Bally's Corporation
Bally’s Names Marcus Glover Executive Vice President and Chief Financial Officer and Appoints Jaymin B. Patel as Vice Chairman
Bally’s Corporation announced that Marcus Glover has been appointed as Bally’s Executive Vice President (EVP) and Chief Financial Officer (CFO). Bobby Lavan, Bally’s current CFO, will be leaving the Company to pursue another opportunity. He will be available to management, as needed, to ensure a seamless transition. Mr. Glover’s appointment is subject to receipt of customary regulatory approvals.
Mr. Glover is a senior executive in the hospitality and gaming industry with more than 20 years of experience. Most recently, Mr. Glover served as Chief Strategy Officer for QPSI LLC, a supply chain solutions and contract packaging company, where he was responsible for developing and executing the business’s growth strategy. Prior to that, Mr. Glover served as President and Chief Operating Officer of the Borgata Hotel, Casino & Spa, and President and Chief Operating Officer of the Beau Rivage Resort & Casino. Mr. Glover was also a senior executive with Caesars Entertainment in various positions, including Senior Vice President & General Manager for the Horseshoe Casino and Thistledown Racino, Assistant General Manager at Harrah’s/Caesars Entertainment in St. Louis, Missouri, and Vice President of Operations at Harrah’s/Caesars Entertainment in Biloxi, Mississippi. Mr. Glover holds an M.B.A. from The Duke University Fuqua School of Business and received a B.A. in Business Administration, Finance from Morehouse College.
Robeson Reeves, Bally’s CEO, said: “On behalf of the Board of Directors and the entire leadership team, I want to express my gratitude to Bobby for his leadership and contributions since joining Bally’s in 2021. Notably, Bobby led the acquisition, financing, and integration of Gamesys, which has been instrumental to the growth and diversification of our business. We wish Bobby all the best in his next chapter.”
Soo Kim, Chairman of Bally’s Board of Directors, said: “On behalf of the Board of Directors, I am excited to welcome Marcus to Bally’s. Marcus is a highly accomplished leader with a proven track record of driving transformational business strategies and demonstrated expertise in leading large, integrated resorts and casino gaming operations. I am confident that his experience and strong financial acumen make him the right leader to help Bally’s grow and achieve its long-term financial goals.”
Marcus Glover, Bally’s incoming EVP and CFO, said: “I am eager and honored to join the Bally’s team at such a transformative time for the Company. I look forward to working alongside an outstanding and smart group of leaders to advance the Company’s strategic goals, execute the strategic direction, implement operational efficiency and integration globally, and develop and invest in talent and innovation to best position the Company for continued growth and success.”
The Company also added additional depth to the senior finance team with the appointment of H.C. Charles Diao as Senior Vice President, Finance and Corporate Treasurer, reporting to Mr. Glover. Mr. Diao has substantial global financial management experience having recently spent nine years serving as Senior Vice President, Finance, Corporate Development, and Corporate Treasurer for DXC Technology Company/Computer Sciences Corp. In addition, Mr. Diao has many years of experience in financial advisory, M&A services and investments. He has two decades of experience on Wall Street with Prudential Securities and as a partner at Bear Stearns. Mr. Diao’s appointment is subject to receipt of customary regulatory approvals.
To support the integration of Bally’s diverse operations and global footprint, the Company also announced the appointment of Jaymin B. Patel as Vice Chairman of the Board. Mr. Patel will chair the newly created Operational Integration Committee to, among other things, oversee the Company’s global process for streamlining operations and reducing costs, as well as the creation of a global, coordinated corporate center. Mr. Patel has over 25 years of global experience in the gaming business having served in several public company executive and governance roles.
Soo Kim added: “The Board is pleased to appoint Jaymin as Vice Chairman to oversee the integration of our business at a very exciting time for Bally’s as we execute our long-term growth strategy. These appointments add substantial financial depth and global gaming management experience to our team as we execute on the exciting growth opportunities.”
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Bally’s Corporation has completed the previously announced transactions with Standard General and its affiliates including The Queen Casino & Entertainment, a regional casino operator majority-owned by funds managed by Standard General.
Pursuant to the terms of the merger agreement, Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5 million shares. Thereafter, the Company paid cash consideration of $18.25 per share to holders of 22.8 million of the Company’s outstanding shares. The cash merger consideration was financed by the issuance of $500 million in senior secured notes due in 2028 provided exclusively by funds managed by Apollo, along with Bally’s available funds on hand and its available funding sources.
Bally’s stockholders owning 17.9 million outstanding shares elected to retain their Bally’s stock by means of a rollover election and continue as stockholders of Bally’s. As a result, 48.4 million shares of common stock are now outstanding upon completion of the merger transactions. Warrants representing the right to purchase up to 11.6 million shares of Bally’s common stock also remain outstanding.
Shares of Bally’s common stock trading under the “BALY.T” ticker which remain outstanding as a result of the rollover election will continue trading on the New York Stock Exchange and revert back to the “BALY” ticker.
The post Bally’s Completes Transactions with Standard General appeared first on Gaming and Gambling Industry in the Americas.
Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, announced the official launch of the Bally Bet Sportsbook app in Tennessee, marking its expansion into the tenth state. This milestone comes on the heels of recent successful Bally Bet launches in Massachusetts and Maryland.
Sports enthusiasts across the Volunteer State can now revel in the comprehensive offerings of the Bally Bet sportsbook app. With a wide array of betting options, including spread, money line and total bets, as well as in-game betting and same game parlays, Tennessee sports fans will have an unparalleled wagering experience.
The newly introduced Parlay Zone, available on the app’s homepage, allows users to select and customize daily pre-built parlays from a variety of popular sporting events. Additionally, users can access the Picks tab on the homepage to gain valuable insights from industry-leading influencers through video clips. Picks, powered by Wager Games, also offers an extensive selection of pre-built and customizable parlays, ensuring a personalized and engaging betting experience.
As an official sports betting partner of the Nashville Predators, Bally Bet has actively engaged with the team’s fan base running social promotions like the “Goals for Gear” official Predators jersey giveaway on the @BallyBet Instagram channel, Bally Bet has fostered a strong connection with the Predators’ loyal supporters. With the app’s launch, fans can anticipate even more exciting in-arena and social activations throughout the NHL season.
Bally’s Corporation and Palms Casino Resort in Las Vegas announced a strategic partnership offering Bally Rewards members the ability to earn travel rewards at Palms in Las Vegas.
This collaboration aims to enhance the gaming experience for qualified Bally Rewards members to cash in on trips to Palms in Las Vegas. By leveraging their combined expertise and resources, Bally’s Corporation and Palms are committed to delivering an incredible new way to gain rewards and offer unforgettable experiences for Bally Rewards members.
“We are thrilled to join forces with Palms in Las Vegas for this exciting venture. Our goal is to provide our Bally Rewards members with unparalleled rewards and experiences, and this partnership is a significant step towards achieving that,” said Mike Donovan, Chief Marketing Officer and SVP of Gaming.
Bally’s Corporation and Palms Casino Resort in Las Vegas are initially focusing on travel getaways for Bally Rewards members, but they plan to potentially broaden their partnership in the future. By combining the strengths of these two leading companies, they aim to eventually enhance the gaming experience for their guests through tier matching, tournament invitations, and annual trips.
“We’re pleased to welcome Bally Rewards members to Palms Casino Resort and provide an exciting Las Vegas experience. Partnering with Bally’s Corporation allows us to explore new opportunities and introduce Palms hospitality to Bally’s members,” said Greg Shulman, VP of Casino Marketing at Palms Casino Resort.
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