{"id":4936,"date":"2023-02-14T00:00:00","date_gmt":"2023-02-14T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/"},"modified":"2023-02-14T00:00:00","modified_gmt":"2023-02-14T00:00:00","slug":"bally-bet-parent-ceo-steps-down","status":"publish","type":"america","link":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/","title":{"rendered":"Bally Bet Parent CEO Steps Down"},"content":{"rendered":"<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Lee Fenton<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> is stepping down as CEO of <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Bally Bet<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> parent <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Bally&rsquo;s<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> as the organization focuses on &ldquo;unacceptable&rdquo; online results in <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>North America<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Robeson Reeves<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">, the current president of Bally&rsquo;s Interactive, will take over as CEO on <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>March 31<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">, the company announced Monday. Fenton is also stepping down from his spot on Bally&rsquo;s board of directors. Both Fenton and Reeves joined Bally&rsquo;s in <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>October 2021<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> when the company finished its more than <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$2 billion <\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">acquisition of <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Gamesys<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">. Reeves was COO of Gamesys at the time of the acquisition.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Fenton recently took responsibility for over-hiring in the interactive division. Bally&rsquo;s announced in January it would lay off up to <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>15%<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> of the interactive workforce.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Bally Bet, iGaming getting &lsquo;deep dive&rsquo;<\/strong><\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Reeves did not hold back in discussing results for online casino and sports betting: <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><em>&ldquo;Simply put, our North America Interactive results in 2022 were unacceptable. In response, through our announced restructuring plan of the Interactive business in January, we are taking a deep dive in our approach to North America to ensure that investments we make in sports have a near-term path to profitability.In iCasino states, we continue to take share in New Jersey and Ontario as we integrate this business in a scalable way.&rdquo;<\/em><\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Bally&rsquo;s preliminarily reported an adjusted EBITDA loss of <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$5.9 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> for North American interactive in the fourth quarter, which is an improvement from the <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$8.3 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> loss in the fourth quarter of 2021.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">For the year, though, the North American segment had a negative adjusted EBITDA of <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$65.7 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">. That is more than five times the <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$12.4 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> loss reported for <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>2021<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">. Bally&rsquo;s waited to invest significantly in the Bally Bet brand until the 2.0 platform launched last year.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>Big impairment charges concerning BallyBet<\/strong><\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">While other competitors are talking profitability for their betting and iGaming segments this year, Bally&rsquo;s is not there just yet. The company expects an adjusted EBITDA loss between <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$40 million and $50 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> in 2023.<\/span><\/span><\/span><\/p>\n<p><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Bally&rsquo;s spent more than <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$3 billion<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> building out its interactive offering, but it is starting to write off some of those investments. The company reported <\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"><strong>$464 million<\/strong><\/span><\/span><\/span><span style=\"color:#000000\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\"> in non-cash impairment charges in the fourth quarter, all of which were attributed to Interactive.<\/span><\/span><\/span><\/p>\n<p>\n&nbsp;<\/p>\n<p>\n&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fenton recently took responsibility for over-hiring in the interactive division. Bally\u2019s announced in January it would lay off up to 15% of the interactive workforce.<\/p>\n","protected":false},"author":1,"featured_media":4937,"menu_order":354,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[2123,1143,2124],"class_list":["post-4936","america","type-america","status-publish","format-standard","has-post-thumbnail","tag-ballybet","tag-bankruptcy","tag-lee-fenton","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"Fenton recently took responsibility for over-hiring in the interactive division. Bally\u2019s announced in January it would lay off up to 15% of the interactive workforce.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/\" \/>\n<meta property=\"og:site_name\" content=\"Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"380\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/\",\"url\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/\",\"name\":\"Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World\",\"isPartOf\":{\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg\",\"datePublished\":\"2023-02-14T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage\",\"url\":\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg\",\"contentUrl\":\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg\",\"width\":670,\"height\":380,\"caption\":\"Bally Bet Parent CEO Steps Down\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\/\/www.mundovideo.com.co\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Americas\",\"item\":\"https:\/\/www.mundovideo.com.co\/en\/america\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bally Bet Parent CEO Steps Down\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mundovideo.com.co\/en\/#website\",\"url\":\"https:\/\/www.mundovideo.com.co\/en\/\",\"name\":\"Mundo Video Entertainment | Casino News in Latin America and the World\",\"description\":\"Gambling news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mundovideo.com.co\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/","og_locale":"en_US","og_type":"article","og_title":"Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World","og_description":"Fenton recently took responsibility for over-hiring in the interactive division. Bally\u2019s announced in January it would lay off up to 15% of the interactive workforce.","og_url":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/","og_site_name":"Mundo Video Entertainment | Casino News in Latin America and the World","og_image":[{"width":670,"height":380,"url":"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/","url":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/","name":"Bally Bet Parent CEO Steps Down - Mundo Video Entertainment | Casino News in Latin America and the World","isPartOf":{"@id":"https:\/\/www.mundovideo.com.co\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage"},"image":{"@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage"},"thumbnailUrl":"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg","datePublished":"2023-02-14T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#primaryimage","url":"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg","contentUrl":"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2023\/11\/bally-bet-parent-ceo-steps-down.jpg","width":670,"height":380,"caption":"Bally Bet Parent CEO Steps Down"},{"@type":"BreadcrumbList","@id":"https:\/\/www.mundovideo.com.co\/en\/america\/bally-bet-parent-ceo-steps-down\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/www.mundovideo.com.co\/en\/"},{"@type":"ListItem","position":2,"name":"Americas","item":"https:\/\/www.mundovideo.com.co\/en\/america\/"},{"@type":"ListItem","position":3,"name":"Bally Bet Parent CEO Steps Down"}]},{"@type":"WebSite","@id":"https:\/\/www.mundovideo.com.co\/en\/#website","url":"https:\/\/www.mundovideo.com.co\/en\/","name":"Mundo Video Entertainment | Casino News in Latin America and the World","description":"Gambling news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mundovideo.com.co\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/america\/4936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/america"}],"about":[{"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/types\/america"}],"author":[{"embeddable":true,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/comments?post=4936"}],"version-history":[{"count":0,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/america\/4936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/media\/4937"}],"wp:attachment":[{"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/media?parent=4936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/categories?post=4936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mundovideo.com.co\/en\/wp-json\/wp\/v2\/tags?post=4936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}