Bally's Corporation CFO Mira Mircheva is stepping down with immediate effect, citing personal reasons. George Papanier, the company's president and former CEO, will serve as interim CFO.
The departure follows last month's Q2 results, which carried a going concern warning. Bally's flagged doubts about its ability to continue operations over the next 12 months due to liquidity issues and heavy debt. As of 30 June, total liabilities stood at $8.64bn, including $4.47bn in net long-term debt.
Citizens analysts Jordan Bender and Isabelle Slavin wrote that Bally's current project pipeline looks ambitious, and the company is unlikely to complete it without asset sales or development partners at current debt levels. Citizens, Macquarie and Truist continue to rate the stock a hold, pointing to planned property openings.
Shares rose roughly 3.6% after the resignation was announced. Mircheva will stay through the end of September to assist with the transition while the company searches for a permanent successor.
Papanier has spent more than two decades at Bally's, serving as COO from 2004 and president and CEO from 2011. He brings 40 years of gaming industry experience, including stints as treasurer of the Casino Association of New Jersey and a finance role at Trump Plaza Hotel and Casino in Atlantic City. Management has expressed confidence in its ability to refinance land-based projects in Las Vegas, New York and Chicago.
Via NEXT.io.
