- Ray Pineault is leaving Mohegan after nearly 25 years
- Pineault is at the moment president and CEO
Ray Pineault, the chief govt officer of Mohegan, is stepping down. His exit comes amid firm turmoil following the group’s failed $1.6 billion guess on a on line casino resort in South Korea.
Ray Pineault is departing Mohegan. The president and CEO is planning to spend extra time along with his household. (Picture: Mohegan)
Pineault’s profession started with the gaming entity owned and operated by the Mohegan Tribe of Connecticut in early 2001, when he was appointed as a senior legal professional for the tribal authorities. He held varied roles since, together with president and common supervisor of Mohegan Solar and chief working officer for Mohegan.
Pineault turned CEO of Mohegan in 2021. His final day will probably be Dec. 28, 2025.
With Mohegan well-positioned for the longer term, together with the enlargement of on-line gaming, the time is true for me to transition from my position as president and CEO of Mohegan. It has been my distinct honor to serve my Tribe for the previous 25 years, and I sit up for focusing extra on my household, who undoubtedly have made sacrifices for me to carry this place,” Pineault stated.
“The devotion and fervour Ray has demonstrated over the past 25 years are testaments to his unwavering dedication to serving to our Tribe. Being the pinnacle of a company, particularly a global enterprise, comes with immense duty, unrelenting hours, and a willingness to make private sacrifices for the betterment of his fellow Tribal members and the 1000’s of Mohegan staff who depend on his management and steerage,” added James Gessner Jr., chair of the Mohegan Tribal Council.
Troublesome Instances
Mohegan is dealing with many enterprise challenges. In August, the corporate reported that revenue and earnings each tumbled within the third quarter of the tribe’s 2025 fiscal yr.
Mohegan has been dealt a string of dangerous arms in latest quarters. The corporate now not manages Resorts in Atlantic Metropolis (it nonetheless owns 10% of the property) or the ilani On line casino Resort in Washington. Whereas its digital arm is blossoming, its casinos in Canada — Fallsview and On line casino Niagara — have seen earnings earlier than curiosity, tax, depreciation, and amortization (EBITDA) wrestle.
The most important pressure, nonetheless, is Mohegan’s historic guess on South Korea. The corporate’s largest funding ever exterior of North America, Mohegan invested $1.6 billion to open Encourage Leisure Resort at Seoul’s Incheon Worldwide Airport. Vastly underwhelming on line casino play led to Mohegan defaulting on its $275 million time period mortgage for the enterprise. Bain Capital, the first lender, took possession of the built-in resort in February.
To dump bills and herald fast money, Mohegan in August bought its WMBA Connecticut Solar ladies’s basketball group for $325 million. The customer is Steve Pagliuca, the co-chair of Bain Capital. Pagliuca plans to maneuver the Solar to Boston, the place he co-owns the NBA Boston Celtics.
Mohegan Misses in NYC
Mohegan was partnered with the New York actual property agency Soloviev for a bid in Manhattan. Final fall, Pineault informed On line casino.org that securing one of many three downstate New York on line casino licenses was a “main precedence.”
[New York] aligns with our technique to increase into key markets,” Pineault informed me. “New York presents an unbelievable alternative attributable to its huge inhabitants and attraction as a world leisure hub.”
The bid, named Freedom Plaza, was to be constructed simply south of the United Nations Headquarters. The venture’s native Group Advisory Committee blocked it from shifting ahead.
Regardless of the latest struggles, Mohegan officers say Pineault’s practically 25 years in management positions performed a major position within the tribe’s financial safety and future outlook.
“On behalf of the Board and our Tribe, we thanks for all you’ve gotten finished to guard each Mohegan for 13 generations to come back. We want happiness and blessings within the subsequent a part of your journey,” concluded Gessner
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