Bally’s (NYSE: BALY) makes Soohyung Kim Executive Chair, adopts controlled company status

Rhea-AI Filing Summary

Bally’s Corporation appointed Soohyung Kim as Executive Chair effective January 27, 2026. He has served as a director since 2016 and previously chaired the board in a non-executive capacity. An employment agreement sets his annual base salary at $400,000, with a target cash bonus equal to 100% of salary and annual equity awards also targeted at 100% of salary, subject to Compensation Committee determination.

The company states that Standard General L.P. and its affiliates now hold more than 50% of the voting power for electing directors, making Bally’s a “controlled company” under NYSE rules. Bally’s has elected to use NYSE exemptions, and, following Kim’s appointment as Executive Chair, he is no longer considered independent and the Nominating and Governance Committee is no longer composed entirely of independent directors.

Insights

Corporate governance analyst

Bally’s designates itself a NYSE “controlled company” and relaxes one board independence requirement.

Bally’s reports that Standard General L.P. and affiliates control more than 50% of the voting power for director elections, qualifying the company as a NYSE “controlled company.” The company has chosen to rely on NYSE exemptions from certain corporate governance requirements.

With Soohyung Kim becoming Executive Chair, he is no longer treated as an independent director under NYSE rules. Bally’s also states that its Nominating and Governance Committee is no longer composed entirely of independent directors, which shifts oversight dynamics more toward the controlling shareholder’s influence while remaining within NYSE’s controlled-company framework.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

_______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2026

________________________

BALLY'S CORPORATION

Delaware			001-38850			20-0904604
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification No.)

100 Westminster Street
Providence			RI			02903
(Address of Principal Executive Offices and Zip Code)

________________________

(401) 475-8474

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12 (b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common stock, $0.01 par value			BALY			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 27, 2026, the Board of Directors (the “Board”) of Bally’s Corporation (the “Company”) appointed Soohyung Kim as the Company’s Executive Chair, effective January 27, 2026. Mr. Kim, age 50, joined the Board as a director in 2016 and has served as the non-executive Chair of the Board since 2019. Mr. Kim is the Managing Partner and Chief Investment Officer of Standard General L.P., an investment firm. Mr. Kim has been investing in special situations strategies since 1997, including stints at Bankers Trust Company, Och-Ziff Capital Management and Cyrus Capital Partners. Mr. Kim is the Vice Chairman of Bally’s Intralot SA, Chairman of The Star Entertainment Group Limited, a director of Coalition for Queens, a director of the Cary Institute of Ecosystem Studies and a director of the Stuyvesant High School Alumni Association. Mr. Kim is a former member of the board of directors of Greektown Superholdings and Media General, Inc. and the board of managers of ALST Casino Holdco, LLC.

In connection with Mr. Kim’s appointment, Bally’s Management Group, LLC, an affiliate of the Company (“Bally’s Management”), and Mr. Kim entered into an employment agreement dated January 27, 2026, to be effective as of such same date (the “Employment Agreement”). The Employment Agreement provides that Mr. Kim’s annual compensation will consist of a base salary of $400,000, which will be reviewed annually, and an annual cash bonus with a target bonus opportunity of 100% of his base salary. During the term of his employment, Mr. Kim will also be eligible to receive equity grants in an amount equal to 100% of his base salary annually as determined by the Compensation Committee of the Board (the “Compensation Committee”) and in such form determined by the Board and/or Compensation Committee. In addition, Mr. Kim will be eligible to participate in the Company or Bally’s Management’s benefit plans provided to similarly situated personnel and receive severance benefits in certain circumstances as provided in the Employment Agreement. Any such severance payments are subject to Mr. Kim’s execution and non-revocation of a general release of claims in favor of the Company and its affiliates.

Mr. Kim is also subject to the Company’s standard restrictive covenant provisions both during and following his employment term.

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 10.1 to this report and incorporated herein by reference.

Item 8.01        Other Events.

Status as a “Controlled Company” under NYSE Rules

As of the date of this report, Standard General L.P. and its affiliates beneficially own shares of the Company’s common stock in an amount equal to more than 50% of the voting power for the election of the Company’s directors. As a result, the Company is a “controlled company” within the meaning of the corporate governance standards of the New York Stock Exchange (“NYSE”) and has elected, in accordance with applicable NYSE exemptions, not to comply with certain corporate governance requirements Specifically, upon Mr. Kim’s appointment as Executive Chair, he is no longer considered an independent director under NYSE rules, and the Company no longer has a Nominating and Governance Committee composed of entirely independent directors.

Item 9.01        Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
10.1						Employment Agreement, dated January 27, 2026, between Soohyung Kim and Bally’s Management Group, LLC
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			BALLY'S CORPORATION
			By:			/s/ Kim M. Barker
			Name:			Kim M. Barker
			Title:			Chief Legal Officer

Date: February 2, 2026

FAQ

What leadership change did Bally’s Corporation (BALY) disclose in this 8-K?

Bally’s Corporation appointed Soohyung Kim as Executive Chair effective January 27, 2026. He has been a director since 2016 and previously served as non-executive Chair, deepening his operational role in the company’s leadership structure.

What are the key compensation terms for Bally’s Corporation Executive Chair Soohyung Kim?

Under his employment agreement, Soohyung Kim receives a $400,000 annual base salary, a target annual cash bonus equal to 100% of base salary, and eligibility for annual equity grants targeted at 100% of base salary, determined by the Board and Compensation Committee.

How does Standard General’s ownership affect Bally’s Corporation (BALY) governance status?

Standard General L.P. and affiliates beneficially own more than 50% of the voting power for electing directors. This makes Bally’s a “controlled company” under NYSE corporate governance standards, allowing it to rely on certain governance requirement exemptions.

What NYSE governance exemptions is Bally’s Corporation using as a controlled company?

As a controlled company under NYSE rules, Bally’s has elected not to comply with some corporate governance requirements. The filing specifically notes that its Nominating and Governance Committee is no longer composed entirely of independent directors after Soohyung Kim became Executive Chair.

Is Soohyung Kim still considered an independent director at Bally’s Corporation (BALY)?

No. Upon his appointment as Executive Chair, Soohyung Kim is no longer considered an independent director under NYSE rules. This change also contributes to the Nominating and Governance Committee no longer being fully independent.

Does the Bally’s Corporation 8-K mention severance or restrictive covenants for Soohyung Kim?

Yes. The employment agreement provides for severance benefits in certain circumstances, conditioned on a release of claims, and subjects Soohyung Kim to the company’s standard restrictive covenant provisions during and after his employment term.