Bally's Corporation has announced that Mira Mircheva will resign from her position as executive vice president and CFO, citing personal reasons. Mircheva’s resignation takes effect on Friday, but she will remain with the company until the end of September to facilitate a smooth transition for her successor, whose search is already underway.
In the interim, George Papanier, who currently serves as Bally’s president and is on its board of directors, will assume the role of CFO. Papanier has extensive experience in the gaming industry, with over 40 years of service. He previously held the CEO position from February 2011 until October 2021 and has been with the company since joining as COO in 2004.
Bally’s CEO Robeson Reeves expressed his gratitude for Mircheva’s contributions and conveyed his confidence in Papanier’s ability to manage the transition. "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," Reeves stated. He added that Papanier will lead an experienced finance team to ensure continued operational efficiency in reporting and capital markets activities.
Compounding challenges for Bally’s, shares plummeted by 26% on August 17 despite reporting a strong second quarter, with revenue increasing by 20% year-on-year to €792.2 million. The decline followed the company's second quarter 10-Q filing with the Securities and Exchange Commission on August 14, which revealed significant concerns over its debt situation. The filing indicated that the company does not anticipate meeting the liquidity maintenance requirements or the consolidated net leverage ratio covenant in its revolving credit facility over the coming year. It stated: "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."
