Bally's Corporation has revealed that Mira Mircheva, the executive vice president and chief financial officer, is resigning from her position "for personal reasons." Her resignation will take effect on Friday, but she will remain with the company until the end of September to facilitate a smooth transition of leadership. The search for her successor is already underway.
George Papanier has been appointed as the interim CFO while retaining his roles as Bally’s president and a member of the board of directors. Papanier brings over 40 years of experience in the gaming sector, having previously served as CEO from February 2011 to October 2021 after joining the company as COO in 2004.
Robeson Reeves, CEO of Bally's, expressed gratitude for Mircheva’s contributions and voiced confidence in Papanier’s capability to manage through this transition. "With over two decades of experience in vital operating and financial roles at Bally’s, George has played a crucial role in shaping our business model, asset portfolio, and growth strategy," Reeves stated. "He steps into the interim position backed by a skilled finance team, and I trust that our reporting, controls, and capital markets operations will proceed without interruption."
In a separate development, Bally's faced a significant drop in shares, which fell 26% on August 17, despite reporting a strong second quarter with a 20% year-on-year revenue increase to €792.2 million. This decline followed the revelation of debt issues disclosed in Bally's Q2 10-Q filing submitted to the Securities and Exchange Commission on August 14.
In the filing, Bally's indicated that based on current forecasts, the company "does not project that it would satisfy the liquidity maintenance requirement" or the "consolidated net leverage ratio covenant" within its revolving credit facility over the coming year. The document also raised concerns about the company’s ongoing viability, stating, "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."
