MGE promotes top Mohegan Sun executives, reports quarterly results
Mohegan — Shortly before reporting a 21 percent increase in quarterly revenues, Mohegan Gaming & Entertainment, Mohegan Sun’s parent company, announced Thursday it was promoting the casino’s top two executives.
Ray Pineault, Mohegan Sun’s president and general manager, has been named MGE’s regional president, a new post in which he will oversee operations at Mohegan Sun, Mohegan Sun Pocono in Wilkes-Barre, Pa., and Paragon Casino Resort in Marksville, La.
Jeffrey Hamilton, Mohegan Sun's assistant general manager, will succeed Pineault at Mohegan Sun’s helm.
Both men are Mohegan tribal members.
“As a company in the midst of unprecedented growth, it is a priority for us as an enterprise to build the best team of senior executive leaders to support and oversee the continued development of MGE both domestically and internationally,” Mario Kontomerkos, MGE’s chief executive officer, said in a statement.
Kontomerkos discussed the promotions at the start of a conference call with investors and industry analysts, and went on to tout MGE’s overall financial performance during the three months that ended Sept. 30, the fourth quarter of the company’s fiscal year. He called the results “remarkable,” given the new competition Mohegan Sun has encountered in the Northeast.
MGE reported that the company’s net revenues in the quarter totaled $414 million, a 19.2 percent increase over the $347.2 million it posted in the same quarter the previous year. Mohegan Sun, the company’s flagship, had revenues of $249.9 million in the quarter, a 7.8 percent year-over-year decline. By another measure, adjusted earnings before interest, income taxes, depreciation and amortization, MGE was down 5 percent for the quarter and Mohegan Sun was down 13 percent.
The quarter that ended Sept. 30 was the first full quarter since the late-June debut of Encore Boston Harbor, the $2.6 billion resort casino Wynn Resorts opened in Everett, Mass. It was the fourth full quarter of operation of MGM Springfield, the $1 billion facility that opened in western Massachusetts in August 2018.
Revenue was down by 2.1 percent at Mohegan Sun Pocono, where net revenues were $63.6 million.
It was first full quarter of MGE ownership of two casinos in Niagara Falls, Ontario, resulting in $91.2 million in net revenue. MGE's other sources of revenue included fees earned managing the ilani Casino Resort in La Center, Wash., Resorts Casino Hotel in Atlantic City and Paragon Casino Resort.
During the call, MGE executives announced a partnership with Hanwha Corp., a South Korean conglomerate that will serve as general contractor for the $1.6 billion integrated resort MGE is developing in Incheon, South Korea. Hanwha will provide key operational expertise and “credit enhancement,” and will assume responsibility for ensuring the project is completed on time and on budget.
The resort is scheduled to open in 2022.
Pineault, 53, has been president and general manager of Mohegan Sun since 2015, when he succeeded Bobby Soper. He previously served as the casino’s executive vice president and chief operating officer. He began working for the Mohegan Tribe in 2001 as a senior staff attorney and moved to Mohegan Sun in 2006.
Pineault has a bachelor’s degree from the University of Connecticut and a law degree from Quinnipiac University School of Law.
Hamilton, 37, has been assistant general manager of Mohegan Sun since 2015. Since joining the casino in 2004, he has held management positions in human resources and advertising. He received a bachelor’s degree at Seton Hall University and a master’s degree at the University of New Haven.