Robeson Reeves
Bally'sAbout Robeson Reeves
Robeson M. Reeves, age 41, has been Chief Executive Officer of Bally’s Corporation since March 31, 2023; he previously served as President of Bally’s Interactive (from October 1, 2021), COO of Gamesys (from July 2015), and Director of Gaming Operations at Gamesys (from May 2010). He holds a BSc in Statistics, Operations Research and Management Studies from University College London and serves as a director on Bally’s board; his biography highlights extensive operations experience connecting product and player experience to KPIs . In 2024, Bally’s reported Adjusted EBITDA of $495.6 million and a net loss of $567.8 million; Bally’s TSR in 2024 was 70.05 versus peer TSR of 75.79, contextualizing pay-versus-performance during Reeves’s tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bally’s Corporation | Chief Executive Officer | Mar 31, 2023 – present | Leads omni-channel gaming strategy, integration of acquisitions; member of Board . |
| Bally’s Interactive | President | Oct 1, 2021 – Mar 31, 2023 | Drove interactive operations post-Gamesys acquisition . |
| Gamesys | Chief Operating Officer | Jul 2015 – Oct 2021 | Scaled gaming operations; linked product/player experience to marketing and KPIs . |
| Gamesys | Director of Gaming Operations | May 2010 – Jul 2015 | Oversaw gaming operations, performance optimization . |
| Gamesys | Board of Directors member | Aug 2010 – (historical) | Governance experience prior to Bally’s integration . |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) | Notes |
|---|---|---|---|
| 2022 | 850,000 | 34,205 | No deferred comp; benefits include UK-based medical, life, permanent health insurance, and pension contributions; tax protection benefits for U.S. tax exposure while UK-based . |
| 2023 | 1,105,110 | 48,041 | CEO as of Mar 31, 2023; pension/benefits per service agreement . |
| 2024 | 1,100,913 | 53,070 | Base rate $1,100,000 (denominated USD, paid in GBP monthly at FX); no salary increase in 2024 . |
Performance Compensation
| Component | Metric(s) | Target | Actual/Payout | Vesting/Payment |
|---|---|---|---|---|
| Annual PFP (2024) | Adjusted EBITDA (target set at $588M); later abandoned and replaced with discretion (Segment EBITDAR, product delivery, leadership, cross-divisional impact) | 100% of base salary ($1,100,000) | 85% blended (financial 85%, individual 100%) → $935,000; paid 50% cash (Mar 2025) and 50% immediately vested shares (Mar 21, 2025) | Cash paid Mar 2025; stock granted Mar 21, 2025 . |
| PSUs (2024 performance period from 2023 grant) | Adjusted EBITDA plus strategic initiatives (per long-term incentive design) | 35,715 (portion of target PSUs attributable to 2024) | Committee discretion: 85% of target → 14,344 shares, vested Mar 17, 2025 | Settled in shares Mar 17, 2025 . |
| PSUs (2021 grant attributable to 2024 performance) | As specified in award; change-in-control vesting | Target level | Fully vested at target upon consummation of merger on Feb 7, 2025 → 18,840 shares | Vested Feb 7, 2025 . |
| Stock Awards (2024 grant-date fair value) | RSUs/PSUs at target | n/a | $201,776 grant-date fair value (ASC 718) | Per tables; RSUs from earlier grants vest per schedules . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Mar 19, 2025) | 196,334 common shares; less than 1% of shares outstanding . |
| Outstanding unvested RSUs (12/31/2024) | 35,714 RSUs; vesting schedule: 16,875 vested Dec 31, 2024; 35,714 vest Jan 1, 2026 . |
| Outstanding unearned PSUs at target (12/31/2024) | 71,430 PSUs attributable to current/future performance periods; portion for 2024 vested at 85% (14,344) on Mar 17, 2025 . |
| 2024 stock vested (value realized) | 105,986 shares; value $1,706,786; shares surrendered for withholding: 49,817 . |
| Anti-hedging/pledging | Hedging and pledging of Bally’s stock prohibited for officers/directors . |
| Ownership guidelines (CEO) | 5x base salary; 5-year compliance window; Reeves not yet within guideline due to employment start (2021) . |
