Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

December 6, 2019

Mohegan Sun makes c-suite changes, as parent reports 21% dip in 4Q profits

Photo | Mohegan Sun Mohegan Sun's Sky and Earth Tower at its Connecticut casino.
By Joe Cooper

The tribal operator of Mohegan Sun reshuffled the Connecticut casino’s c-suite on Thursday, the same day it reported a 21 percent dip in fourth-quarter profits amid declining gaming revenues.

Mohegan Gaming & Entertainment (MGE) says it promoted Ray Pineault, president and general manager of Mohegan since 2015, to a new position as regional president overseeing the Connecticut casino/entertainment complex and MGE’s subsidiary venues in Wilkes-Barre, Pa., and Marksville, La.

Photo | Contributed
Ray Pineault has been promoted to chief operating officer of MGE.

Pineault has held several roles with MGE over the last 15-plus years including executive vice president and chief operating officer of Uncasville-based Mohegan Sun.

Assistant general manager Jeffrey Hamilton, meantime, has been promoted to Pineault’s role as president and general manager of Mohegan Sun overseeing the development and implementation of its capital and operating budgets, marketing plans and technology, among other responsibilities. Hamilton has also been with MGE for some 15 years.

MGE says it’s launched a global search to fill the vacant assistant general manager post at Mohegan Sun.

Pineault and Hamilton are taking on new roles as Mohegan Sun last month ended a troubling streak of 15 consecutive months recording year-over-year slot revenue declines. 

Mohegan and Foxwoods Resort Casino each posted modest slot revenue gains in October, even though the results were compared to a 10-percent slot revenue decline both casinos reported in Oct. 2018 -- a month after MGM Springfield debuted.

On Thursday, MGE said lower slot revenues caused Mohegan’s fourth-quarter profits to decline by 20.8 percent.

For the July-September period, Mohegan recorded net income of $43.5 million, down from $54.9 million in the fourth quarter of 2018.

Mohegan posted net revenues of $250 million, also down 9.2 percent from $275.1 million in the year-ago period.

Mohegan and Foxwoods have blamed declining gaming revenues on changing consumer habits within the local industry, which has added several new operators in the last year-and-a-half, including MGM Springfield and Encore Boston Harbor casinos.

MGE has been busy this year adding several gaming and entertainment venues to its portfolio.

In June, MGE took over operations of two casinos and an entertainment complex being built in Canada, and months later became the first Native American tribe to operate in the Las Vegas resort corridor.

MGE is also building a $1.6 billion gaming and entertainment venue in South Korea.

Sign up for Enews

Most Recent

Most Recent

Related Content

Thumbnail Mohegan to end management agreement with Atlantic City’s Resorts Casino Hotel
Thumbnail YNHH enters sports-sponsorship deal with WNBA club
Thumbnail Pokemoto to open new location at Foxwoods
Thumbnail Foxwoods announces launch of Wahlburgers restaurant

0 Comments

Order a PDF