其強大的競爭地位和健康的資產負債表。今天的電話會議應該讓每個人都明白，本地遊戲是更廣泛的遊戲市場中一個極具吸引力、有彈性且不斷增長的領域。

And as a leader in this segment, Accel expects to continue to generate near- and long-term growth in revenue, adjusted EBITDA, and free cash flow. We plan to achieve these goals by leveraging our operating expertise, while also remaining focused on often overlooked M&A opportunities, which I will discuss in more detail later on the call.

作為該領域的領導者，Accel 預計將繼續實現收入、調整後 EBITDA 和自由現金流的近期和長期成長。我們計劃利用我們的營運專業知識來實現這些目標，同時繼續專注於經常被忽視的併購機會，我將在稍後的電話會議上更詳細地討論這些機會。

As the market leader in Illinois, this market remains the foundation of our business, with second quarter revenue up over 8% to a quarterly record $245 million. This increase was driven by our strategic game enhancements and location optimization initiatives, which resulted in a 6% year-over-year increase and location hold per day to $910.

作為伊利諾伊州的市場領導者，該市場仍然是我們業務的基礎，第二季營收成長超過 8%，達到季度創紀錄的 2.45 億美元。這一增長得益於我們的策略遊戲增強和位置優化舉措，導致每日位置持有費年增 6%，達到 910 美元。

Our second largest core market, the Montana distributed gaming route grew revenue by 2.6% and as it continues to scale its content and systems products to support its dominant market share. Our developing markets, Nebraska and Georgia, grew revenue by 26.1% and 53.5%, respectively, while Nevada revenue declined by 7.7%.

我們的第二大核心市場蒙大拿州分散式遊戲路線的收入增長了 2.6%，並且它繼續擴大其內容和系統產品以支持其主導的市場份額。我們的發展中市場內布拉斯加州和喬治亞州的收入分別增長了 26.1% 和 53.5%，而內華達州的收入下降了 7.7%。

As Nebraska and Georgia continue to take market share with superior service and products, Nevada's decline reflects the loss of a key customer in 2024 due to a change in ownership. We remain optimistic about our growth potential in all three markets, where strategic investments are now beginning to contribute to Accel's overall growing adjusted EBITDA.

隨著內布拉斯加州和喬治亞州繼續憑藉優質的服務和產品佔領市場份額，內華達州的下滑反映出由於所有權變更，該州在 2024 年失去了一位關鍵客戶。我們對這三個市場的成長潛力仍然持樂觀態度，這些市場的策略投資現在開始為 Accel 整體成長的調整後 EBITDA 做出貢獻。

In our new markets, we are seeing tangible contributions from our Toucan Gaming acquisition in Louisiana. That acquisition further expanded our operations in the Southeast, by adding over 600 terminals across nearly 100 locations.

在我們的新市場中，我們看到了我們在路易斯安那州收購 Toucan Gaming 所帶來的實際貢獻。此次收購進一步擴大了我們在東南部的業務，在近 100 個地點增加了 600 多個終端。

Toucan Gaming generated approximately $10 million of second quarter revenue, and we expect to realize additional synergies in revenue as well as adjusted EBITDA performance gains. Our performance reinforces our confidence that these benefits will become even more apparent into next year.

Toucan Gaming 第二季的營收約為 1,000 萬美元，我們預計將實現營收的額外綜效以及調整後的 EBITDA 業績成長。我們的表現增強了我們的信心，這些好處在明年將會變得更加明顯。

In April, Excel's installation of 271 gaming positions completed Phase 1 of its casino at Fairmount Park. Our soft opening just prior to the Kentucky Derby, generated a strong turnout bringing excitement to this historic venue. Fairmount continues to ramp up steadily and we remain confident in this long-term contribution. We expect our player acquisition and retention strategy to expand the player database and drive market share gains.