| Insider selling pressure | In connection with the Feb 7, 2025 merger, shares were converted to cash consideration of $18.25 per share for those electing; directors/NEOs sold shares in connection with the merger . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Service Agreement dates | Originally effective Oct 1, 2021; amended Jun 1, 2022 and Mar 31, 2023 . |
| Base salary & bonus | Base $1,100,000; target annual bonus 100% of base; amounts denominated in USD but paid in GBP monthly at applicable FX . |
| Benefits | UK-based private medical, life assurance, permanent health insurance; personal pension with employer contributions equal to 10% of base; 30 days PTO plus UK public holidays . |
| Tax protection | Tax reimbursement/gross-up for incremental U.S. income/social security taxes versus UK-only taxation (tax protection benefits) . |
| Non-compete / non-solicit | Non-compete and non-solicit during employment and for 12 months thereafter; confidentiality provisions . |
| Termination (notice/ILON) | Company must give 12 months’ notice or pay in lieu of notice equal to 12 months’ base; Reeves must seek alternative income during notice period; unused PTO paid if not used during notice period . |
| Equity acceleration on termination | RSUs: double trigger on change-in-control unless no replacement award; acceleration upon termination without “cause” or for “good reason” per award terms; PSUs: fully vest at target on change-in-control; other term-specific vesting rules for death/disability and good reason/without cause . |
| Potential payments (hypothetical at 12/31/24) | Cash severance $2,200,000; equity acceleration $1,916,806; total $4,116,806 (normal termination without cause or good reason); similar totals in change-in-control scenario . |
Compensation Structure Analysis
- Pay mix and 2024 discretion: Bally’s abandoned the 2024 Adjusted EBITDA goal and applied discretionary outcomes for annual incentives and PSU vesting due to integration dependencies; Reeves’s 2024 annual incentive paid at 85% of target with 50% paid in immediately vested shares (potential near-term supply) .
- Long-term incentives: PSUs use Adjusted EBITDA and strategic initiatives to align with operational goals; 2024 PSU vesting at 85% suggests moderate performance alignment; change-in-control terms provide full target vesting for PSUs, while RSUs are double-trigger unless unreplaced .
- Clawbacks: NYSE-compliant clawback policy effective Oct 2, 2023, plus a supplemental policy for material harm; enhances recourse on erroneously awarded incentive comp .
- Peer benchmarking and say-on-pay: Lockton advised on peer group (Accel, Boyd, Churchill Downs, DraftKings, IGT, Light & Wonder, Penn, Playtika, Red Rock, Roblox, Rush Street, Take-Two); Bally’s did not benchmark 2024 decisions to a target percentile; 2024 say-on-pay approval was ~76.4% .
Multi-Year Compensation (Summary Compensation Table – Reeves)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 850,000 | 1,105,110 | 1,100,913 |
| Bonus ($) | 680,000 | 1,168,921 | 935,000 |
| Stock Awards ($, grant-date FV) | 675,378 | 2,215,125 | 201,776 |
| Non-Equity Incentives ($) | — | — | — |
| All Other Compensation ($) | 34,205 | 48,041 | 53,070 |
| Total ($) | 2,239,583 | 4,537,197 | 2,290,759 |
Outstanding Equity Awards (as of Dec 31, 2024 – Reeves)
| Metric | Amount | Market Value Basis |
|---|---|---|
| Unvested RSUs (#) | 35,714 | $17.89 per share market value reference; RSU vest schedule noted . |
| Unearned PSUs at target (#) | 71,430 | $17.89 per share; portion for 2024 vested at 85% (14,344) on Mar 17, 2025 . |
Board Governance (Director Service, Committees, Independence)
- Director nominee (2025): Reeves is nominated to serve a three-year term (to 2028) and is an employee director; not independent under NYSE rules .
- Committee roles: Member of the Board’s ESG Committee (ESG Committee met twice in 2024) .
- Board structure: Chair is Soohyung Kim (separate from CEO); no Lead Independent Director; majority of board is independent; Standard General affiliates beneficially own 73.4% (controlled company status), though Bally’s has not elected controlled company governance exemptions .
