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Mira-cle worker? Bally’s rolls the dice on new CFO
Bally’s has appointed Mira Mircheva as its new EVP and CFO, pending regulatory approval.Mircheva steps into the role following Bally’s acquisition of The Queen Casino & Entertainment and amid a 5.1% decline in Q4 2024 revenue.
With a finance background spanning over 25 years – including experience at Goldman Sachs and Standard General – Mircheva is expected to help steer Bally’s toward financial stability. CEO Robeson Reeves highlighted her expertise as invaluable for integrating The Queen Casino into Bally’s portfolio.
With North America Interactive proving to be the only segment showing growth (up 24.4% in Q4), Bally’s will be looking to Mircheva to optimise costs and enhance efficiency across its global operations.
How the mighty fall: Bookies win big as punters’ accas go up in smoke
Day one of the Cheltenham Festival delivered high drama as odds-on favourite Constitution Hill fell in the Champion Hurdle, turning bookmakers into the biggest winners of the day.
Sky Bet and Betfred described the moment as a profitable one for the industry, as thousands of accumulators collapsed with the fall of the heavily backed runner. State Man’s subsequent fall only compounded punters’ woes.
Despite the losses for bettors, the good news is that both horses walked away unharmed. With three more days of racing to come, punters will be hoping for a turnaround – while the bookies will be hoping for more upsets.
And Ballyburn’s performance the next day continued the winning trend for the industry over bettors…
Betting tax U-turn raises eyebrows, but is it ‘Ghana’ pay off?
Ghana’s Government has announced plans to scrap the 10% betting tax introduced in August 2023, sparking debate over lost revenue and responsible gambling measures.
The Institute of Economic Affairs (IEA) has voiced strong opposition, warning that removing the tax could undermine government revenue and reduce gambling deterrents. Business analysts also fear that removing multiple taxes simultaneously – including the e-levy and Covid-levy – could result in a GHS 6.4bn ($410m) loss.
As an alternative, the IEA has proposed reducing the betting tax to 5% instead of eliminating it entirely. The Government’s final decision will be closely watched by both the gambling industry and tax regulators.
Changing the game: Neilan takes the reins at VGCCC
The Victorian Gambling and Casino Control Commission (VGCCC) has appointed Suzy Neilan as its new CEO, effective 1 April 2025. With extensive experience in regulation, technology transformation and public service leadership, Neilan is expected to drive change in Victoria’s gambling sector.
Previously, Neilan played key roles at the Environment Protection Authority Victoria (EPA) and the Victorian Building Authority. Her focus at VGCCC will be on continuing its transformation and striving to ensure a transparent and responsible gambling environment.
Neilan expressed her enthusiasm for the new role, stating: “I am excited by the opportunity to contribute to the VGCCC’s success and look forward to working with the dedicated and talented people at the VGCCC to make a positive difference for Victorian communities.”
Bally’s shoots for The Star(s): is a buyout on the cards?
Bally’s Corporation has made an unsolicited AU$250m (US$157m) funding proposal to The Star Entertainment Group, seeking to acquire at least 50.1% ownership via convertible notes. The Star’s board is currently reviewing the offer, with no guarantee of acceptance.
The move comes as The Star faces financial struggles, having recently secured an AU$53m emergency funding deal for its Brisbane casino. Bally’s, which operates 19 casinos across the US and holds gaming licences in multiple regions, has highlighted its expertise in turning around underperforming assets as a reason for its bid.
With The Star’s stock price down 31.45% in the last five days, industry watchers will be keeping a close eye on how the Board responds to Bally’s proposal.
