Bally’s Corporation CFO Mira Mircheva has resigned after roughly 16 months in the job, with company president George Papanier stepping in as interim CFO from Sept. 4. Mircheva told Bally’s of her decision on Aug. 30 and is leaving for personal reasons, though she’ll stay through Sept. 30 to help with the handover. Bally’s said the resignation didn’t stem from any dispute with the company.
Papanier keeps his role as president and stays on the board while temporarily running the finance organization, and Bally’s has started looking for a permanent replacement. He’s spent more than two decades in senior positions at the company, including a run as president and CEO from 2011 to 2021, and he already did a stint as interim CFO back in 2023. Earlier in his career he held finance roles at Sun International Hotels and Mohegan Sun Casino.
Mircheva took the CFO job in May 2025, having held the same position at Queen Casino & Entertainment. Before moving into casino operations she spent more than eight years at Standard General, with earlier investment roles at Perella Weinberg Partners and Goldman Sachs. She also sits on the boards of White Energy and Intralot, where Bally’s became controlling shareholder after Intralot combined with Bally’s International Interactive.
Bally’s posted $792.2 million in second-quarter revenue in August, up 20.5% year over year, alongside a $164 million net loss for the period. Casinos & Resorts revenue rose 2% to $401 million, Bally’s Intralot B2C revenue grew 22.3% to $243.5 million, and North America Interactive revenue climbed 16.9% to $66.1 million. Long-term debt sat at $4.47 billion at the end of June, roughly where it was at the end of 2025.
The same Q2 filing carried a warning that current forecasts could leave Bally’s unable to meet minimum liquidity requirements or its consolidated net leverage covenant over the following 12 months. Lenders have temporarily waived compliance with the leverage covenant, but that waiver depends on Bally’s maintaining minimum liquidity. The company said all of this creates “substantial doubt” about its ability to continue as a going concern, and it’s weighing asset sales, equity financing, and additional debt to shore things up.
All that pressure is building while Bally’s funds several large development projects, among them its permanent casino resort in Chicago and a proposed development in the Bronx. Around $400 million of contractual spending commitments remained on the Chicago project as of June 30, and the final cost is expected to exceed the $1.34 billion minimum obligation Bally’s agreed with the city. Gaming and Leisure Properties has committed up to $940 million toward construction under a separate financing arrangement.
The Chicago project has also turned into a dispute with city officials over construction progress and the company’s opposition to expanded video gambling terminals in Chicago. Originally budgeted at around $1.7 billion, the permanent resort is now due to open in early 2027, with Bally’s still running its temporary casino at Medinah Temple in the meantime.
CEO Robeson Reeves said Papanier’s experience across Bally’s operating and financial businesses should keep reporting, controls, and capital-markets work running without disruption during the search. The timing is awkward regardless, since Mircheva’s exit leaves Bally’s changing financial leadership only weeks after its going-concern warning, while it tries to line up more financing against a balance sheet carrying over $4.4 billion in long-term debt.