Bally’s CFO Resigns Amid Liquidity Issues and Chicago Casino Disputes

PROVIDENCE, R.I. – Bally’s CFO Mira Mircheva is resigning effective Sept. 4 as the casino operator navigates liquidity and Chicago project pressures.

President George Papanier will take over as interim CFO while the board searches for a permanent successor, putting a longtime Bally’s executive in charge of its finances during a period of heightened scrutiny.

Bally’s said Mircheva is leaving for personal reasons and will remain with the company through Sept. 30 to assist with the transition and quarter-end work. An SEC filing states that her resignation was not the result of any dispute with the company.

Papanier Takes Over as Interim CFO

Papanier will retain his positions as Bally’s president and a member of its board while serving as interim CFO. He previously served as the company’s interim finance chief in 2023 and has more than 40 years of gaming industry experience, according to Bally’s.

“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. Bally’s said it has begun a formal search for Mircheva’s permanent replacement.

Mircheva became Bally’s CFO following the February 2025 combination with The Queen Casino & Entertainment, where she had served as finance chief. The transaction also gave Standard General and its affiliates a controlling interest in Bally’s.

Liquidity Warning Adds Pressure

The leadership change comes weeks after Bally’s issued a going-concern warning in its second-quarter financial statements. The company said current forecasts indicate it may fail to satisfy liquidity requirements under a lender waiver or comply with its leverage covenant once that requirement is reinstated.

In its second-quarter SEC filing, Bally’s said it is considering asset monetization, an equity sale and additional debt financing. Management said those plans have not been finalized and currently do not alleviate substantial doubt about the company’s ability to continue as a going concern.

Bally’s reported $390.2 million in cash and cash equivalents as of June 30, down from $798.4 million at the end of 2025. The company was also carrying approximately $4.5 billion in long-term debt, including the current portion.

Chicago Casino Faces Sept. 9 Hearing

The CFO transition also comes as Bally’s faces mounting questions over its $1.7 billion permanent Chicago casino. The company slowed construction on the hotel’s and other non-gaming elements in August after arguing that Chicago’s approval of video gaming terminals conflicted with its Host Community Agreement.

A separate dispute involves former contractor MGM Excavating, which filed mechanic’s liens seeking more than $3.8 million for work at the River West site. Bally’s has said it paid general contractor Chicago Community Builders Collective in full and disputes that it owes the claimed amounts directly.

Bally’s executives are scheduled to appear before a Chicago City Council committee Sept. 9 to address the company’s financial position, the VGT dispute and its ability to fulfill the Host Community Agreement. Senior Vice President of Corporate Development Chris Jewett and Chief Legal Officer Kim Barker are expected to represent the company, while Mircheva was not scheduled to participate.

The hearing will provide city lawmakers with their next opportunity to question Bally’s on financing and the construction slowdown. Meanwhile, Papanier will oversee the company’s finance function as the search for a permanent CFO continues.

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