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Dive Brief:
- Casino operator Mira Mircheva, CFO of Bally informed the company on Aug. 30 that he was resigning effective Friday from the position he has held for just over a year, according to a Thursday securities filing. The company said he is leaving for “personal reasons” but will stay on to help with the transition until September 30.
- Longtime Bally executive George Papanier, who has previously served stints as president, chief executive officer, chief operating officer and interim chief financial officer, serve again as interim CFO until a permanent chief financial officer is found, the company said in a press release. He has been president of the company’s land-based casino operations since 2021.
- Bally CEO Robeson Reeves expressed his confidence in Papanier, noting his two decades of experience in key operational and financial leadership roles and working on the company’s business model, asset portfolio and growth strategy. “He steps into the interim role with the support of 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.
Diving knowledge:
The casino operator is facing a cash crunch. Last month, Bally’s included a going concern warning in its second-quarter earnings report, saying it was at risk of defaulting on debt terms related to its revolving credit facility within the next 12 months.
“Although I was actively involved in discussions about various financing alternatives, conditions and events raise substantial doubts 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 increase its liquidity, including asset sales, equity sales and debt financing. At the same time, it posted a slightly narrower second-quarter net loss of $163.9 million compared to a net loss of $228.4 million in the year-ago period. As of June 30, the company’s long-term debt stood at about $4.5 billion.
Meanwhile, one of Bally’s biggest projects is hitting roadblocks. Last month Bally slowed down the construction of one $1.7 billion Chicago casino complex as it opposed the legalization of video game terminals as part of this year’s budget, considering it a violation of its hosting agreement, The Chicago Tribune reported.
Mircheva was appointed CFO of Bally last year, shortly after a merger was completed in February. transaction with hedge fund Standard General and its affiliates which include The Queen Casino & Entertainment. The cash merger, which valued Bally’s at about $4.6 billion when announced in 2024, was financed by the issuance of $500 million in senior secured notes due 2028, according to a statement at the time.
From September 2023 to May 2025, Mircheva was CFO of The Queen Casino and before that was a partner at Standard General for more than eight years, according to her LinkedIn profile. She also previously worked for Goldman Sachs for seven years, including as vice president from 2003 to 2008.
Bally’s did not immediately respond to a request for comment.
