Accel Entertainment delivered a record $368.1 million of Q2 2026 revenue, up 9.6% year over year, with adjusted EBITDA (a non-GAAP measure, i.e. earnings before interest, taxes, depreciation, amortization, and certain non-cash and non-recurring items, which Accel management uses to gauge core operating profitability) of $58.9 million up 10.8%, and net income of $12.5 million up 72% as the company's distributed gaming route - 4,676 third-party locations and 29,281 gaming terminals across ten states - moved past the legacy Illinois concentration that has defined the equity for a decade. Two observations frame the print. First, the Illinois ex-Fairmount Park (the racino Accel acquired in late 2024, which houses ~260 slot positions, live table games, and a seasonal thoroughbred racing meet) hold-per-day - the operating metric measuring the average net gaming revenue each location generates per operating day - climbed 9.0% to $992, evidence that the recently completed conversion of the entire Illinois installed base to ticket-in, ticket-out (TITO) technology, a system in which a player inserts cash and is issued a printed ticket rather than receiving a coin payout, is translating into same-store sales gains rather than cannibalization. Second, Nebraska and Georgia, the two largest developing markets, posted revenue growth of 55.1% and 47.4% year over year, and management's commentary singled out both states as having materially higher adjusted EBITDA contributions in the quarter, suggesting that the long-promised diversification of the route is finally flowing through to earnings. The investment question is no longer whether Accel compounds single-digit revenue growth in its mature Illinois market - it has done that for years - but whether the next leg comes from the City of Chicago, where the Illinois Gaming Board has begun issuing terminal-operator approvals and seventeen of the locations approved to date, or 44%, are Accel locations. We see the equity as a quiet compounder whose multiple is mispriced against the durability of the route and the optionality from Chicago, and we view the 1.4x net leverage and the undrawn $300 million revolver as the financial ballast that lets the company fund the next leg of growth without recourse to the equity markets.