Hospitality and entertainment company operating casinos, resorts, and online gaming businesses Bally’s Corporation announced today a change within its management team.
Stepping as Chief Financial Officer
Bally’s appointed Bobby Lavan as its Chief Financial Officer to replace the company’s current CFO Steve Capp, who is leaving the Standard hedge fund-managed group to pursue other opportunities and interests but will continue to support the business throughout April.
“Bobby’s track record leading successful M&A and integration initiatives will be invaluable in helping us grow the business and accomplish our long-term financial goals. I am excited to work with Bobby on the Gamesys integration, streamlining our financial reporting, and executing our broader financial strategy to create further shareholder value.”
Lee Fenton, CEO, Bally’s
Holder of B.S. in Engineering from the University of Pennsylvania Lavan has been serving as SVP of Finance and Investor Relations at Bally’s since May last year and was instrumental for the acquisition, financing and integration of Gamesys, besides the internal and external reporting processes.
“I look forward to working with Lee and the team to continue our transformation into a global omnichannel gaming leader.”
Bobby Lavan, SVP, Finance & Investor Relations, Bally’s
Lavan has other roles as a chief financial officer prior to joining Bally’s, including at Turning Point Brands, where he led efforts across mergers and acquisitions, complex system integration, and streamlining reporting analytics for the NYSE-listed business.
Before joining Turning Point Brands, Lavan served as chief financial officer of General Wireless Operation and held various analyst and portfolio manager positions on Wall Street. He will be stepping into his new role as CFO as soon as the appointment receives the required regulatory approval.
Evaluating the Buyout Offer
The global casino and entertainment business with a growing omnichannel presence in online sports betting and casino gaming is subject to a lucrative bid from its main shareholder Standard General, which tabled an offer with a 30% premium over the market price for the remaining shares of the company in January. The New York hedge fund already owns a 20% stake at Bally’s.
To evaluate the proposal and any other strategic alternatives, Bally’s established a special committee of independent and disinterested directors which decided last month to retain the services of current financial and legal advisors, Macquarie Capital and Potter Anderson & Corroon, respectively.
Also in February, the omnichannel gaming and entertainment business demonstrated its strong commitment to environmental, social, and governance (ESG) policies by setting up a special committee to oversee the company’s ESG strategy.