Dive Brief:
- Casino operator Bally’s CFO Mira Mircheva informed the company on Aug. 30 she was resigning effective Friday from the position she has held for just over a year, according to a Thursday securities filing. The company said she is leaving for “personal reasons” but will stay on to help with the transition through Sept. 30.
- Longtime Bally’s executive George Papanier, who has previously served periods as president, CEO, COO and interim CFO, will serve once again as interim CFO until a permanent finance chief can be found, the company said in a press release. He has been president of the company’s land-based casino operations since 2021.
- Bally’s CEO Robeson Reeves expressed confidence in Papanier, noting his two decades of experience in key operating and financial leadership roles and work on the company’s business model, asset portfolio, and growth strategy. “He steps into the interim role supported by an experienced finance organization and I am confident that our reporting, controls and capital markets work will continue without disruption,” the CEO said in a statement in the release.
Dive Insight:
The casino operator is facing a cash crunch. Last month, Bally’s included a going concern warning in its second quarter earnings report, stating that it was at risk of being out of compliance with debt terms related to its revolving credit facility over the next 12 months.
“While actively engaged in discussions on several financing alternatives, the conditions and events raise substantial doubt about the company’s ability to continue as a going concern,” the company said in an Aug. 14 10-Q filing with the Securities and Exchange Commission.
To address the situation, Bally’s said it was exploring ways to boost its liquidity, including selling assets, an equity sale and debt financings. At the same time, it reported a slightly narrower second quarter net loss of $163.9 million compared to a net loss of $228.4 million in the year earlier period. As of June 30, the company’s long-term debt totaled about $4.5 billion.
In the meantime, one of Bally’s biggest projects is running into roadblocks. Bally’s last month slowed down construction of a $1.7 billion Chicago casino complex as it objected to the legalization of video gaming terminals as part of this year’s budget, deeming it a violation of its hosting agreement, The Chicago Tribune reported.
Mircheva was named CFO of Bally’s last year, shortly after the February completion of a merger transaction with hedge fund Standard General and its affiliates which included The Queen Casino & Entertainment. The cash merger, which valued Bally’s at about $4.6 billion when announced in 2024, was financed with the issuance of $500 million in senior secured notes due in 2028, according to a release at the time.
From September 2023 to May 2025, Mircheva was CFO of The Queen Casino and prior to that she served as a partner of Standard General for over eight years, according to her LinkedIn profile. She also previously worked for Goldman Sachs for seven years including as a vice president from 2003 to 2008.
Bally’s did not immediately respond to a request for comment.
