Bally’s Corporation is searching for a new chief financial officer after Mira Mircheva left the position for personal reasons, adding a leadership change to a period of financial and legal pressure for the gambling company.

The company announced Mircheva’s departure Thursday and appointed George Papanier, its president of land-based casinos, as interim CFO. Papanier has spent more than two decades in operating and financial leadership roles at Bally’s and will hold the additional position while the board searches for a permanent successor.

“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, as reported by Chicago Tribune.

Mircheva will remain at Bally’s until September 30. She will assist the finance department and Papanier with the close of the quarter while the company completes the transition.

The executive joined Bally’s through its February 2025 merger with Queen Casino & Entertainment. She had served as Queen Casino’s CFO since 2023 after previously working for Standard General, which became Bally’s majority shareholder. Standard General now owns roughly two-thirds of the publicly traded company.

Papanier Takes Over Finance Role

Bally’s said Papanier has played a significant role in developing the company’s business model, asset portfolio and growth strategy. Reeves said the interim CFO would have support from the existing finance organization as the company continues its reporting, controls and capital markets work.

The change comes after Bally’s disclosed serious liquidity concerns in its second-quarter results. The company reported $4.466 billion in long-term debt and warned that it needs additional cash by early next year to remain in compliance with its lenders.

Bally’s said it was considering several financing alternatives. Its SEC filing stated: “While the company is actively engaged in discussions on several financing alternatives, the conditions and events raise substantial doubt about the company’s ability to continue as a going concern.”

Reeves has continued to express confidence in the business, while the company works through its financing needs.

The financial pressure has emerged alongside difficulties surrounding Bally’s Chicago casino project, which carries a planned investment of $1.7 billion.

Chicago Project Remains Under Pressure

Bally’s has been involved in a dispute with Chicago officials over the legalization of video gambling terminals. The company argues that the addition of VGTs could affect the financial performance of its planned casino resort.

In August, Bally’s Chicago sent a reset notice to the Chicago Community Builders Collective, the general contracting partnership overseeing construction. The notice cited the Chicago City Council’s approval of VGTs as a violation of the company’s host agreement.

Construction on parts of the wider development subsequently slowed. The project is planned to include a 34-story hotel and convention center, restaurants, a two-acre park and an extension of the Riverwalk.

Chicago officials have urged Bally’s to resume construction and have emphasized the company’s obligations under its Host Community Agreement. City Council members have also said that disputes over the agreement can be addressed through mediation.

The company faces another construction-related dispute with MGM Excavating. The former contractor filed a mechanics lien in Cook County Circuit Court seeking $3.8 million for work carried out at the casino complex.

Bally’s has maintained that the Chicago dispute and construction slowdown did not cause its liquidity difficulties.

The company is due to appear before the Chicago City Council on September 9. The hearing will address Bally’s financial position, the VGT dispute and its ability to meet the requirements of the Host Community Agreement for Chicago’s first casino.

Senior vice president of corporate development Chris Jewett and chief legal officer Kim Barker are expected to attend. Mircheva was not expected to take part in the hearing.