Scott Butera, the casino industry veteran who took the helm of Foxwoods Resort Casino in 2010, is vacating his role as president and CEO come October. According to the Mashantucket Pequot Tribe, owners of the Connecticut casino, Butera will continue to serve the casino as “a senior advisor with regard to financial and strategic matters, including leading all negotiations with its lenders.”
“We thank Scott Butera for his years of leadership,” Mashantucket Chairman Rodney Butler said in a statement. “He stabilized our financial footing through successful restructuring of debt, rebuilt our core management team and executed a deal with Tanager Outlets that is expected to draw three million visitors annually to the property. Scott’s efforts have repositioned Foxwoods as one of the Northeast’s most dynamic gaming resorts.”
Butera also led a successful restructuring of some $2.3 billion in debt. The tribe had defaulted on that debt in 2009 and last year, under Butera’s leadership, reduced its debt to $1.7 billion. But in August, the tribe acknowledged that a decline in gaming revenue had left it unable to “comply with certain financial covenants.”
Butera said in a statement that he was proud of what he accomplished at Foxwoods. “Foxwoods now has a strong executive team and a solid plan that I believe will result in great success in the near future,” he said.
