Dive Brief:
- Gaming and terminal operator Accel Entertainment appointed Brett Summerer as its CFO effective Monday, with Summerer taking the top financial seat from acting CFO Mark Phelan, according to a company filing. Phelan, who has served as finance chief for Accel since May 2025 after the resignation of Matthew Ellis from the role, will continue in his position as president, U.S. gaming for the gaming operator and casino developer, according to the filing with the Securities and Exchange Commission.
- The Chicago-based company operates more than 27,000 regulated electronic gaming machines, including slot machines. As CFO, Summerer — an alum of Kraft Heinz and General Motors — will oversee all financial responsibilities for Accel, and will take “a prominent role in strategic planning, business development, and mergers and acquisitions,” the company said in a Monday press release.
- Summerer joins Accel as it continues to evaluate M&A opportunities for further expansion in the local gaming industry, executives said during Accel’s earnings call for its second quarter. The company’s M&A pipeline remains “active,” with the business evaluating opportunities across the local gaming market, CEO Andrew Rubenstein said during the Aug. 5 call.
Dive Insight:
Summerer, 49, most recently served a three-year term as CFO for cannabis company Verano, where he built a 70-person finance and IT team and helped to lead more than 20 M&A deals, the company said in the Monday press release. Prior to Verano, he served as vice president, head of supply chain finance and CFO, US operations for The Kraft Heinz Company, according to his LinkedIn profile. His past experience also includes serving in several executive roles for Corning Incorporated and General Motors.
As CFO for Accel, Summerer will receive an annual base salary of $460,000 and will also be eligible for an annual discretionary bonus with a target amount equal to 65% of his base, according to the SEC filing. In association with his appointment as finance chief, he will also receive a grant of 40,000 restricted stock units. Commencing in calendar year 2026, Summerer will receive a discretionary annual equity award — 50% of which will be in RSUs, with the remaining 50% in performance-based stock units — with a target grant date value equal to 115% of his base salary.
Summerer sees joining Accel as a “compelling opportunity,” he said in a statement included in the Monday press release.
“With Accel’s focus on consistent operational execution and on near- and long-term growth opportunities, I am excited to join Andy, Mark, and the leadership team, as well as the entire Accel organization, as we work together to advance the Company’s strategy, enhance operational excellence, and support value creation for shareholders,” he said in the statement.
Summerer’s appointment comes as the gaming company aims to execute on a “multipronged growth strategy,” targeting both near- and long-term revenue, cash flow and adjusted EBITDA growth, CEO Rubenstein said during the company’s second quarter earnings call on Aug. 5. The company will lean on its operating expertise to achieve those goals, “while also remaining focused on often overlooked M&A opportunities,” Rubenstein said on the call according to a transcript.
“We remain focused on disciplined, accretive transactions that do not stretch our balance sheet,” he said on the call. “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.”
Last year, the company acquired Fairmont Holdings — a horse racing venue in Illinois — for approximately $35 million, adding a single site racetrack to the company’s portfolio as well as creating the opportunity for a future casino, according to company press releases. Accel is remaining “opportunistic” when it comes to future acquisitions, Rubenstein said during its Q2 earnings call in response to analyst questions — but “we’re not looking to lever up the company in any extreme way,” he said. “We’ve always kind of played it relatively conservatively,”
Accel will also look to make use of new financing, having recently closed a $900 million senior secure credit facility on Sept. 10, according to a company press release. The facility is comprised of $300 million in revolving credit as well as a $600 million term loan, each with five-year terms, the company said.
The financing “enhances our liquidity profile while reducing our cost of capital for the years ahead,” Rubenstein said in a statement included in the Sept. 10 release. The credit facility will also help Accel to continue investing in its gaming operations and toward “targeted growth opportunities, while maintaining a strong balance sheet as we focus on enhancing shareholder value,” he said.
For its second quarter ended June 30, Accel reported record quarterly revenue of $335.9 million, a 8.6% increase from the prior year period, according to its earnings results. The company also reported net income fell 50.2% YOY to $7.3 million in the second quarter, “partially attributable to a loss on the change in the fair value of the contingent earnout shares,” according to its earnings report.
Accel did not immediately respond to requests for comment.
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