今年 4 月，Excel 在費爾蒙特公園安裝了 271 個遊戲機位，完成了賭場第一期工程。我們在肯塔基賽馬會之前舉行的試營運吸引了大量觀眾，為這個歷史悠久的場地帶來了興奮。Fairmount 繼續穩步發展，我們對這項長期貢獻充滿信心。我們期望我們的球員獲取和保留策略能夠擴大球員資料庫並推動市場份額的成長。

In addition to our racing and casino business at Fairmount, Accel benefits from our long-term revenue sharing agreement tied to FanDuel's online sports betting operations across the state of Illinois.

除了我們在 Fairmount 的賽馬和賭場業務外，Accel 還受益於與 FanDuel 在伊利諾伊州的線上體育博彩業務相關的長期收入分享協議。

When taken together, the early operational progress at Fairmount and the FanDuel revenue-sharing arrangement reinforce our confidence that Fairmount Park Casino & Racing will continue to contribute to our adjusted EBITDA growth as we move into 2026.

綜合起來，Fairmount 早期的營運進展和 FanDuel 收入分成安排增強了我們的信心，即 Fairmount Park Casino & Racing 將在 2026 年繼續為我們的調整後 EBITDA 成長做出貢獻。

Looking ahead, our M&A pipeline remains active. We continue to evaluate opportunities across the large and fragmented local gaming market, estimated at over $15 billion nationally. We remain focused on disciplined, accretive transactions that do not stretch our balance sheet.

展望未來，我們的併購管道依然活躍。我們將繼續評估龐大且分散的本地遊戲市場中的機會，全國遊戲市場規模估計超過 150 億美元。我們仍然專注於有紀律的、增值的交易，而不會擴大我們的資產負債表。

Most of these assets are below the radar of larger operators, creating attractive opportunities for Accel to expand our footprint while maintaining strong financial discipline. Our consistently strong financial performance and ongoing progress reflects the inherent resilience of our business model and its ability to generate compelling returns on invested capital.

這些資產大部分都處於大型營運商的視線之外，為 Accel 擴大業務範圍並保持強有力的財務紀律創造了有利機會。我們持續強勁的財務表現和持續的進步反映了我們商業模式的內在彈性及其產生令人信服的投資回報的能力。

Our decentralized approach, spanning thousands of retail locations, provides the diversification and the flexibility to efficiently allocate capital in line with local demand and market dynamics. With that, I'm going to turn it over to Mark to walk us through the financial results in added detail.

我們的分散式方法涵蓋數千個零售點，提供多樣化和靈活性，可根據當地需求和市場動態有效分配資本。接下來，我將把時間交給馬克，讓他向我們更詳細地介紹財務結果。

Thanks, Andy. For second quarter, total revenue was $336 million, representing year-over-year growth of 9%. Without the acquisition of Fairmount Park and our Louisiana assets, total revenue was $317 million, representing year-over-year growth of 2.4%.

謝謝，安迪。第二季總營收為 3.36 億美元，年增 9%。不包括收購費爾蒙特公園和路易斯安那州資產，總收入為 3.17 億美元，較去年同期成長 2.4%。

Adjusted EBITDA for the second quarter was $53 million, a year-over-year increase of 7% compared to second quarter of 2024. As of June 30, 2025, we operated approximately 27,400 terminals across more than 4,400 locations, representing year-over-year increases of 3.4% and 3.1%, respectively.

第二季調整後 EBITDA 為 5,300 萬美元，與 2024 年第二季相比年增 7%。截至 2025 年 6 月 30 日，我們在 4,400 多個地點營運約 27,400 個終端，分別較去年同期成長 3.4% 和 3.1%。

As Andy stated earlier, we look at our distributed gaming portfolio across three markets: core, developing, and new. Each of these markets is positioned to grow revenue and earnings at different rates for different reasons.

正如安迪之前所說，我們將分散式遊戲組合放在三個市場：核心市場、發展中市場和新興市場。由於不同的原因，每個市場的收入和收益都以不同的速度成長。

Our core markets, Illinois and Montana, are our largest and most seasoned markets, and we expect them to scale their platforms to drive higher margins and free cash flow over time. Our developing markets in Nebraska, Nevada, and Georgia are fast-growing markets where we expect our prior infrastructure investments and scale to generate meaningful increases in revenue and operating margins.

