In an exciting development for Bally’s Corporation, legal and gaming industry veteran Kim Barker Lee has joined the company as Executive Vice President and Chief Legal Officer. With her extensive experience spanning over 25 years, Lee’s arrival promises to steer Bally’s legal and public affairs teams toward supporting the company’s global strategic initiatives.
Kim Barker Lee: A Legal and Business Luminary
With a distinguished career comprising a fusion of legal acumen and business expertise, Kim Barker Lee brings a wealth of experience to Bally’s Corporation. Her profound understanding of lottery, gaming, and governmental law, along with her familiarity with public-private partnerships, public finance transactions, corporate governance, and regulatory matters, makes her a versatile asset to the company.
Lee’s remarkable career trajectory includes being the inaugural Global Vice President of Diversity and Inclusion at International Game Technology (IGT). Prior to that, she served as General Counsel and Vice President of Legal and Regulatory Affairs for Northstar Lottery Group. Her legal prowess has also been instrumental as General Counsel for the Illinois Student Assistance Commission. Notably, she has held pivotal positions at esteemed legal firms Altheimer & Gray and Pugh, Jones & Johnson, P.C.
Recognitions for Lee’s contributions have poured in, exemplified by her inclusion in the Top 100 Diversity Officers by the National Diversity Council in both 2020 and 2021. Moreover, she was rightfully acknowledged as one of Global Gaming Business’s 25 People to Watch in 2020.
Strategic Impetus for Bally’s
Lee Fenton, the CEO of Bally’s, expressed his enthusiasm for Kim Barker Lee’s inclusion in the leadership team. Fenton’s confidence in Lee stems from her remarkable legal expertise, particularly in the intricate domains of gaming and lottery. Bally’s, during a phase of significant expansion and evolution, can draw on Lee’s proficiency to navigate the challenges and opportunities that lie ahead.
Fenton also highlighted Lee’s robust network and profound understanding of key markets, such as Rhode Island and Illinois, which will undoubtedly play a pivotal role as Bally’s embarks on new ventures in its operational jurisdictions.
Lee’s Perspective: An Exciting Phase
Commenting on her new role, Barker Lee conveyed her excitement about joining Bally’s during such a transformative period. She emphasized the substantial growth prospects that align with Bally’s evolution into a global omni-channel gaming leader. Drawing from her extensive experience in the lottery and gaming sector, Barker Lee expressed her keen understanding of industry dynamics and the imperative to overcome challenges.
Her aspirations to contribute to Bally’s continued success are underpinned by her ability to leverage leadership strategies and operational insights gleaned from her expansive career journey.
Robust Q3 Performance
Shifting focus to Bally’s financial performance, the company’s Q3 results reflect a robust trajectory. The revenue for the quarter ending September 30 demonstrated a notable 4.7% increase from the previous quarter, soaring to $578.2 million. Impressively, this revenue figure marked an 83.7% surge year-on-year from $314.8 million.
Operating expenses for the period totaled $524.6 million, accompanied by additional expenses of $51.9 million. These figures culminated in a net income of $593,000. The adjusted EBITDA, a key metric in the industry, stood at $151 million for the quarter, exhibiting a substantial leap from the $78 million reported during the corresponding period in the previous year. Earnings per share underscored the robust financial standing, resting at $0.01.
Embracing Growth and Excelling in Leadership
In the wake of Kim Barker Lee’s integration into Bally’s Corporation as Executive Vice President and Chief Legal Officer, the company’s outlook seems poised for transformation and growth. Lee’s extensive legal and business experience, combined with her remarkable track record, positions her to be an influential driving force behind Bally’s strategic endeavors.
As reflected in Bally’s Q3 performance, the company’s financial journey is marked by resilience and expansion. The notable increase in revenue and earnings, coupled with prudent management of expenses, underscores Bally’s commitment to not only surviving but thriving in a competitive landscape.
In essence, the convergence of a dynamic leadership addition and steadfast financial performance places Bally’s Corporation on a trajectory of innovation, growth, and excellence in the evolving realm of gaming and entertainment.