Major management shakeup at Bally’s includes CFO and finance VP

May 9, 2023 10:59 AM
Photo: Shutterstock
  • David McKee, CDC Gaming Reports
May 9, 2023 10:59 AM
  • David McKee, CDC Gaming Reports

Hours ahead of its first-quarter earnings call, Bally’s Corp. announced a major managerial makeover.

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Out is CFO Bobby Lavan, effective immediately, although the company assured investors that Lavan “will be available to management, as needed, to ensure a seamless transition.” Lavan’s reason for leaving was “to pursue other opportunities.”

Bally’s CEO Robeson Reeves gave Lavan the following sendoff, “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.”

His replacement will be Marcus Glover, pending regulatory approvals. A former president of Borgata in Atlantic City, Glover comes to Bally’s by way of QPSI, “a supply-chain and contract-packaging company,” according to his new employer. Glover has also been president of Beau Rivage, general manager of Horseshoe Cleveland and Thistledown Racino, and assistant general manager for Caesars Entertainment in both the St. Louis and Biloxi markets.

Glover holds a master’s degree from Duke University’s Fuqua School of Business and is a graduate of Morehouse College. Bally’s Chairman Soo Kim released a statement saying, “Marcus is an accomplished leader with a proven track record of driving business strategies and expertise in leading large integrated resorts and casino 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.”

Bally’s also beefed up its executive roster, adding H.C. Charles Diao as senior vice president of finance and corporate treasurer. Diao arrives at Bally’s from DXC Technology. A two-decade veteran of Wall Street, he’s a former partner at Bear Stearns. Like Glover’s, Diao’s appointment requires sundry regulatory approvals.

Not stopping there, Bally’s has created an Operational Committee of its board of directors and engaged Jaymin B. Patel, in his new role as vice chairman of the board, to run it. Cost reductions and streamlined operations will be the new committee’s focus, along with creating a new corporate center. A longtime member of the Bally’s board, Patel is a former CEO of GTECH and CFO of Lottomatica.

Kim said Patel will “oversee the integration of our business 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 growth opportunities.”