Bally’s CFO Resigns as Chicago Casino Project Faces Troubles

Bally’s Corporation is shaking up its financial leadership at a difficult time for the gambling company, which is facing construction delays on its Chicago casino project, a dispute with city officials and growing concerns about liquidity. Bally’s Names George Papanier Interim CFO After Mircheva Resigns Mira Mircheva has resigned as executive vise president and chief financial officer of the company, effective September 4. Bally’s said the decision was made “for personal reasons.” Mircheva will stay with the company through September 30 to help with the transition and complete the third-quarter financial process. George Papanier, president of land-based casino operations for Bally’s, has been named interim CFO. The company has begun its search for a permanent replacement. Papanier brings over 40 years of gaming experience and has served in a number of senior positions at Bally’s. He was the company’s chief executive before he became president of the company’s land-based casino division in 2021. He also served as interim CFO during 2023. In a statement, Bally’s CEO Robeson Reeves said he appreciated Mircheva’s contribution and added that Papanier’s familiarity with the company should help ensure continuity for all aspects of financial reporting, internal controls and capital markets activities. Mircheva joined Bally’s in February 2025 after its merger with Queen Casino & Entertainment, where she had been CFO since 2023. Before the deal, Standard General, the investment firm that now owns about two-thirds of Bally’s publicly traded shares, had a stake in Queen Casino. Bally’s Chicago Project Under Pressure From VGT Dispute and Liquidity Mircheva’s exit comes as Bally’s is working through a handful of issues related to its planned Chicago development. River West is developing a casino resort — a $1.7 billion casino resort on the site of the former Tribune printing plant. The project is expected to feature a casino, a 34-story hotel, an events and convention facility, restaurants and a two-acre park. The city’s City Council approved video gambling terminals citywide in August, and construction activity was down in August. Bally’s has said the VGT expansion could hurt the economics of its casino and break the terms of its agreement with Chicago. The company then issued a notice to its general contracting partnership, halting several elements of the wider development. City officials have pressed Bally’s to get back to work, pointing out that the company is still on the hook under its host community agreement to deliver the full project. The building dispute has also been coupled with a separate dispute over payments. MGM Excavating, a previous contractor on the project, filed a $3.8 million mechanics lien in Cook County, saying it had not been paid for work it performed. Bally’s said in August it was uncertain about its ability to maintain sufficient liquidity and would need additional financing over the next few months to remain compliant with its lending requirements. Representatives for Bally’s are scheduled to meet with the Chicago City Council on September 9 to discuss the company’s financial conditions, the VGT dispute, and its obligations under the host agreement. Mircheva is not expected to attend the hearing, which will be represented by senior corporate development and legal executives for the company.