Bally's Corporation is searching for a new CFO after Mira Mircheva announced her resignation from the Executive Vice President and Chief Financial Officer role. The company cited personal reasons.
The departure comes as the US operator faces serious liquidity problems. Shares collapsed following second-quarter results. Long-term debt stands at $4.466 billion, and the $1.7 billion Chicago casino project has been frozen. An SEC filing states that 'conditions and events raise substantial doubt about the company's ability to continue as a going concern.'
Debt will climb further once Bally's Intralot — where Bally's holds a majority stake — closes its acquisition of evoke. CEO Robeson Reeves continues to express confidence in the company's future, but the CFO's exit adds another pressure point for the NYSE-listed group.
George Papanier has been named interim CFO. He is president of the company and has spent more than twenty years in operational and financial roles at Bally's. Reeves said Papanier played a key role in shaping the group's business model and asset portfolio, and that the transition will not disrupt reporting or controls.
Mircheva is leaving sixteen months after taking the position. She joined Bally's as CFO following its merger with The Queen Casino & Entertainment, where she held the same role. Before that she spent over eight years as a partner at Standard General LP, the fund that acquired Bally's and executed the Queen deal. Mircheva will remain through the end of the month to hand over responsibilities.
