Casino-entertainment giant Bally’s Corporation announced Monday that its CEO, Lee Fenton, will step down after a year and a half in the role. He will be replaced by President of Interactive Robeson Reeves, effective March 31, 2023.
Fenton became CEO of Bally’s on October 1, 2021, following the acquisition of Gamesys Group, where he had been CEO since 2015. Fenton will also step down from the Board of Directors.
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,” Kim stated.
The chairman further expressed excitement at Robeson’s succession appointment. “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,” he added.
For his part, the outgoing CEO, Fenton, commented: “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 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,” he noted.
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, having joined the company before the takeover in 2005.
However, according to the reports, Bally’s Interactive division is embattled, with it being placed under strategic review 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 evaluation. 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 and the company’s wide casino portfolio, which has freed up cash recently in a series of property sales and leaseback deals with VICI Properties.
Of his appointment, Reeves stated: “I am honored to lead Bally’s and grateful for the support and confidence showed 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.”