Even heading into 2020, pinning down valuation for VGT (video gaming terminal) distributor Accel Entertainment (ACEL) was a difficult task. Public comparables are essentially non-existent, as ACEL's model has important distinctions from those of slot machine manufacturers and traditional casinos. In a presentation last year ahead of its merger with SPAC (special purpose acquisition corporation) TPG Pace, Accel even called out "route-based service peers" which included Waste Management (WM) and Iron Mountain (IRM). The comparison wasn't necessarily outlandish, particularly by roadshow standards.
The expansion of gaming in Illinois promised