我們的核心市場伊利諾伊州和蒙大拿州是我們最大、最成熟的市場，我們預計它們將擴大平台規模，從而隨著時間的推移提高利潤率和自由現金流。我們在內布拉斯加州、內華達州和喬治亞州的發展中市場是快速成長的市場，我們預計我們先前的基礎設施投資和規模將為這些市場帶來收入和營業利潤率的顯著增長。

We expect that our new markets of Louisiana and Fairmount Park will experience revenue growth while initially generating lower margins as we invest in their operating platforms.

我們預計，由於我們對其營運平台進行投資，路易斯安那州和費爾蒙特公園這兩個新市場的收入將會成長，但最初產生的利潤率將會較低。

I also wanted to provide more revenue detail on our two core markets, Illinois and Montana. The Illinois distributed gaming market contributed $236 million of revenue, which grew by $9 million or 3.9% in second quarter 2025 compared to prior year.

我還想提供有關我們的兩個核心市場伊利諾伊州和蒙大拿州的更多收入細節。伊利諾伊州分散式遊戲市場貢獻了 2.36 億美元的收入，與去年同期相比，2025 年第二季度增長了 900 萬美元，即 3.9%。

Our Montana distributed gaming route experienced positive quarterly revenue growth of 2.6%. While Grand Vision Gaming, Accel's wholly-owned slot machine manufacturer, saw a decline in revenue primarily due to timing on software sales as Grand Vision Gaming or GVG updates its operating platform to support product availability and Accel other markets. GVG, our billings Montana base slot manufacturer and Century, which runs our distributed gaming route are reported together under Montana consolidated operations. As a result, the year-over-year quarterly revenue shows a decline for Montana on a consolidated basis.

我們的蒙大拿州分散式遊戲路線季度收入成長了 2.6%。Accel 的全資老虎機製造商 Grand Vision Gaming 的營收下降主要是由於軟體銷售時機不佳，因為 Grand Vision Gaming 或 GVG 更新了其操作平台以支援產品可用性和 Accel 的其他市場。GVG 是我們位於蒙大拿州比林斯的基礎老虎機製造商，而 Century 則負責營運我們的分散式遊戲路線，它們都在蒙大拿州合併營運中報告。因此，蒙大拿州的合併季度營收年減。

As we mentioned earlier, Nevada experienced a revenue drop from the loss of a key customer due to an ownership change. In spite of that loss, we have done a great job optimizing our operating footprint in Nevada in the second quarter.

正如我們之前提到的，由於所有權變更，內華達州失去了一位關鍵客戶，導致收入下降。儘管遭受損失，我們在第二季度仍然出色地優化了在內華達州的營運佈局。

I also wanted to address our recent operational wins, which include Illinois increased operating margins by 70 basis points in the second quarter of 2025 as the team scaled our existing infrastructure. Illinois launched ticket in, ticket out, TITO late in July with a phase rollout expected over the next few months and a full implementation date to be determined.

我還想談談我們最近在營運方面取得的成就，其中包括隨著團隊擴大現有基礎設施，伊利諾伊州在 2025 年第二季將營運利潤率提高了 70 個基點。伊利諾伊州於 7 月下旬啟動了「票進票出」TITO 計劃，預計將在未來幾個月內分階段推出，全面實施日期待定。

We believe TITO has the potential to provide a better player experience, lower field cash needs, and potentially lower our operating expenses. Montana rolled out proprietary gaming content and gaming systems designed to increase average profitability per store.

我們相信 TITO 有潛力提供更好的玩家體驗、降低場地現金需求並可能降低我們的營運費用。蒙大拿州推出了專有的遊戲內容和遊戲系統，旨在提高每家商店的平均獲利能力。

Both Nebraska and Georgia utilized attractive redemption products and gaming infrastructure to profitably increase market share. Finally, Louisiana legislation passed that allows for an additional video gaming machine per route location as well as additional video gaming machines to truck stacks. As a reminder, our route markets are bifurcated between negotiated and legally defined revenue splits with retail and state government partners.

