Mohegan CEO Ray Pineault Departing, Exit Comes Amid Company Struggles
Posted on: October 20, 2025, 07:52h.
Last updated on: October 20, 2025, 09:58h.
- Ray Pineault is leaving Mohegan after almost 25 years
- Pineault is currently president and CEO
Ray Pineault, the chief executive officer of Mohegan, is stepping down. His exit comes amid company turmoil following the organization’s failed $1.6 billion bet on a casino resort in South Korea.
Pineault’s career began with the gaming entity owned and operated by the Mohegan Tribe of Connecticut in early 2001, when he was appointed as a senior attorney for the tribal government. He held various roles since, including president and general manager of Mohegan Sun and chief operating officer for Mohegan.
Pineault became CEO of Mohegan in 2021. His last day will be Dec. 28, 2025.
With Mohegan well-positioned for the future, including the expansion of online gaming, the time is right for me to transition from my role as president and CEO of Mohegan. It has been my distinct honor to serve my Tribe for the past 25 years, and I look forward to focusing more on my family, who undoubtedly have made sacrifices for me to hold this position,” Pineault said.
“The devotion and passion Ray has demonstrated over the last 25 years are testaments to his unwavering dedication to helping our Tribe. Being the head of an organization, especially an international business, comes with immense responsibility, unrelenting hours, and a willingness to make personal sacrifices for the betterment of his fellow Tribal members and the thousands of Mohegan employees who rely on his leadership and guidance,” added James Gessner Jr., chair of the Mohegan Tribal Council.
Difficult Times
Mohegan is facing many business challenges. In August, the company reported that income and earnings both tumbled in the third quarter of the tribe’s 2025 fiscal year.
Mohegan has been dealt a string of bad hands in recent quarters. The company no longer manages Resorts in Atlantic City (it still owns 10% of the property) or the ilani Casino Hotel in Washington. While its digital arm is blossoming, its casinos in Canada — Fallsview and Casino Niagara — have seen earnings before interest, tax, depreciation, and amortization (EBITDA) struggle.
The biggest strain, however, is Mohegan’s historic bet on South Korea. The company’s largest investment ever outside of North America, Mohegan invested $1.6 billion to open Inspire Entertainment Resort at Seoul’s Incheon International Airport. Vastly underwhelming casino play led to Mohegan defaulting on its $275 million term loan for the enterprise. Bain Capital, the primary lender, took possession of the integrated resort in February.
To offload expenses and bring in quick cash, Mohegan in August sold its WMBA Connecticut Sun women’s basketball team for $325 million. The buyer is Steve Pagliuca, the co-chair of Bain Capital. Pagliuca plans to move the Sun to Boston, where he co-owns the NBA Boston Celtics.
Mohegan Misses in NYC
Mohegan was partnered with the New York real estate firm Soloviev for a bid in Manhattan. Last fall, Pineault told Casino.org that securing one of the three downstate New York casino licenses was a “major priority.”
[New York] aligns with our strategy to expand into key markets,” Pineault told me. “New York presents an incredible opportunity due to its vast population and appeal as a global entertainment hub.”
The bid, named Freedom Plaza, was to be built just south of the United Nations Headquarters. The project’s local Community Advisory Committee blocked it from moving forward.
Despite the recent struggles, Mohegan officials say Pineault’s nearly 25 years in leadership positions played a significant role in the tribe’s economic security and future outlook.
“On behalf of the Board and our Tribe, we thank you for all you have done to protect every Mohegan for 13 generations to come. We wish happiness and blessings in the next part of your journey,” concluded Gessner
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