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    FanDuel Sportsbook in Illinois To Become Casino Following Sale

    FanDuel Sportsbook In Illinois To Become Casino Following Sale
    Article by : Erik Gibbs Jul 18, 2024

    In a landmark move that is set to reshape the gaming and entertainment landscape of the greater St. Louis area in Illinois, Accel Entertainment has announced its plans to acquire the FanDuel Sportsbook and Horse Racing venue, along with the Collinsville Horse Track in Collinsville, Illinois. The acquisition, valued at approximately $35 million, will be executed through a stock deal, marking a significant expansion of Accel Entertainment’s footprint in the gaming industry.

    The FanDuel Sportsbook and Horse Racing venue, currently the only active horse racing site in the region, boasts a robust schedule of 65 race days annually, featuring around 435 horse races. This acquisition not only secures Accel Entertainment’s presence in the horse racing domain but also lays the groundwork for the introduction of a new casino at the site, signaling a new era of growth and diversification for the company.

    Accel Entertainment’s strategic move comes with a vision to enhance the gaming experience in Collinsville. The company plans to invest an additional $85-$95 million beyond the purchase price to develop both temporary and permanent casino facilities.

    The temporary casino is expected to open its doors in mid-2025, equipped with 200 slot machines and several gaming tables, providing an immediate boost to the local economy and gaming scene. The permanent casino, slated for a mid-to-late 2027 launch, promises to be a state-of-the-art facility featuring 500 slot machines, 24 gaming tables, and a sportsbook, setting a new standard for gaming in Illinois.

    The acquisition is subject to regulatory approvals from the Illinois Racing Board and the Illinois Gaming Board, with the transaction anticipated to close in the fourth quarter of 2024. Accel Entertainment’s commitment to maintaining the rich horse racing heritage of the Collinsville track, which dates back nearly a century, is commendable. The company has expressed its excitement to be part of Fairmount Park’s centennial anniversary in 2025, underscoring its dedication to preserving and enhancing the storied legacy of the venue.

    Furthermore, Accel Entertainment has engaged RRC Gaming Management LLC, which includes industry veterans like Tony Rodio, the former CEO of Caesars Entertainment, and Holly Gagnon, currently heading HGC Gaming Hospitality as its CEO. Both will oversee the casino development and operations. This collaboration is expected to bring a wealth of experience and expertise to the project, ensuring its success and sustainability.

    The acquisition of FanDuel Sportsbook and Horse Racing, along with the Collinsville Horse Track, represents a bold step by Accel Entertainment into the world of single-site gaming assets. It reflects a strategic pivot towards convenience gaming, with lower capital expenditure requirements and competitive intensity. Leveraging its expertise in player experience, cash logistics, regulatory compliance, and capital allocation, Accel Entertainment is poised to create a vibrant gaming ecosystem that caters to both casual and serious gamers alike.