內布拉斯加州和喬治亞州都利用有吸引力的兌換產品和遊戲基礎設施來增加市場份額。最後，路易斯安那州通過了一項立法，允許在每個路線位置增加一台電玩遊戲機，並在卡車堆中增加更多的電玩遊戲機。提醒一下，我們的路線市場分為與零售和州政府合作夥伴協商的收入分成和法律規定的收入分成。

Only our Illinois, Georgia, and Pennsylvania markets have legally defined revenue split, which are determined statutorily. The rest of our markets have revenue splits, which are negotiated between locations in Accel. For competitive reasons, we do not disclose the operating margins in these states and their implied gross margins, both of which are driven by revenue splits. Moving on to capital expenditures. For the second quarter, our CapEx totaled approximately $26 million.

只有我們的伊利諾州、喬治亞州和賓州市場有合法定義的收入分割，這是法定的。我們其餘的市場都有收入分成，由 Accel 內部各個地點協商決定。出於競爭原因，我們不會揭露這些州的營業利潤率及其隱含毛利率，這兩者都是由收入分成驅動的。繼續討論資本支出。第二季度，我們的資本支出總額約為 2,600 萬美元。

We are reaffirming our full year 2025 CapEx forecast of $75 million to $80 million, including approximately $39 million to $41 million for our legacy markets, $5 million to $7 million for Louisiana and $31 million to $32 million for Fairmount Park.

我們重申 2025 年全年資本支出預測為 7,500 萬至 8,000 萬美元，其中包括我們傳統市場的約 3,900 萬至 4,100 萬美元、路易斯安那州的 500 萬至 700 萬美元和費爾蒙特公園的 3,100 萬至 3,200 萬美元。

CapEx for Fairmount Park covers both Phase 1, which is now complete and our initial investments in Phase 2 planning. Following the completion of these projects, we expect normalized annual CapEx to return to the $40 million to $45 million range.

費爾蒙特公園的資本支出涵蓋現已完成的第一階段以及我們在第二階段規劃中的初始投資。這些項目完成後，我們預計正常年度資本支出將回到 4,000 萬美元至 4,500 萬美元的範圍內。

At quarter end, we had approximately $331 million of net debt and $392 million of liquidity, consisting of $265 million of cash and $127 million of availability under our credit facility. Lastly, we remain committed to returning capital to our shareholders.

截至本季末，我們的淨債務約為 3.31 億美元，流動資金約為 3.92 億美元，其中包括 2.65 億美元的現金和 1.27 億美元的信貸額度可用資金。最後，我們仍然致力於向股東返還資本。

During the second quarter, we repurchased 634,000 shares at an average price of $10.58 per share for a total of $6.7 million. This brings the total shares repurchased for the six months ended June 30, 2025 to 1.6 million shares at a total of $16.9 million.

第二季度，我們以每股 10.58 美元的平均價格回購了 634,000 股，總計 670 萬美元。這使得截至 2025 年 6 月 30 日的六個月內回購的股票總數達到 160 萬股，總額為 1,690 萬美元。

With a strong balance sheet and low leverage, we believe we are well positioned to continue to grow our business and return capital to shareholders. With that, I'd like to turn it back over to Andy.

憑藉強勁的資產負債表和低槓桿率，我們相信我們有能力繼續發展業務並向股東返還資本。說完這些，我想把發言權交還給安迪。

Thanks, Mark. As I mentioned earlier, we are pleased with the direction of the business, including our record quarterly revenue and record quarterly adjusted EBITDA. Local gaming remains at an attractive, resilient, and growing market segment with large untapped potential, which presents Accel with multiple opportunities to continue to generate strong and consistent revenue, adjusted EBITDA, and free cash flow growth moving forward. With that, I now would like to open the call to questions. Operator?

謝謝，馬克。正如我之前提到的，我們對業務的發展方向感到滿意，包括創紀錄的季度收入和創紀錄的季度調整後 EBITDA。本地遊戲仍然是一個具有吸引力、有彈性且不斷增長的細分市場，擁有巨大的未開發潛力，這為 Accel 提供了多種機會，可以繼續創造強勁而穩定的收入、調整後的 EBITDA 和自由現金流增長。好了，現在我想開始提問。操作員？

(Operator Instructions) Chad Beynon, Macquarie.

