Intralot Announces Board Changes, Names Bally’s Head Reeves as CEO

Intralot has announced changes to its leadership in the aftermath of its acquisition of Bally’s online gaming business and Bally’s acquisition of a majority stake in the former company. With Bally’s now serving as the majority owner of Intralot, Robeson Mandela Reeves was named as the latter business’s new chief executive officer.

Reeves Joins Intralot as CEO

Intralot said that the changes were confirmed at its recent board meeting, which took place on November 7. In addition to replacing the outgoing Konstantinos Farris as a board member, Reeves was also named CEO of Intralot.

Reeves, who is already serving as CEO of Bally’s, will therefore be responsible for the newly acquired business too. In this position, Bally’s will replace Intralot’s previous CEO, Nikolaos Nikolakopoulos. Nikolakopoulos will remain on board, retaining the position of president.

In addition to Reeves’ appointment, Bally’s chair, Soohyung Kim, was appointed as vice chairman of Intralot’s board of directors.

As a result, Intralot’s board will now be comprised of the following members:

• Sokratis Kokkalis, board chair and non-executive member
• Soohyung Kim, vice chair and non-executive member
• Robeson Mandela Reeves, CEO and executive member
• Nikolaos Nikolakopoulos, executive member
• Chrysostomos Sfatos, executive member
• Dimitrios Theodoridis, non-executive member
• Vladimira-Donkova Mircheva, non-executive member
• Ioannis Tsoumas, independent-non-executive member
• Adamantini Lazari, independent-non-executive member
• Dionysia Xirokosta, independent-non-executive member
• Georgios Karamichalis, independent-non-executive member

Intralot’s announcement noted that board member Sfatos will retain his position of chief operating officer.

The Deal Was a Historic Moment for the Two Businesses

The deal between Bally’s and Intralot was originally announced through a binding agreement signed earlier this year. It valued Bally’s International Interactive at around EUR 2.7 billion ($3.12 billion) and gave Bally’s a significant boost in liquidity.

In addition to putting Bally’s Interactive under Intralot’s umbrella, the deal saw Bally’s become the business’s majority stakeholder with a 58% stake.

In the meantime, the transaction set up the two parties for future growth, allowing them to expand on an international scale. Experts predict that the merged entity will become a major player in the global gaming and lottery market, reaching annual revenue of roughly EUR 1.1 billion ($1.27 billion), as well as profit margins above 39%.