- Board/committee meetings: Board held 13 meetings in 2024; independent directors met without management at regular quarterly meetings; committee memberships and charters disclosed .
Director Compensation (Reeves)
- Employee directors do not receive director compensation; Reeves received no separate fees for board service .
Policies and Controls Relevant to Alignment
- Share ownership guidelines: CEO 5x salary; five-year compliance window from employment start; Reeves not yet within guideline due to 2021 start date .
- Insider trading, hedging/pledging: Robust insider trading policy; hedging and pledging prohibited for officers/directors .
- Clawbacks: NYSE rule-compliant clawback policy plus supplemental policy for material harm, effective Oct 2, 2023 .
Compensation Committee Analysis
- Committee independence/membership: Rollins (Chair), Patel, Wilson—all independent; CEO not present for deliberations on his compensation .
- Consultant: Lockton Companies advised on peer group and comparative practices; peer group updated in 2023; Bally’s did not benchmark 2024 decisions to a specific percentile .
- Say-on-pay feedback: 2024 say-on-pay approval ~76.4%; no program changes driven specifically by shareholder feedback .
Risk Indicators & Red Flags
- Discretionary compensation: Abandonment of 2024 Adjusted EBITDA goal and discretionary payouts/PSU vesting may weaken pay-for-performance rigor .
- Controlled company concentration: Standard General’s 73.4% beneficial ownership; while exemptions not currently used, governance concentration warrants monitoring .
- Equity pool expansion: 2025 proposed Amended and Restated Equity Plan requests 3.5 million additional shares (total overhang ~12.8% post increase), implying potential dilution .
- Special committee fees: Additional fees paid to directors for special committees reviewing a transaction proposed by Standard General L.P., highlighting related-party governance sensitivity .
Employment & Change-of-Control Economics (Illustrative)
| Scenario (as of Dec 31, 2024) | Cash Severance ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|
| Termination without justifiable cause / good reason | 2,200,000 | 1,916,806 | 4,116,806 |
| Death/Disability | 2,200,000 (notice-period equivalent per agreement terms context) | 1,277,865 | 3,477,865 |
| CIC + termination without justifiable cause/good reason | 2,200,000 | 1,916,806 | 4,116,806 |
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: ~76.4% .
- Management response: No changes specifically driven by the vote; ongoing consideration of shareholder input .
Performance Context (Pay Versus Performance – Key Measures)
| Measure | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Bally’s TSR (Value of $100) | 196.68 | 149.03 | 75.89 | 54.58 | 70.05 |
| Peer Group TSR (Value of $100) | 89.66 | 78.17 | 58.28 | 75.96 | 75.79 |
| Net Income (Loss) ($000s) | (5,487) | (114,697) | (425,546) | (187,500) | (567,754) |
| Adjusted EBITDA ($000s) | 69,255 | 329,902 | 548,515 | 527,329 | 495,611 |
Additional Notes
- Executive quotes: Reeves emphasized integrating Queen Casino & Entertainment and omni data capabilities; comments on technology partnerships and omni-channel strategy were made on prior calls and releases .
- CFO transition: In March 2025, CFO Marcus Glover moved to EVP Global Operations; Mira Mircheva appointed EVP & CFO (subject to approvals) .
Investment Implications
- Alignment: Reeves’s pay includes significant equity (PSUs/RSUs) and ownership guidelines, with anti-hedging/pledging policies—positive for alignment; however, 2024’s discretionary outcomes dilute performance formula rigor .
- Retention risk: Reeves’s agreement features a 12-month notice or pay-in-lieu, UK benefits, and clear non-compete/non-solicit constraints; change-in-control provisions grant target vesting for PSUs and double-trigger RSU acceleration if unreplaced—likely supportive of retention/stability but could lead to event-driven vesting windfalls .
- Trading signals: Immediate vesting of 50% of 2024 annual incentive in shares (Mar 21, 2025) and PSU vesting in Mar 2025 increased share supply; merger consideration at $18.25/share led to executive/director sales—monitor future vest dates (e.g., Jan 1, 2026 RSU tranche) for potential selling pressure .
- Governance concentration: The 73.4% controlled stake by Standard General and special committee activity merit ongoing scrutiny of related-party transactions and board independence dynamics .