（操作員指示）Chad Beynon，麥格理。

And I wanted to start with the strong growth that you showed in Illinois, since it's the biggest market, and you're categorizing it as a core market. Can you just talk about what you saw throughout the quarter? We've heard from a number of other gaming companies who have said that the quarter started off certainly differently than it finished given all the volatility in the market, but I was just wondering if you could give a little bit more detail in terms of how the quarter shaped up given some consumer volatility.

我想從你們在伊利諾伊州表現出的強勁成長開始，因為它是最大的市場，而且你們將其歸類為核心市場。您能談談您在整個季度看到的情況嗎？我們從許多其他遊戲公司那裡聽說，由於市場波動，本季度的開始和結束情況肯定有所不同，但我只是想知道您是否可以提供一些更詳細的信息，說明在消費者波動的情況下本季度的情況如何。

Chad, it's Mark. Thanks for the question. It was actually pretty consistent growth through the quarter. All three months generally were kind of consistent with the volume. So we didn't really see much of a peaker value, which is generally consistent.

查德，我是馬克。謝謝你的提問。本季的成長實際上相當穩定。這三個月的交易量大致上是一致的。所以我們實際上並沒有看到太多的峰值，這通常是一致的。

Okay. Great. And then, Andy, just on your comments around M&A. I know you introduced the idea in a larger way, probably about a year ago with the Fairmount acquisition. What size asset portfolio EBITDA, should we think about that you and the team will be looking at? Or maybe asked a different way, how much leverage are you willing to put on this business at this point, given your cash and facility availability at this point?

好的。偉大的。然後，安迪，請談談您對併購的評論。我知道您曾更廣泛地提出過這個想法，大概是在一年前收購 Fairmount 時。我們應該考慮您和您的團隊將關注多大規模的資產組合 EBITDA？或者換一種方式問，考慮到您目前的現金和設施可用性，您願意在這項業務上投入多少槓桿？

Thanks, Chad. As we look at it, we're always opportunistic on the acquisitions. But I would tell you, consistent with our history, we're not looking to lever up the company in any extreme way. We've always kind of played it relatively conservatively. We have plenty of availability in our credit facility is -- we're about to refresh that.

謝謝，乍得。我們認為，我們總是抓住機會進行收購。但我想告訴你，按照我們的歷史，我們並不打算以任何極端的方式來提升公司。我們一直以來都採取相對保守的做法。我們的信貸額度充足，我們即將更新。

And obviously, the company generates significant cash flow. So as we move forward, we're evaluating opportunities to best deploy that cash. And like the recent opportunities that we saw both at Fairmount and in Louisiana, we take advantage of those opportunities. So I would expect that we would be consistent and looking where the opportunities are adjacent or actually involved with the markets that we're in, and we look to continue to grow with those different opportunities.

顯然，該公司產生了大量現金流。因此，隨著我們不斷前進，我們正在評估最佳部署現金的機會。正如我們最近在費爾蒙特和路易斯安那州看到的機會一樣，我們利用了這些機會。因此，我希望我們能夠保持一致，尋找與我們所在的市場相鄰或實際相關的機會，並期待透過這些不同的機會繼續發展。

Chad, this is Mark, too. I would just point out that the local gaming market, of which we think we're a premier player in, generally are smaller assets in that -- these are unconsolidated sort of less professional operators. And so it tends to lean where the opportunities are smaller and you can take more bite-sized acquisitions.

查德，這也是馬克。我只想指出，我們認為我們是本地博彩市場的領先參與者，但該市場的資產通常較小——這些都是非合併的、不太專業的運營商。因此，它傾向於選擇機會較小的、可以進行小規模收購的地方。

Okay. And I would presume with some of those, there's opportunities to improve the margins or improve something with the business that you have the business acumen to implement?

