Bally’s Corp. Executive Vice President and CFO Mira Mircheva stated she is leaving the corporate. Mircheva cited private causes for the exit. The resignation was efficient Friday, however Mircheva will stay with the corporate by way of Sept. 30 through the transition.
Her departure comes as the corporate faces rising solvency issues amid a number of main tasks probably in jeopardy.
The firm’s board of administrators appointed George Papanier as interim CFO. He will even retain his present roles as president and board member through the seek for a everlasting CFO. Papanier has over 40 years of gaming trade expertise, in response to Bally’s officers.
“On behalf of the entire board and executive management team, I want to thank Mira for her dedication to Bally’s, and we wish her great success going forward,” CEO Robeson Reeves stated.
Personnel Change Comes Amid Financial Turmoil
The govt shuffle comes after administration sounded the alarm concerning the firm’s future. Bally’s issued a solvency warning in its second quarter report back to the Securities and Exchange Commission (SEC) in August.
The warning stated the corporate’s sizable debt creates “substantial doubt about its ability to continue” over the subsequent 12 months. Bally’s has ongoing on line casino tasks deliberate in Chicago, Las Vegas, and New York.
Yahoo Finance stated Bally’s has $4.5 billion in debt and only a $500 million market capitalization. Company officers say they’re “pursuing a number of financing alternatives intended to enhance its liquidity, including asset monetization, an equity sale, and debt financing.”
A Stabilizing Move?
Moving Papanier into the interim CFO function could also be a approach to proper the ship to a point. He is a licensed public accountant and has served as president of Bally’s land-based on line casino operations since October 2021.
From February 2011 to October 2021, Papanier held the titles of president and CEO after serving as COO in 2004. This isn’t his first time serving as interim CFO, as he additionally took on that function in 2023.
“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 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 Says Chicago Pause Not Related
The firm not too long ago partially paused building on its Chicago on line casino. It blamed the town’s legalization of video gaming machines at comfort shops and different areas.
A money crunch, nonetheless, may have additionally been a part of the explanation. Some Chicago City Council members have argued that time. They query whether or not Bally’s has the funds to complete the mission, in response to the Chicago Sun-Times.
In its report back to the SEC, Bally’s cited “adverse conditions” with the Chicago mission. The firm stated the mission has sustained “significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future.”
Temporary Chicago Casino Losing Money
Finishing the on line casino would require $400 million over the subsequent two years. Moreover, the corporate is shedding cash on the non permanent on line casino it opened within the Windy City three years in the past. Revenue was down $56.4 million within the first half of 2026, with a complete deficit of $233.3 million.
The $1.7 billion everlasting on line casino and resort will embrace 3,400 slots, 170 desk video games, 10 meals and beverage venues, a 500-room resort tower with a rooftop bar, a 65,000-square-foot leisure heart, and a 20,000-square-foot out of doors music venue. Company officers declare Bally’s monetary points don’t have anything to do with slowing down building.
“The going concern disclosure is based on a forward-looking technical accounting analysis, which considers only funding that has been unconditionally secured as of the date of the assessment,” an organization consultant instructed the Sun-Times.
“Bally’s Chicago has consistently demonstrated its ability to execute this project, including advancing construction ahead of the original Host Community Agreement deliverable timeline. We remain focused and committed to opening the permanent casino in early 2027.”
Other Projects In Jeopardy?
Some are involved that different Bally’s tasks might be impacted by the corporate’s monetary struggles. In Las Vegas, Bally’s is engaged on a on line casino complicated subsequent to the brand new Oakland A’s stadium on the web site of the previous Tropicana on line casino.
Management expects to unveil the $2 billion stadium in 2028. Retail institutions surrounding the venue are anticipated to open on the similar time the stadium opens. The on line casino and resort would open at a later date.
In New York, Bally’s was one in every of three firms to obtain downstate on line casino licenses. The gaming operator plans a $4 billion on line casino within the Bronx and has now paid for the gaming license.
The on line casino resort will embrace a 500,000-square-foot on line casino, 500-room resort, spa, assembly area, a 2,000-seat occasion heart, purchasing choices, and extra. The mission remains to be within the early levels and building hasn’t begun.
In 2023, the corporate paid the Trump Organization $60 million to take over the lease for the city-owned golf course the place the on line casino shall be constructed. The Trump group additionally was assured an extra $115 million as soon as Bally’s secured a New York City on line casino license.
Bally’s could must secure more financing for the New York mission, the Wall Street Journal reported this week.
Beyond the U.S., the corporate has taken on further investments in Australia. In 2025, the Rhode Island-based agency invested $300 million in Star casinos. Bally’s was set to take over operations of that firm’s gaming properties after it sustained important losses. Bally’s at the moment owns about 38% of Star.
Debt Burden A Major Concern
Bally’s, which owns 19 properties throughout the U.S. together with on-line gaming operations, reported year-over-year development of 28.6% for $746.2 million in income in 2025. Experts, nonetheless, have warned that the corporate’s debt load might be too excessive to stay financially viable given the variety of main tasks deliberate or underway.
“You hit these levels of leverage and you start worrying: If we hit a recession, there are going to be challenges,” Truist Securities gaming analyst Barry Jonas instructed the Journal.
As Next.io reported final week, Citizens monetary analysts Jordan Bender and Isabelle Slavin agreed with that assertion and consider Bally’s could not have the capital to finish the slate of tasks. They stated promoting property could also be an choice, together with bringing in a accomplice.
In the occasion the corporate defaults on loans and may’t afford to pay its payments, the tasks may face an unsure future.
Additionally, Bally’s may face operational points at each its American casinos and Australian properties.
