Bally's Corporation announced that Mira Mircheva is resigning from her position as executive vice president and CFO due to personal reasons. Her departure will take effect on Friday, but she will remain with the company until the end of September to facilitate a smooth leadership transition. The search for her successor is already underway.
In the meantime, George Papanier has stepped in as the interim CFO. He will continue to serve in his current roles as the president of Bally's and as a member of its board of directors. Papanier brings over 40 years of experience in the gaming industry to the role, having previously been CEO from February 2011 to October 2021 after joining the company as COO in 2004.
Bally's CEO Robeson Reeves expressed gratitude for Mircheva's contributions and confidence in Papanier’s capacity to maintain continuity during this transition. Reeves highlighted Papanier’s extensive experience, stating, "Having spent more than two decades in key operating and financial leadership roles at Bally’s, George has been instrumental in developing our 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."
Bally's shares faced significant pressure, dropping 26% on August 17 despite reporting a strong second quarter, with revenue increasing 20% year-on-year to €792.2 million. This decline came after the company disclosed debt concerns in its Q2 10-Q filing submitted to the Securities and Exchange Commission on August 14. The filing indicated that based on current projections, Bally's does not expect to meet the liquidity maintenance requirement or the consolidated net leverage ratio covenant in its revolving credit facility over the next year. Furthermore, it noted, "While the company is 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."
