What Accel Entertainment, Inc. told the SEC could break it.

Accel's operations are concentrated primarily in Illinois, Montana and Nevada — with Illinois alone generating ~$963M of net revenue in 2025 — so adverse gaming-regulation or economic changes in those states (especially Illinois) would disproportionately affect results.

“The Company's operations are centralized primarily in Illinois, Montana and Nevada. Should there be favorable or unfavorable changes to the gaming regulations in these states there may be an impact on the Company's results of operations.”

Accel's New Credit Facility is guaranteed by the company and its material domestic subsidiaries and secured by a first-priority lien on substantially all of their assets; covenant breach or inability to refinance would let lenders proceed against that collateral.

“The obligations of the Borrower under the New Credit Facility are (i) guaranteed by us and each of our existing and future material domestic subsidiaries and (ii) secured by a first-priority lien on substantially all of our assets, as well as substantially all of the assets of the Borrower and the Borrower's existing and future material domestic subsidiaries, in each case subject to certain customary exceptions set forth in the New Credit Facility .”

Accel depends on key providers for gaming terminals and content; an interruption from a provider's financial distress, quality lapses, regulatory issues, or tariffs/trade barriers (including China imports) could impair its ability to procure equipment, refresh content, and meet obligations to location partners.

“Any interruption, delay, or deterioration in supply—including from insolvency or financial distress of a key provider, serious quality control lapses, regulatory issues with a supplier or its products or licenses, tariffs and trade barriers (including those affecting imports from China), or broader supply chain dislocations—could impair our ability to procure equipment, refresh content, service existing placements, or meet contractual obligations to location partners, thereby adversely affecting our results o”

Accel's ability to operate and expand depends on obtaining, maintaining and renewing a complex set of gaming licenses and approvals that vary by jurisdiction (Illinois, Nevada, Louisiana gaming control acts); rising gaming taxes (Illinois net-gaming-revenue tax rose from 34% to 35% effective July 1, 2024) further pressure margins.

“Our ability to operate in existing markets and to expand into new jurisdictions depends on obtaining, maintaining and renewing a complex set of licenses and regulatory approvals, which vary widely by jurisdiction and can be extensive.”