Bally's Corporation has announced that Mira Mircheva will resign from her position as executive vice president and chief financial officer due to personal reasons. Her resignation takes effect on Friday, but she will remain with the company until the end of September to facilitate a smooth leadership transition. A search has already been initiated for her successor.
In the interim, George Papanier will assume the role of CFO while also continuing to serve as Bally's president and a board member. Papanier has extensive experience in the gaming industry, bringing over 40 years to the table. He previously held the CEO position from February 2011 until October 2021 and joined Bally's as COO in 2004.
Bally's CEO Robeson Reeves expressed gratitude for Mircheva's contributions and confidence in Papanier's ability to maintain continuity during the transition. "George has spent more than two decades in key operating and financial leadership roles at Bally’s and has been instrumental in developing our business model, asset portfolio and growth strategy," said Reeves. He underscored that Papanier will lead the company with an established finance organization in place, ensuring that reporting, controls, and capital markets activities will remain uninterrupted.
Despite a robust second quarter that saw an increase in group revenue by 20% year-on-year to €792.2 million, Bally's shares plummeted by 26% on August 17. This drop followed the company’s Q2 10-Q filing with the Securities and Exchange Commission on August 14, which revealed significant debt concerns. The filing stated that based on current forecasts, Bally's does not expect to meet its liquidity maintenance requirements or the consolidated net leverage ratio covenant in its revolving credit facility over the next year. It added that while discussions on various financing options are ongoing, there are substantial doubts regarding the company's ability to continue as a going concern.
