Distributed gaming operator Accel Entertainment has completed its acquisition of Fairmount Holdings Inc. for 3.45 million ACEL shares, making Accel the owner of FanDuel Sportsbook & Horse Racing, formally known as the Fairmount Park racetrack in Collinsville, Illinois.

“We are excited to close the acquisition of Fairmount and eager to refresh and revitalize an iconic racing and gaming asset,” Andy Rubenstein, Accel’s co-founder, President and CEO, said in a statement. “Our plan and timeline are ambitious and achievable and we look forward to welcoming investors and visitors to our Phase I casino opening in Q2, 2025.”

The track 12 miles outside of St. Louis is the only active horse racing venue in the greater St. Louis metropolitan and southern Illinois area. Accel also is acquiring an Organization Gaming License from the Illinois Gaming Board, allowing it to offer casino terminals in the venue, as well as a partnership with FanDuel to offer sports betting in the state.

In 2023, Fairmount generated revenues of $29 million across the site’s sportsbook, racetrack and three off track betting locations. As part of its five-year forecast, Accel plans to invest in the facility between $85 million and $95 million for track improvements and a Phase I, followed by Phase II casino. The acquisition of Fairmont Park was recently mentioned in Accel’s third quarter results as an area of future growth for the company.

“Over the past few months, our team has been hard at work. We’ve hired a casino General Manager, received approvals from both the Illinois Gaming Board and Illinois Racing Board and finalized design and development plans for the first phase of the casino,” Mark Phelan, Accel’s President of U.S. Gaming, said.