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Accel Entertainment, a distributed gaming operator, has announced the acquisition of Fairmount Holdings (the owner of FanDuel Sportsbook & Horse Racing, Collinsville, Illinois).
The $35m deal, paid in 3.45 million ACEL shares, represents a move to broaden Accel’s reach in the local gaming market, encompassing the only active horseracing venue in the greater St. Louis area.
The deal includes an Organisation Gaming Licence, enabling Accel to offer casino gaming and sports wagering through its partnership with FanDuel.
This acquisition allows Accel to expand its local gaming footprint with a single-site racetrack, featuring 65 race days and approximately 435 horse races annually.
The transaction also presents an opportunity to develop a legislatively authorised casino project, aiming to create a comprehensive gaming and entertainment venue.
Accel plans to invest an additional $85-$95m to build temporary and permanent casino facilities, improve the horse racing experience and enhance food and beverage amenities.
Commenting on the acquisition, Accel’s President, CEO and Director, Andy Rubenstein, stated: “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.
“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.”
The transaction is expected to close in the fourth quarter of 2024, pending customary approvals from the Illinois Racing Board and the Illinois Gaming Board.
