Bally’s appoints new CFO, shuffles executive team

PROVIDENCE, R.I. - Bally’s Corporation (NYSE: BALY), a prominent casino-entertainment company with annual revenues of $2.48 billion, today announced significant changes to its executive leadership. Mira Mircheva has been named the new Executive Vice President and Chief Financial Officer, with her appointment contingent on regulatory approvals. Marcus Glover, the outgoing CFO, will transition to the role of Executive Vice President of the Global Operations Group. According to InvestingPro analysis, this leadership change comes at a crucial time as the company faces significant financial challenges.

Mircheva brings over two decades of financial expertise in the hospitality and gaming sectors to her new position at Bally’s. Her previous role as CFO of The Queen Casino & Entertainment is particularly relevant given Bally’s recent acquisition of the company. Mircheva’s extensive background includes leadership and analytical roles at Standard General, Perella Weinberg Partners Asset Management, and Goldman Sachs, where she began her finance career in 2001.

Robeson Reeves, CEO of Bally’s, expressed enthusiasm for Mircheva’s appointment, citing her considerable experience and the value she will add to Bally’s operations and financial strategies. Soo Kim, Chairman of Bally’s Board of Directors, also praised Mircheva’s strong financial acumen and operational expertise as assets that will support Bally’s growth and financial objectives.

Mircheva herself is excited about the opportunity to contribute to Bally’s during a pivotal period for the company, aiming to apply her skills to enhance Bally’s financial position and operational efficiency.

Bally’s Corporation operates 19 casinos across 11 states and has expanded its international reach with the acquisition of Aspers Casino in Newcastle, UK. The company’s diverse portfolio includes a golf course, a horse racetrack, and multiple online betting and gaming platforms. With a market capitalization of $902 million, gross profit margin of 54.4%, and current ratio of 0.56, Bally’s employs 11,500 people and holds licenses in several North American jurisdictions. For detailed financial analysis and additional insights, investors can access comprehensive research reports through InvestingPro.

This executive reshuffle comes as Bally’s continues to strengthen its market presence and diversify its entertainment offerings. The information in this article is based on a press release statement from Bally’s Corporation.

In other recent news, Bally’s Corporation reported fourth-quarter revenue of $580.4 million, which fell short of the analyst consensus estimate of $610.63 million, marking a 5.1% year-over-year decrease. The Casinos & Resorts segment saw a revenue decline of 5.2% to $324.4 million, while the International Interactive segment’s revenue dropped 9.1% to $214.5 million. Despite these challenges, the North America Interactive segment showed a 24.4% increase in revenue, although it recorded an Adjusted EBITDAR loss of $12.3 million. Barclays and Stifel both adjusted their price targets for Bally’s to $14, with Barclays maintaining an Equalweight rating and Stifel a Hold rating. The analysts attributed the target revisions to Bally’s underperformance in its Casino & Resorts segment and the absence of financial guidance for FY25. Bally’s President, George Papanier, noted efforts to unify the regional gaming portfolio and ongoing challenges at its Chicago temporary casino and Rhode Island properties. The company recently completed transactions with Standard General and The Queen Casino & Entertainment, adding four new properties, which management believes will support long-term growth. Additionally, Bally’s U.K. online revenue grew 11.3% year-over-year, and the company is making progress on its permanent Chicago casino and the former Tropicana site in Las Vegas.

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