Bally’s Corporation announced that its current CEO, Lee Fenton, will step down effective March 31, and will be replaced by new CEO Robeson Reeves. Fenton will also step down from the company’s board of directors.
Fenton became CEO of Bally’s on October 1, 2021 following the acquisition of Gamesys Group PLC, where he had been CEO since 2015.
“On behalf of the board of directors, I want to thank Lee for his excellent leadership and valuable contributions to Bally’s,” said Bally’s Chairman Soo Kim. “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.”
Fenton thanked Bally’s for his time there. “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,” he said.
“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 reins 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.”
“I am honored to lead Bally’s and grateful for the support and confidence shown in me by my fellow board members,” said Reeves. “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.”
After the press-statement niceties, Reeves used the occasion of the release of Bally’s fourth-quarter 2022 results to rip the company’s performance, which led to a net loss of $476.8 million during the quarter.
“Simply put, our North America interactive results in 2022 were unacceptable,” he said, according to AGBrief.
Among Reeves’ first projects as CEO will be to oversee Bally’s bid for one of the three New York downstate casino licenses. Officials said last week that the company is working on a bid for a casino in the Bronx, adjacent to the Trump Golf Links at Ferry Point.
According to a report in the New York Daily News, Bally’s and the Trump Organization reached an agreement in December to transfer 17 acres of city-owned land from the Trump golf course to the casino company. The proposed casino would cover 10 of the 17 acres, with the rest hosting greenery and workforce housing.
New York City Councilwoman Marjorie Velazquez, who represents the Bronx, told the Daily News this aspect of the proposal is a plus for the casino bid.
“We need more public green space in the Bronx, we need housing and jobs,” Velázquez said in a statement. “Any project I would consider would need to offer a tangible benefit to my community, particularly local hiring.”
Bally’s joins an already crowded field of suitors for the three downstate licenses. The operator will compete with Soloviev Group/Mohegan Gaming & Entertainment, Saks Fifth Avenue, Vornado, MLB Mets owner Steve Cohen, MGM Resorts, Genting Malaysia, Caesars and SL Green Realty, Wynn Resorts and a consortium comprising Saratoga, Legends and Thor Equities.
