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Bally’s Corporation (NYSE:BALY) reported several executive changes and compensation actions in a press release statement filed with the SEC.
On October 7, the company granted 1,881,000 option rights to Robeson Reeves, its Chief Executive Officer. According to the filing, half of these options will vest in three equal annual installments based on continued service, while the remaining half will vest in tranches tied to continued service through March 15 of 2027, 2028, and 2029, subject to performance criteria set by the board’s compensation committee. Each vested option allows Mr. Reeves to acquire a share of Bally’s common stock at an exercise price of $18.25 per share.
On the same day, Bally’s and its President, George Papanier, entered into an amendment to his employment agreement, effective November 1. The amendment extends Mr. Papanier’s employment term to December 31, 2028. Bally’s also granted 1,254,000 incentive stock options to Mr. Papanier under similar terms as those granted to the CEO, including the same vesting schedule and exercise price of $18.25 per share.
On October 8, Marcus Glover, Executive Vice President of Global Operations, informed the company of his intention to depart to pursue other interests. Bally’s stated it expects to negotiate a separation agreement with Mr. Glover at a later date.
All information is based on a press release statement filed by Bally’s Corporation with the Securities and Exchange Commission.
In other recent news, Bally’s Corporation announced the completion of its International Interactive business sale to Intralot S.A., valuing the unit at €2.7 billion. This transaction provides Bally’s with €1.530 billion in cash and newly issued Intralot shares valued at €1.136 billion, making Bally’s the majority shareholder of Intralot with a 58% ownership. Additionally, Bally’s has secured additional commitments to its revolving credit facility, increasing the extended maturity tranche to $510 million with a new maturity date set for October 2028. The company also reported that all lenders representing $670 million in total revolving credit facility commitments have consented to the proposed sale and leaseback of Twin River Lincoln Casino Resort to Gaming and Leisure Properties Inc. for $735 million before expenses and taxes. Furthermore, Bally’s has amended its existing credit agreement to increase commitments under its senior secured revolving credit facility by $50 million, with Jefferies Finance LLC and Deutsche Bank AG, New York Branch, involved as administrative agents. In analyst ratings, Citizens analyst Jordan Bender reiterated a Market Perform rating on Bally’s stock. These developments highlight Bally’s strategic financial maneuvers and business transactions in recent times.
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