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Board approves Excel Entertainment refinancing and equity pledges after executives outline growth in Nevada and Chicago plans
Summary
Excel Entertainment presented a refinancing package — $600 million term loan and $300 million revolver — and reported record 2025 results; the board approved requested amendments and pledges allowing liquidity for continued route expansion and acquisitions.
The Nevada Gaming Control Board recommended approval on March 12 of Excel Entertainment’s requested amendment to its order of registration tied to a 2025 refinancing. Chief accounting officer Christy Cos told the board the company closed a new credit facility in September 2025 with $600 million in term debt and a $300 million revolver to strengthen liquidity, extend maturities and lower cost of capital.
Christy Cos summarized 2025 financials: Q4 revenue cited in the hearing was $341 million (a 7.5% increase), full-year revenue $1.3 billion (up 8.1%), and full-year net income of $51 million (up 45.3% year over year). The company also reported record adjusted EBITDA and highlighted recent Nevada route acquisitions (Dynasty Games and a Rebel Convenience Stores partnership).
Excel’s presentation addressed a planned governance succession (chair/president and CEO transitions) and growth opportunities in Illinois, where public statements signaled the potential rollout of roughly 2,500 video-gaming-terminal locations in the Chicago area over time. Company representatives said they plan to centralize operations around existing Chicagoland hubs and target an initial go-live in late 2026/early 2027.
Board members asked about compliance safeguards for distributed gaming and the company’s approach to gray-market risk. Excel’s compliance chief explained a deliberative process that requires a white paper, local counsel review and compliance-committee approval before entering new markets.
After discussion the board voted to recommend approval of the registration amendment and equity pledges as presented. Members praised the investigatory work done by agents and noted the company’s expanding Nevada footprint and appetite to scale.
