Bally’s Corporation has made significant changes to its executive leadership, appointing Mira Mircheva as its new Executive Vice President and Chief Financial Officer, pending regulatory approval. This announcement marks a pivotal shift within the company, as Mircheva steps in to replace Marcus Glover, who will now take on the role of Executive Vice President, Global Operations Group.
Mira Mircheva is no stranger to the hospitality and gaming sector, boasting over 25 years of experience in finance. Previously, she served as CFO at The Queen Casino & Entertainment, which is particularly pertinent as Bally’s has recently acquired this casino group. This transition is aimed at ensuring smoother integration for The Queen properties within the broader Bally’s portfolio.
Robeson Reeves, the CEO of Bally’s, expressed his enthusiasm about Mircheva’s appointment, stating, “She brings considerable experience to this role and her experience as CFO of The Queen Casino & Entertainment will be invaluable as we integrate Queen’s operations with Bally’s.” Her background also includes notable positions such as Partner and Research Analyst at Standard General and Senior Research Analyst at Perella Weinberg Partners Asset Management. Earlier, she held the position of Vice President at Goldman Sachs, focusing on credit principal investments.
The timing of this appointment aligns with recent challenging financial results for Bally’s. The company reported a 5.1% year-on-year decline in revenue for the fourth quarter of 2024, totaling $580.4 million. Its full-year revenue remained flat at approximately $2.45 billion. Notably, the Casinos & Resorts segment experienced even more significant revenue drops—5.2%—while International Interactive revenue fell by 9.1%. These figures starkly highlight the pressing need for strategic financial oversight.
Despite the overall revenue decline, one bright spot was the North America Interactive segment, which reported impressive growth of 24.4% during the quarter. This growth was attributed to platform expansions, particularly noted in Tennessee and New Jersey, showcasing areas where Bally’s is still thriving.
Regarding her new role, Mircheva stated, “I am thrilled to be joining Bally’s at such an exciting time for the company and to leverage my experience with Queen to continue to strengthen our financial position by optimizing our cost structure and enhancing the efficiency of our operations.” This comment reflects her ambition to address the current financial challenges head-on.
Following Bally’s acquisition of The Queen Casino & Entertainment, which was completed early this year, the prospects look promising. The four Queen casino properties reported revenues of $57.6 million during the fourth quarter of 2024 and generated $225.2 million for the full year—figures which significantly contribute to Bally’s broader financial outlook.
Bally’s strategic plan includes converting two of The Queen properties to landside operations, which reflects its long-term growth strategy. The company aims to optimize these assets under Mircheva’s leadership, focusing on operational efficiencies to combat the recent downturns observed in other segments.
More details on Bally’s financial strategies and operational plans have yet to be disclosed. Nonetheless, industry experts are watching closely to see how Mircheva’s expertise will play out as she leads the financial department during this transitional period.
Meanwhile, the leadership transition also highlights the board’s commitment to strengthening Bally’s operational core. Soo Kim, the chairman of Bally's board of directors, supported Mircheva's appointment, asserting, “Mira's experience as a CFO and strong financial acumen and operational experience make her the right person to help Bally's continue to grow and achieve our long-term financial goals.”
With change at the helm, Bally’s hopes to not only stabilize its financial standing but also to position itself for future growth and expansion within the competitive gaming market. The integration of The Queen Casino & Entertainment with Bally’s reflects confidence in their growing portfolio, as the company eyes revitalizing its operations and enhancing profitability.
Overall, the strategic insights and financial strategies led by Mira Mircheva will be pivotal as Bally’s aims to navigate through recent financial difficulties and set the stage for enduring success.