Published on: October 20, 2025, 07:52h.
Updated on: October 20, 2025, 07:52h.
- Ray Pineault is concluding his nearly 25-year tenure at Mohegan
- Pineault currently serves as the president and CEO
Ray Pineault, the CEO of Mohegan, is resigning from his role. His decision comes amidst the company’s challenges following a failed attempt to launch a $1.6 billion casino resort in South Korea.
Pineault’s journey with the Mohegan organization began in 2001, when he served as a senior attorney for the tribal government. Over the years, he held various leadership positions, including president and general manager of Mohegan Sun and COO for Mohegan.
In 2021, he ascended to the position of CEO. His final working day is set for December 28, 2025.
“With Mohegan in a strong position for upcoming opportunities, including the growth of online gaming, I believe the time is right for me to step down from my role as president and CEO. It has been a privilege to serve my Tribe for 25 years, and I look forward to spending more quality time with my family, whose support has been invaluable during my career,” stated Pineault.
“Ray’s commitment and passion throughout his time with us are reflections of his dedication to uplifting our Tribe. Leading an international organization requires significant responsibility, countless hours, and personal sacrifices for the benefit of Tribal members and the multitude of Mohegan employees who look up to his leadership,” noted James Gessner Jr., chair of the Mohegan Tribal Council.
Challenging Times
Mohegan is currently navigating several business hurdles. In August, the company disclosed a significant drop in revenue and earnings for the third quarter of the fiscal year 2025.
Recent quarters have brought a series of setbacks for Mohegan. The company no longer oversees the Resorts in Atlantic City (retaining only a 10% ownership stake) or the ilani Casino Hotel in Washington. While its digital operations are thriving, earnings from its Canadian casinos—Fallsview and Casino Niagara—have been underperforming.
The most significant strain stems from Mohegan’s ambitious venture in South Korea. The company made its largest investment outside North America by committing $1.6 billion to develop the Inspire Entertainment Resort at Seoul’s Incheon International Airport. Disappointing casino performance led to a $275 million default on a loan for the project, prompting Bain Capital, the principal lender, to take control of the integrated resort in February.
To mitigate expenses and generate immediate revenue, Mohegan sold its WMBA Connecticut Sun women’s basketball team for $325 million in August. The buyer, Steve Pagliuca, co-chair of Bain Capital, intends to relocate the Sun to Boston, where he is also a co-owner of the NBA’s Boston Celtics.
Missed Opportunities in NYC
Mohegan partnered with New York firm Soloviev to pursue a bid in Manhattan. Last autumn, Pineault expressed that obtaining one of the three downstate New York casino licenses was a “top priority.”
“Expanding into New York aligns perfectly with our strategic goals,” Pineault shared with Casino.org. “New York offers tremendous potential due to its vast population and status as a global entertainment hub.”
Named Freedom Plaza, the proposed project was set to be located just south of the United Nations Headquarters. Unfortunately, it faced opposition from the local Community Advisory Committee, preventing it from advancing.
Despite current challenges, Mohegan representatives acknowledge that Pineault’s close to 25 years of leadership have greatly contributed to the Tribe’s financial stability and future prospects.
“On behalf of the Board and the entire Tribe, we extend our gratitude for your years of service and dedication to safeguarding the interests of Mohegan for the generations to come. We wish you a fulfilling journey ahead,” concluded Gessner.