Mohegan Gaming’s CFO Mario Kontomerkos has been named to become chief executive officer and lead the company beginning October 16. He will “oversee all day-to-day operations for Mohegan Sun, including ongoing brand growth,” said the company. He has been CFO since 2011.
The new CEO is credited with improving the gaming giant’s finances over the last several years. He will replace interim CEO Mitchell Etess, the former CEO who came back at the tribe’s request after Bobby Soper resigned in February.
The 41-year old Kontomerkos lives in Madison with his wife and children.
Mohegan Gaming was formerly the Mohegan Tribal Gaming Authority. Its new coinage recognizes its far-flung interests, which includes not just the original tribal property, the Mohegan Sun in Uncasville, Connecticut, but also the Mohegan Sun Pocono in Pennsylvania, and properties it manages in New Jersey, Washington and Louisiana. It also recently signed an agreement to develop a casino resort in South Korea. It has also formed a joint authority with the Mashantucket Pequots to operate a third tribal casino in East Windsor.
Mohegan Chairman Kevin Brown commented that the tribe had been “extremely diligent” in finding a new CEO. It interviewed three finalists outside of the company before picking Kontomerkos. “The finalists were all extremely well qualified, but we know we got the best man for the job,” he said.
Brown attributed the authority’s improved financial position, with a debt leverage ratio in “the mid 4s while the industry average is 7 or 8” to Kontomerkos’ leadership, who was also involved in the early planning stages of the South Korean venture.
He added, “Having served as a senior executive for Mohegan Gaming & Entertainment for nearly six years, Mario has, in his role as chief financial officer, actively supported Mohegan’s development of new opportunities in the United States and abroad.”
Before joining Mohegan Gaming, Kontomerkos worked for Penn National Gaming, Magnetar Capital LLC, J.P. Morgan Securities, Lehman Brothers and PricewaterhouseCoopers LLP. He was also a consultant for TPG Capital LLC on its leveraged buyout of Harrah’s Entertainment, the largest such acquisition in the history of gaming.
In a statement the new CEO said, “Due to the incredible efforts of a very talented, dedicated, and special group of people here at MGE, we have over the last five years quietly been part of an amazing turnaround story in our industry.” He added, “I am grateful to the Mohegan Tribe and the MGE team members for the opportunity to lead MGE into our next phase of growth.”
He said the company plans to expand its non-gaming amenities at its original property all the while taking on new partners and expanding worldwide. He has attributed the company’s recovery from the Great Recession to expanding its holdings from one to seven.
“Continued expansion of non-gaming facilities definitely in our future,” he said in an interview with the Hartford Courant.
Soper, a member of the Mohegan tribe, resigned earlier this year to pursue other interests.
