Bally's Corporation has announced that Mira Mircheva will resign from her position as executive vice president and chief financial officer, citing personal reasons. Her last official day in the role is set for this Friday, though she will remain with the company until the end of September to facilitate a smooth leadership transition. The search for her successor is currently in progress.
In the interim, George Papanier will assume Mircheva's responsibilities as CFO while continuing to serve as president and a board member of Bally's. Papanier has a strong background in the gaming industry, bringing over 40 years of experience to the table. He previously held the CEO position from February 2011 until October 2021, having joined Bally’s as chief operating officer in 2004.
Robeson Reeves, CEO of Bally's, expressed gratitude for Mircheva's contributions and voiced his confidence in Papanier’s capability to maintain continuity during this leadership change. Reeves remarked, "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."
Despite reporting a solid second quarter where revenues increased 20% year-on-year to €792.2 million, Bally's shares dropped by 26% on August 17. This decline followed disclosures about the company's debt in their Q2 10-Q filing to the Securities and Exchange Commission on August 14. The report indicated that Bally's does not anticipate meeting the liquidity maintenance requirement or the consolidated net leverage ratio covenant in its revolving credit facility over the next year. Furthermore, 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."