好的。我認為，透過其中的一些，就有機會提高利潤率或改善業務，而您是否有商業頭腦來實施這些？

Yes. And I think in general, we have a competitive advantage in the fact that we have scale, we have the ability to implement technology from the Grand Vision operations that we have. We operate systems, reward systems in both Montana, Nevada, and in Nebraska, we have the ability to manufacture equipment. So as we look at a market, we can take a more holistic view and we believe that it's allowed us to be much more competitive and much more aggressive as we approach these opportunities.

是的。我認為總體而言，我們的競爭優勢在於我們擁有規模，我們有能力實施我們擁有的 Grand Vision 營運中的技術。我們在蒙大拿州、內華達州和內布拉斯加州營運系統、獎勵系統，我們有能力製造設備。因此，當我們審視市場時，我們可以採取更全面的視角，我們相信，這使我們在抓住這些機會時更具競爭力、更積極主動。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

First, you noted TITO in Illinois started in July. What are your expectations for how that can impact earnings moving forward?

首先，您注意到伊利諾伊州的 TITO 於 7 月開始。您對這將如何影響未來的收益有何預期？

Thanks, Steve, it's Andy. As we look at TITO, it's really, really early in the game. Because over half of the machines have not -- had TITO kind of implemented. And we're waiting for the ITB as they're rolling it out. So we're really early.

謝謝，史蒂夫，我是安迪。當我們看 TITO 時，它真的處於遊戲的早期階段。因為超過一半的機器還沒有實現 TITO。我們正在等待 ITB 的推出。所以我們來得確實早。

We're like literally weeks into it. I think it's our second week. This quarter, we don't expect anything material, and we'll be able to, by the time we report the third quarter, kind of give you a little more indication of what impact it will have on the market.

我們實際上已經進行了數週的時間。我想這是我們的第二週。本季度，我們預計不會出現任何重大變化，到第三季報告發佈時，我們將能夠向您提供更多關於它將對市場產生什麼影響的跡象。

We do think it will help with our -- reduce the cash that we have as people utilize their tickets in multiple machines that aren't continually cashing out. The player experience will be better, and it should mildly reduce the collection costs.

我們確實認為它將有助於我們減少現金，因為人們在多台不會持續兌現的機器上使用他們的票。玩家體驗將會更好，並且應該會略微降低收集成本。

So we're watching it closely, and we'll see more to report after this quarter.

因此，我們正在密切關注，並將在本季度後看到更多報告。

Okay. And then in Nevada, I think you noted the loss of a key customer. What is the market growing in ex of one customer. And have you seen any changes in the market to start the third quarter at all?

好的。然後在內華達州，我想你注意到了一位關鍵客戶的流失。例如，對於一個客戶來說，市場在成長什麼？您是否看到第三季開始時市場有任何變化？

Yes, Steve, it's Mark. So net of that customer, we actually grew slightly in revenue year over year. And in terms of the market there, it's really bifurcated kind of in sort of locations that have licenses and locations that don't and instead pay leases.

是的，史蒂夫，我是馬克。因此，扣除該客戶後，我們的收入實際上比去年同期略有增長。就那裡的市場而言，它實際上分為兩種，一種是擁有許可證的地方，另一種是沒有許可證的地方，而是支付租金。

We're much more aggressive about the former in terms of getting higher margins. And we saw that from our team there, they performed significantly better in terms of margin even without the one key customer. And so we like that market a lot, actually, and we're growing, and that's why we've kind of included in our developing markets, even though it's a market that's been around 30-plus years.

為了獲得更高的利潤，我們對前者採取了更積極的措施。我們看到，即使沒有一個關鍵客戶，我們的團隊在利潤方面的表現也明顯更好。因此，實際上，我們非常喜歡這個市場，而且我們正在成長，這就是為什麼我們將這個市場納入發展中市場，儘管這個市場已經存在了 30 多年。

Greg Gibas, Northland.

格雷格·吉巴斯，北地。

Congrats on the record results. I wanted to just ask maybe how performance at the racetrack and casino has performed relative to your initial expectations? And maybe what your updated expectations are for Fairmount this year following Phase 1 completion and launch?

