Bally’s CFO Resigns As Chicago Casino, Financial Woes Pile

Bally’s leadership is headed in a new direction as its Chicago project stalls and its financial situation declines.

Mira Mircheva resigned as Bally’s executive vice president and chief financial officer, effective Friday, Sept. 4. She will remain with the company during a transition period through Sept. 30 and will complete the third-quarter financial process. 

Bally’s said the decision was down to “personal reasons” and did not tie her departure to the company’s recent struggles.

Bally’s CFO out

An announcement released on Thursday afternoon confirmed that Mircheva was leaving the gaming giant, which has numerous worldwide properties and is constructing projects in New York City and Chicago. 

“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,” said Bally’s CEO Robeson Reeves. 

The announcement also revealed that Bally’s Board of Directors had appointed President and Board member George Papanier as interim CFO until a permanent replacement was hired. That search is already underway.

Although Papanier’s interim appointment won’t hold forever, he brings a wealth of experience and knowledge of the company’s inner workings. He worked in the industry for more than 40 years and held several senior positions at Bally’s, including CEO, president of land-based operations, and a previous stint as interim CFO.

“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.”

Financial issues plague Chicago development

Mircheva joined Bally’s in Feb. 2025 following a merger with Queen Casino & Entertainment, where she had worked as CFO since 2023. 

Her decision to step away from the company comes at a time when Bally’s is dealing with a variety of issues, mostly related to its ongoing Chicago build. The planned $1.7 billion casino project — which will create live-dealer table games, slot machines, blackjack, a hotel, and much more — is now in danger of collapsing after the Chicago City Council approved video gaming terminals citywide in August, prompting Bally’s to slow its construction.

Bally’s previously told the city that VGTs would alter the financial picture of the casino and threatened to stop construction if they were approved. Chicago officials hit back at Bally’s after development stalled, claiming it was still required to build the casino under its host community agreement. 

The Chicago project has also created several other issues. MGM Excavating filed a mechanics lien in Cook County, claiming it had rendered $3.8 million in unpaid services. 

Bally’s said in a Form 10-Q filing with the Securities and Exchange Commission in August that there was “substantial doubt” about its ability to continue operating in its present format if it didn’t raise significant capital. That’s with the upcoming $4 billion New York project still to come.

Representatives for the company are expected to meet with the Chicago City Council on Sept. 9, where they will inevitably discuss the company’s financial situation and VGTs, among other topics.