Bally’s has confirmed that CEO Lee Fenton is to step down from his role at the end of March, with President of Interactive Robeson Reeves taking the reins of the casino and online gambling corporation.
Fenton took on the role of Bally’s CEO in October 2021, after the completion of the Gamesys acquisition, where he was previously CEO since 2015.
Departing the business after a year and a half, Fenton will also leave his role on the Board of Directors.
Commenting on his departure as CEO, Fenton said: “I want to thank Soo and the rest of the Board for my time at Bally’s and for the work through the transition to Robeson’s leadership.
“Bally’s is an extraordinary business with extraordinary people, and I want to thank each and every one of them for the support they have shown me and the commitment they continue to bring to the business.
“It is particularly special for me to be able to hand the reigns to Robeson with whom I have worked for over 14 years. Robeson is a unique talent and the time is right for him to lead Bally’s.”
Replacing Fenton, Reeves will become CEO of the corporation after joining Bally’s in October 2021 in light of the Gamesys acquisition.
He has since led Bally’s Interactive division, which has seen significant headwinds in the last few months as competition for market share intensifies.
Reeves was previously COO of Gamesys prior to the acquisition so is well placed to take up the mantle that Fenton has left, having joined the company prior to the takeover in 2005.
But Bally’s Interactive division is embattled, with it being placed under evaluation at the end of Q3 and the subsequent reports that 15% of the division’s workforce would be laid off as a result of that review. In its preliminary full-year results, Reeves described the interactive results in North America as ‘unacceptable’ with the division making net losses of over $400m in 2022.
Reeves will be charged with navigating the fortunes of the Interactive division as well as its wide casino portfolio which has freed up cash recently in a series of property sales and leaseback deals with VICI Properties.
The new CEO will take up his role on Mar. 31 when Fenton departs Bally’s at the end of Q1.
Reeves remarked, “I am honored to lead Bally’s and grateful for the support and confidence shown in me by my fellow Board members. 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.”
Another key strategic objective for Bally’s is the licensing and construction of its flagship casino site in Chicago, which is making progress.
Recently, the project received unanimous approval from the Chicago City Council owing to the economic value and jobs it will create in the city.
Reeves will also be charged with leading the company towards opening the flagship venue whilst also overseeing the rest of the casino portfolio, which is in a healthier position than the interactive division.
Soo Kim, Chairman of Bally’s Corporation’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. During his time, he also established the purpose and values of what is now an integrated Bally’s group.
“We look forward to building on what Lee has helped develop, and we wish him all the best in his next chapter.
“I am excited to have Robeson succeed Lee as CEO. Robeson has an extraordinary mind and the drive required to excel as he takes the helm. Robeson has been a member of the Board since the Gamesys acquisition and his appointment represents the Board’s commitment to the development of the very best talent at Bally’s.”
