Bally’s CFO Resigns as Chicago Casino Project Faces Financial Pressure

Key Highlights

Bally’s was dealt another tough hand on Friday as Mira Mircheva resigned as chief financial officer. Her resignation comes in the wake of a series of concerns and disruptions associated with the company’s Chicago casino project.

Bally’s Names Interim CFO After Mircheva Exit

Mircheva stepped down from her leadership roles for personal reasons, Bally’s announced in a press release on Thursday. She was also executive vice president and will remain with the company through September 30 to assist with the leadership transition and completion of its third-quarter financial process. Mircheva was CFO at Queen Casino from 2023 to 2025 and assumed the CFO role at Bally’s after a merger between the two gaming brands. 

The company’s president of land-based casinos, George Papanier, has been named interim CFO. Papanier has more than 40 years of gaming industry experience, previously served as Bally’s CEO, and also held the interim CFO position in 2023. CEO Robeson Reeves said his familiarity with the business should support continuity across financial reporting, internal controls, and capital markets activities while the company carries out its search for a permanent replacement.

Chicago Casino Project Faces Construction & VGT Disputes

The leadership change comes as Bally’s works through several challenges surrounding its planned $1.7 billion Chicago casino resort. The River West development at the former Tribune printing plant site is expected to include a casino, 34-story hotel, convention and events space, restaurants, and a two-acre park. Bally’s currently has 15 casino properties in the US.

Chicago City Council’s August approval of video gambling terminals (VGTs) in restaurants and bars added another point of contention since they operate similarly to slot machines. Bally’s has argued that expanded VGT availability could hurt the casino’s economics and potentially violate its agreement with the city. The company subsequently instructed its general contracting partnership to pause construction on non-gaming amenities, while city officials have pushed Bally’s to resume work.

Liquidity Concerns Add To Bally’s Challenges

A separate payment dispute has also emerged around the Chicago casino project. Former contractor MGM Excavating filed a $3.8 million mechanics lien in Cook County, claiming it hadn’t been paid for work completed on the development. Moreover, Bally’s reported a $56.4 million loss in its Q2 2026 SEC filing due in part to mounting casino project costs.

In August, Bally’s disclosed that it was uncertain about maintaining sufficient liquidity and could require additional financing in the coming months to comply with lending requirements. Company representatives are scheduled to appear before the Chicago City Council on September 9 to discuss Bally’s finances, the VGT dispute, and its obligations under the host community agreement.