Achieved record annual revenue of $1.3 billion and adjusted EBITDA of $210 million, driven by the resilience of the distributed gaming model and contributions from new acquisitions.

Optimized the Illinois and Montana footprints by focusing on higher-yielding machine placements and route density, which successfully expanded margins despite flat location counts.

Positioned the company as a 'buyer of choice' in Louisiana, leveraging the Toucan Gaming platform to execute a bolt-on acquisition strategy within a healthy consolidation pipeline.

Demonstrated rapid deployment capabilities in Nevada by launching 55 Rebel Convenience Store locations in just six days, showcasing the scalability of the national operating infrastructure.

Transitioned the business model from a logistics-heavy operation toward a differentiated entertainment and hospitality business focused on proprietary content and niche market positioning.

Maintained a disciplined capital allocation framework that balanced $300 million in liquidity against organic growth, strategic M&A, and the repurchase of 3.8 million shares.

Announced a leadership succession plan where CEO Andy Rubenstein moves to Chairman to focus on high-level relationships, while Mark Phelan prepares to assume day-to-day leadership.

Anticipates a significant expansion opportunity in Chicago with an estimated long-term potential of 2,500 new locations, leveraging existing regulatory relationships for rapid scaling.

Expects the Chicago market to deliver higher average play per machine due to population density, partially offsetting higher urban operating costs and smaller establishment footprints.

Projects continued margin benefits from Ticket-In, Ticket-Out (TITO) technology as player behavior shifts and adoption moves toward the 90% penetration threshold.

Focuses 2026 capital expenditure primarily on maintenance in mature markets like Illinois, while directing growth capital toward developing markets and the Fairmount Park ramp-up.

Assumes a conservative timeline for Chicago revenue generation, targeting late Q4 2026 or Q1 2027 due to the anticipated backlog of applications at the Illinois Gaming Board.

Monitoring the bankruptcy of Hawthorne Race Course, which may leave Accel's Fairmount Park as the only operational horse racing track in Illinois.

Acknowledged that while several states like Pennsylvania and Missouri have pending route gaming legislation, casino opposition makes near-term legalization uncertain.

Noted that while federal W2G jackpot limit increases could eventually drive yields, software manufacturing lead times mean no material impact is expected in 2026.

Identified a seasonal correlation between tax return cycles in February and March and increased gaming activity across the portfolio.

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Management expects Chicago locations to have fewer machines on average due to smaller square footage but higher revenue per machine due to population density.

The company will establish new warehouse and support facilities within the city to manage urban logistics and parking challenges.

Management expressed readiness to support the Illinois Racing Board to ensure a path forward for the racing community.

The company remains committed to its Fairmount investment, viewing it as a diversifying asset despite national headwinds in pari-mutuel racing.

M&A remains the most attractive use of capital if pricing is right, though the company will pivot to buybacks if the acquisition pipeline lacks quality.

The $300 million revolving credit line is reserved for significant strategic M&A rather than routine operations or tuck-ins.

The rollout is currently in the 'third inning,' with 81% of machines enabled but full benefits pending total location conversion and player habit changes.

Management expects the benefits to accelerate through the end of 2026 as adoption moves past the 90% mark.

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