US-based casino operator Mohegan Gaming & Entertainment (MGE), which is currently developing a US$1.6 billion integrated resort in Korea, has announced the appointment of Mario Kontomerkos as its new Chief Executive Officer, effective from 16 October.
Mr Kontomerkos, who replaces Bobby Soper in the top job following his resignation in February, will “oversee all day-to-day operations for MGE, including ongoing brand growth and continuing to ensure MGE delivers unmatched personalized services and memorable guest experiences,” the company said.
The 40-year-old has served as the Chief Financial Officer for MGE since September 2011.
“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,” said Kevin Brown, Chairman of the Mohegan Tribe and MGE management board. “Mario’s knowledge and experience has kept us disciplined in our financial approach, competitive in the gaming and entertainment industry, and always cognizant of a business and management approach aligned with our tribal culture and the Mohegan way. We trust he will only further build MGE as a compelling, all-encompassing brand – solidifying MGE as an industry leader in integrated resort experiences around the world.”
Mr Kontomerkos told US media on Tuesday that he would continue to push the company’s rapid expansion plans, which has seen them grow their casino and IR portfolio from two to seven in the past five years – including its first major foreign investment in Korea. Dubbed Inspire, the project – located in the city of Incheon and one of three new integrated resorts scheduled to open for business by 2020 – will boast a 20,000 square meter casino with 250 gaming tables and 1,500 gaming machines as well as 1,350 hotel rooms, an indoor rainforest and adventure park plus a Paramount Studios theme park.
“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,” said Mr Kontomerkos.
“I am grateful to the Mohegan Tribe and the MGE team members for the opportunity to lead MGE into our next phase of growth.”
Mr Kontomerkos has previously held key financial, research and analytical roles with a range of companies including Penn National Gaming, Magnetar Capital LLC, JP Morgan Securities, Lehman Brothers and PricewaterhouseCoopers LLP. He also served as a consultant for TPG Capital LLC on the acquisition of Harrah’s Entertainment, the largest leveraged buyout in the history of the gaming industry.
Mr Kontomerkos’ appointment comes three months after the company changed its name from The Mohegan Tribal Gaming Authority in a move it said at the time better represented its “growing domestic and international portfolio of integrated resorts” while aligning the image of the brand with future expansion plans.
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