Introduction

Mohegan Appoints New CFO in Strategic Financial Shake-Up

In a significant move within its finance department, Mohegan has announced a pivotal change in leadership. Carol Anderson, the current Chief Financial Officer (CFO), is set to depart from her role, marking the end of an era. Appointed as her successor, the group has named a seasoned finance professional to take the helm in guiding Mohegan’s economic strategies forward. This transition comes after Anderson revealed her intention to step down in October of the previous year, with her official exit scheduled for March 31.

Assuming the critical role of CFO in May, the incoming finance chief will be charged with overseeing a comprehensive array of financial operations at Mohegan. These duties span across various domains essential for the group’s fiscal health and prosperity. To ensure a seamless transition and maintain continuity in financial leadership, President and CEO Ray Pineault will temporarily manage the finance functions until the new CFO assumes office.

As the finance landscape continues to evolve, the responsibilities awaiting Mohegan’s next CFO are both expansive and vital for the group’s sustained success. The scope of their duties includes:

• Financial Planning and Analysis
• Capital Markets Engagement
• Accounting and Tax Management
• Treasury and Cash Management
• Procurement Procedures

In their new role, the CFO will report directly to Ray Pineault, ensuring a tight-knit collaboration at the executive leadership level. This appointment signifies Mohegan’s commitment to financial excellence and strategic growth, poised to navigate the challenges and opportunities that lie ahead.

Transition of CFOs

Carol Anderson to Depart as CFO by End of March 2024

In a significant corporate shake-up, Carol Anderson, the seasoned Chief Financial Officer, is set to leave her post at the company come 31st March 2024. This departure marks the end of a notable tenure for Anderson, during which she has been a pivotal figure in guiding the company through various financial landscapes and challenges.

Impact on Company’s Financial Strategy

Anderson’s exit raises questions about the future financial strategy of the company. Under her stewardship, the company navigated through economic uncertainties, delivering robust financial performances year after year. Stakeholders are keenly awaiting news on her successor and the potential shifts in financial direction this might herald.

Anderson’s Legacy and Future Prospects

Throughout her career with the company, Anderson has been lauded for her strategic foresight and adept management of the firm’s finances. Her legacy includes the successful implementation of innovative financial models and the fostering of a resilient financial team capable of steering the company into its next chapter.

Speculation on Successor

The hunt for Anderson’s successor is now on, with the company likely to consider a mix of internal and external candidates. It’s an opportunity not just to fill the void but to bring fresh perspectives to the company’s financial strategies.

While Anderson’s shoes will be hard to fill, her tenure has undoubtedly set a high benchmark for financial stewardship. The coming months will be a period of transition, as the company seeks to maintain its financial health while adapting to new leadership.

Background and Statements

Mohegan Sun Welcomes Former Citigroup Executive to its Team

Mohegan Sun, a leading name in casino and resort hospitality, is proud to announce the arrival of a significant new member to its executive team, Jeffery Glazer. With an impressive career spanning over two decades at investment banking giant Citigroup, Glazer brings invaluable experience to his new role at Mohegan. His last position at Citigroup, as managing director and global head of gaming and hospitality client coverage, provided him with profound insights and expertise that are expected to catalyze growth and innovation within Mohegan.

Glazer’s career also includes notable tenures at Bear Stearns & Company and Nextel Communications, further complementing his robust portfolio in financial and client services within the gaming and hospitality industries. Both Ray Pineault, Mohegan’s President and CEO, and Glazer are enthusiastic about this new chapter and the mutual benefits it heralds. “Having Jeffery on board is a strategic move that aligns with our goals for expansion and excellence. His track record and industry knowledge are exactly what Mohegan needs to navigate the future of gaming and hospitality,” Pineault commented.

Below is a brief overview of Jeffery Glazer’s career trajectory before joining Mohegan:

The partnership between Mohegan and Glazer is poised to unlock new opportunities for innovation, growth, and customer satisfaction in the dynamic world of casino and resort hospitality, setting new benchmarks for success and excellence in the industry.

Financial Performance and Revenue in 2023

Mohegan Achieves Record Revenues in 2023

Mohegan Sun has officially surpassed previous financial milestones, reporting an unparalleled revenue of $1.67 billion in 2023. This achievement not only sets a new high for the company but also underscores its robust performance in the gaming industry. The adjusted EBITDA for the year came in at $399.9 million, marking it as the second-highest in the company’s history, despite facing certain financial challenges such as debenture conversion impacts.

Significant to this financial triumph was a bustling fourth quarter, with gaming activities contributing the lion’s share to the revenue. This period saw an influx of patrons engaging in various gaming pursuits, thereby boosting the company’s financial outcomes. Nonetheless, it wasn’t all smooth sailing as the total operating costs and expenses witnessed a surge during the same quarter, culminating in a pre-tax loss for Mohegan.

In the backdrop of these financial nuances, here’s a breakdown of the revenue components contributing to Mohegan’s record-breaking year:

Despite the challenges encountered in the final quarter, Mohegan’s resilience and strategic endeavors have clearly paid off, securing a spot in the annals of its financial history. This record revenue not only epitomizes the company’s thriving gaming operations but also sets a promising outlook for the future, as they continue to navigate the complexities of the industry.