恭喜你取得創紀錄的成績。我只是想問一下，賽馬場和賭場的表現與您最初的預期相比如何？也許您對今年 Fairmount 第一階段完工並投入使用後的最新期望是什麼？

Yes, Greg, it's Mark. So we don't -- we're not going to break out operating segments, but we underwrote the Park as sort of a valuable asset for a variety of reasons. And we -- some have with casino, racing and then Sportsbook and then F&B, food and beverage. And we've seen positive indicators for all four that kind of matched our internal expectations. So we're pretty excited about the asset.

是的，格雷格，我是馬克。所以我們不會——我們不會拆分營運部門，但出於各種原因，我們將該公園視為寶貴資產。我們有一些賭場、賽馬場、體育博彩，還有餐飲、食物和飲料。我們看到這四個面向的指標都呈現正態勢，符合我們的內部預期。所以我們對這項資產感到非常興奮。

It's still very early days. It's 13th week. But we will -- I think we commented that we think it's going to be a significant contributor in '26, and we still feel pretty confident about that.

現在還為時過早。現在是第13週。但我們會——我想我們曾評論說，我們認為它將在 26 年做出重大貢獻，我們對此仍然非常有信心。

Great. And I guess to follow up there. When do you expect to have maybe a more material update on Phase 2 timing given that you are spending CapEx this year on Phase 2 planning? And maybe what more specifically is that kind of spending going towards or allocated for?

偉大的。我想繼續跟進。鑑於您今年將資本支出用於第二階段規劃，您預計何時能夠對第二階段的時間安排進行更實質的更新？那麼，這些支出更具體地用於什麼地方或分配用於什麼用途呢？

So the second part of the question, Greg, is really just design. And so you have to kind of understand the asset, and we invite all of you to come out and view it some time. But it's 183-acre campus with multiple different buildings.

所以問題的第二部分，格雷格，實際上只是設計。所以你必須了解這項資產，我們邀請大家有時間出來看看。但它的校園佔地 183 英畝，擁有多棟不同的建築。

And one of the things you really need to understand in order to be successful in the Phase 2 is how people interact between those buildings we're still really figuring that out. We've learned a lot in the last 13 weeks, and we think we'll learn a lot more the racing season ends at the end of October.

為了在第二階段取得成功，你真正需要了解的事情之一是人們如何在這些建築物之間互動，我們仍在弄清楚這一點。在過去的 13 周里，我們學到了很多東西，我們認為在 10 月底賽季結束時，我們將學到更多。

And so we're kind of like [TBD] on exactly what we're going to do for Phase 2. We also have to work with the Illinois Gaming Board in order to meet their timeline. So there's a lot that goes into it, but we're being -- we're trying to be very thoughtful about it and be extremely good stewards of capital.

因此，我們對第二階段的具體計劃仍處於 [TBD] 階段。我們還必須與伊利諾伊州博彩委員會合作以滿足他們的時間表。因此，這其中涉及許多因素，但我們正在努力對此進行深思熟慮，並成為優秀的資本管理者。

Got it. I appreciate that. And I guess, lastly, could you just remind us of the timing of that key customer in Nevada, just as we think about year-over-year comps?

知道了。我很感激。最後，當我們考慮同比數據時，您能否提醒我們內華達州那位關鍵客戶的時間？

Yes. It was kind of end of Q3 when I left -- of '24. sorry.

是的。我離開的時候大概是 24 年第三季末了。抱歉。

It looks like there are no more questions. I'll pass the call back over to the management team for closing remarks.

看起來好像沒有其他問題了。我會將電話轉回管理團隊，讓他們做最後發言。

Thank you. At Accel, we're staying focused. We're executing well, and we remain confident in our long-term strategy. I want everybody to enjoy the rest of the summer, and we look forward to sharing our continued progress when we report results again this fall. Thank you for joining us.

謝謝。在 Accel，我們保持專注。我們的執行情況良好，我們對我們的長期策略仍然充滿信心。我希望每個人都能享受剩下的夏天，我們期待在今年秋天再次報告結果時分享我們持續的進展。感謝您加入我們。

That concludes the conference call. Thank you for your participation. Enjoy the rest of your day.

電話會議到此結束。感謝您的參與。享受這一天剩下的時間。