Bally’s Corp. Executive Vice President and CFO Mira Mircheva said she is leaving the company. Mircheva cited personal reasons for the exit. The resignation was effective Friday, but Mircheva will remain with the company through Sept. 30 during the transition.
Her departure comes as the company faces growing solvency concerns amid several major projects possibly in jeopardy.
The company’s board of directors appointed George Papanier as interim CFO. He will also retain his current roles as president and board member during the search for a permanent CFO. Papanier has over 40 years of gaming industry experience, according to Bally’s officials.
“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 said.
Personnel Change Comes Amid Financial Turmoil
The executive shuffle comes after management sounded the alarm about the company’s future. Bally’s issued a solvency warning in its second quarter report to the Securities and Exchange Commission (SEC) in August.
The warning said the company’s sizable debt creates “substantial doubt about its ability to continue” over the next year. Bally’s has ongoing casino projects planned in Chicago, Las Vegas, and New York.
Yahoo Finance said Bally’s has $4.5 billion in debt and just a $500 million market capitalization. Company officials say they are “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 role may be a way to right the ship to some degree. He is a certified public accountant and has served as president of Bally’s land-based 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 also took on that role 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 said.
“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 company recently partially paused construction on its Chicago casino. It blamed the city’s legalization of video gaming machines at convenience stores and other locations.
A cash crunch, however, could have also been part of the reason. Some Chicago City Council members have argued that point. They question whether Bally’s has the funds to finish the project, according to the Chicago Sun-Times.
In its report to the SEC, Bally’s cited “adverse conditions” with the Chicago project. The company said the project 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 casino would require $400 million over the next two years. Moreover, the company is losing money at the temporary casino it opened in the Windy City three years ago. Revenue was down $56.4 million in the first half of 2026, with a total deficit of $233.3 million.
The $1.7 billion permanent casino and hotel will include 3,400 slots, 170 table games, 10 food and beverage venues, a 500-room hotel tower with a rooftop bar, a 65,000-square-foot entertainment center, and a 20,000-square-foot outdoor music venue. Company officials claim Bally’s financial issues have nothing to do with slowing down construction.
“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,” a company representative told 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 concerned that other Bally’s projects could be impacted by the company’s financial struggles. In Las Vegas, Bally’s is working on a casino complex next to the new Oakland A’s stadium at the site of the former Tropicana casino.
Management expects to unveil the $2 billion stadium in 2028. Retail establishments surrounding the venue are expected to open at the same time the stadium opens. The casino and hotel would open at a later date.
In New York, Bally’s was one of three companies to receive downstate casino licenses. The gaming operator plans a $4 billion casino in the Bronx and has now paid for the gaming license.
The casino resort will include a 500,000-square-foot casino, 500-room hotel, spa, meeting space, a 2,000-seat event center, shopping options, and more. The project is still in the early stages and construction hasn’t begun.
In 2023, the company paid the Trump Organization $60 million to take over the lease for the city-owned golf course where the casino will be built. The Trump group also was guaranteed an additional $115 million once Bally’s secured a New York City casino license.
Bally’s may need to secure more financing for the New York project, the Wall Street Journal reported this week.
Beyond the U.S., the company has taken on additional investments in Australia. In 2025, the Rhode Island-based firm invested $300 million in Star casinos. Bally’s was set to take over operations of that company’s gaming properties after it sustained significant losses. Bally’s currently owns about 38% of Star.
Debt Burden A Major Concern
Bally’s, which owns 19 properties across the U.S. along with online gaming operations, reported year-over-year growth of 28.6% for $746.2 million in revenue in 2025. Experts, however, have warned that the company’s debt load could be too high to remain financially viable given the number of major projects planned 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 told the Journal.
As Next.io reported last week, Citizens financial analysts Jordan Bender and Isabelle Slavin agreed with that assertion and believe Bally’s may not have the capital to complete the slate of projects. They said selling assets may be an option, along with bringing in a partner.
In the event the company defaults on loans and can’t afford to pay its bills, the projects could face an uncertain future.
Additionally, Bally’s could face operational issues at both its American casinos and Australian properties.
