Monday, February 13, 2023

Bally's CEO steps down following employee reduction announcement

Bally's Corp. announced Monday that Lee Fenton, CEO, will step down and Robeson Reeves, President - Interactive, will take over next month.

Fenton became CEO of Bally's on Oct. 1, 2021, following the acquisition of Gamesys Group PLC where he had been CEO since 2015. Fenton will also step down from Bally's Board of Directors.

Soo Kim, chairman of Bally's Board of Directors, said, "On behalf of the Board of Directors, I want to thank Lee for his excellent leadership and valuable contributions to Bally's. Lee has led Bally's through the effective integration of Gamesys, leaving us well positioned for future growth.”

Kim continued, "Robeson has an extraordinary mind and the drive required to excel as he takes the helm."

Robeson Reeves, Bally's incoming Chief Executive Officer, said, "We are a unique company with a robust core and an extraordinary set of opportunities ahead of us. I look forward to working hard with my Executive Team and all our teams to take those opportunities and maximize our growth."

Reeves joined Gamesys in September 2005 and held several leadership positions. Prior to his current role with Bally Interactive, Reeves served as Chief Operating Officer of Gamesys since July 2015, and before that as Gamesys' Director of Gaming Operations.

Workforce reduction

Fenton's departure follows an announcement by the company last month that they will reduce their Bally's Interactive employees and contractor workforce by up to 15%, over the coming weeks.

“We always need to be acutely aware of the macro-economic conditions and adjust accordingly to come through what is a challenging environment in the best possible shape,” Fenton said in a letter to the company's Interactive division. The letter was part of the company's SEC filings last month.

Fenton continued, “Companies who take tough but decisive steps to effectively manage costs will be stronger and fitter for the future. I am committed to ensuring that Bally’s is one of those that is best placed to flourish in the long term.

“With this in mind, we’ve made the difficult decision to reduce our Interactive employees and contractor workforce by up to 15%, over the coming weeks.

“We’ve reflected hard as a business to come to this conclusion. Everyone put in so much effort last year, and I am proud of what we achieved together. However, we didn’t manage to achieve everything we had hoped for.

“I now can see that we may have over-hired in some areas, and I take full responsibility for that.”

Fenton concluded his letter by saying, “Most of all, please lean on your leadership, including me, as we all work through this difficult time together.”

Fenton's last day at Bally's will be March 31.

With 10,500 employees, Bally's casino operations include approximately 15,000 slot machines, 600 table games, and 5,300 hotel rooms. Upon completing the construction of a temporary casino facility in Chicago, IL , and a land-based casino near the Nittany Mall in State College, Pa., Bally's will own and/or manage 17 casinos across 11 states.

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