Bally’s finance chief exits as casino giant faces costly expansion pressures

Bally's Corporation has announced that its finance chief, Mira Mircheva, is leaving her position as executive vice president and chief financial officer, effective September 4. She will remain with the company until September 30 to ensure a smooth transition. This comes amidst the casino giant's ongoing financial pressures and costly expansion efforts.

George Papanier, the CEO of Bally's, will temporarily assume the CFO responsibilities alongside his existing roles as president and board member. Papanier, with over four decades of industry experience, previously served as the company's interim CFO in 2023 and as president and CEO from 2011 to 2021.

Bally's has been grappling with a complex financial situation, having reported a loss in its latest quarterly earnings and facing billions in debt. The company is also investing heavily in major developments, including a $4 billion casino and entertainment project in the Bronx and a $1.7 billion permanent casino in Chicago.

In Chicago, Bally's is currently facing construction delays and conflicts over video gambling terminals. The company has decided to "reset the pace" of some construction while challenging an expansion of video gambling terminals city-wide. This slowdown could impact the 1,500 union tradespeople working on the project, though Bally's still anticipates the permanent casino to open in early 2027.

Papanier now faces the challenge of managing Bally's finance organization through these difficulties, as the board seeks a permanent CFO replacement.