8-K filed February 13, 2023, 6:59 PM ET ticker BALY CIK 0001747079

leadership confidence high sentiment negative materiality 0.85

Bally's reports prelim Q4 rev $576.7M, net loss $476.8M; CEO Fenton to step down, Reeves named CEO

Bally's Corp

Preliminary Q4 revenue $576.7M; net loss $476.8M includes $464M non-cash impairment charges.
Adjusted EBITDA $145.8M, Adjusted EBITDAR $164.4M; FY 2023 guidance: revenue $2.5-2.6B, EBITDAR $660-700M.
CEO Lee Fenton steps down March 31, 2023; Robeson Reeves (President-Interactive) named CEO effective April 1.
George Papanier promoted to President; amended agreement through 2025, base salary $975K, target bonus 100%.
North America Interactive results called 'unacceptable'; restructuring plan evaluating options including tech leasing.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Lee Fenton

Chief Executive Officer

BALY · Bally's Corp

Effective: 2023-03-31
Successor: Robeson Reeves
Filed: February 13, 2023, 6:59 PM ET

Lee Fenton would step down as Chief Executive Officer and as a member of Bally’s Board of Directors (the “Board”) effective March 31, 2023.

Appointed

George Papanier

President

BALY · Bally's Corp

Effective: 2023-02-13
Filed: February 13, 2023, 6:59 PM ET

Bally’s appointed George Papanier, age 65, as Bally’s President.

Appointed

Robeson Reeves

Chief Executive Officer

BALY · Bally's Corp

Effective: 2023-04-01
Filed: February 13, 2023, 6:59 PM ET

Bally’s appointed Robeson Reeves, age 39, as Bally’s Chief Executive Officer effective April 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bally's Corp reported the fourth quarter and full year ended December 31, 2022 results: revenue $576.7 million, net income $476.8 million. Guidance reaffirmed.

Period: the fourth quarter and full year ended December 31, 2022
Revenue: $576.7 million
Net income: $476.8 million
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

2022. Bally’s expects to report its full 2022 results of operations after market close on February 23, 2023. Preliminary Fourth Quarter 2022 Financial Highlights • Revenue of $576.7 million • Net loss of $476.8 million includes non-cash goodwill and asset impairment charges of $464.0 million • Adjusted EBITDA of $145.8 million • Adjusted EBITDAR of $164.4 million •

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Lee Fenton departed as Chief Executive Officer at Bally's Corp.

Action: stepped down
Role: Chief Executive Officer

Exact text from the filing

Lee Fenton would step down as Chief Executive Officer and as a member of Bally’s Board of Directors (the “Board”) effective March 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

George Papanier was appointed as President at Bally's Corp.

Action: appointed
Role: President

Exact text from the filing

Bally’s appointed George Papanier, age 65, as Bally’s President.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robeson Reeves was appointed as Chief Executive Officer at Bally's Corp.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Bally’s appointed Robeson Reeves, age 39, as Bally’s Chief Executive Officer effective April 1, 2023.

View on SEC.gov

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Source: SEC EDGAR

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