A new chapter is unfolding for Mohegan Gaming & Entertainment as they prepare to welcome their new Chief Financial Officer (CFO), Ari Glazer, come May. This transition comes in the wake of Carol Anderson’s announcement in October of the previous year of her decision to step down from her role as the financial helmsman of the organization. The outgoing Anderson will officially leave her position on March 31st, while Mohegan’s president and CEO, Ray Pineault, will supervise the company’s finance functions in the interim period.
As Mohegan’s new CFO, Glazer is poised to take on the comprehensive stewardship of the company’s various financial operations, including but not limited to, financial planning and analysis, capital markets activities, accounting, tax, treasury, procurement, and cash management. Pineault will be the direct report for Glazer, as they collaborate to further Mohegan’s financial horizons.
Glazer’s formidable experience in the finance sector, spanning more than two decades, is marked by his recent tenure at the investment banking giant, Citigroup. As Managing Director and Global Head of Gaming and Hospitality Client Coverage, Glazer provided strategic advice and guided capital markets transactions for premier entities within the gambling industry. His insights and acumen have been shaped by prior roles at other powerhouse firms such as Bear Stearns & Company and a role at Nextel Communications.
Expressing his enthusiasm for the new role, Glazer remarked: “I am honoured to join Mohegan and to contribute to the company’s dynamic and innovative trajectory. I look forward to leveraging my experience to enhance our financial performance, optimise our capital structure, and support Mohegan’s ambitious vision as its new CFO.”
Pineault praised the incoming executive, highlighting qualities that make Glazer an invaluable asset: “Ari embodies the visionary leadership and deep financial insight that Mohegan is looking for at this stage of our growth. His skills will be key to our strategy of diversifying Mohegan’s portfolio and strengthening our fiscal foundation.”
This change in financial leadership is set against the backdrop of a buoyant fiscal period for Mohegan, as 2023 saw the company hit the pinnacle of its revenue earnings, topping out at $1.67 billion. The adjusted EBITDA for the organization also reached impressive heights at $399.9 million, which, while a close second to the $403.9 million record of the full-year 2022, reflects the company’s robust fiscal management. These figures stand out even more when considering the challenges that arose from a $4.7 million interest impact associated with the Niagara debenture conversion and other related transactions.
The fourth quarter played a particularly significant role in bolstering Mohegan to this record revenue year. The last three months alone raked in net revenue of $444.3 million. Gaming remained the primary income generator, with $297.8 million in revenue, while the amalgamated earnings from food and beverage, hotel, retail and entertainment, and other services rounded off the financial picture.
However, the journey is not without its hurdles. The final quarter also saw an uptick in total operating costs and expenses, a sizable 13.3% increase to $396.2 million. Other expenditures reached $60.6 million, leading to a pre-tax loss of $12.5 million—a stark departure from the net income of $29.6 million in the same quarter of the previous year. Following an income tax provision of $6.3 million, the net loss for the quarter stood at $18.8 million.
Yet, amid the ebbs and flows of financial tides, Mohegan remains steadfast, with new financial leadership to navigate through the currents. Ari Glazer stands ready at the helm, to steer Mohegan into its aspiring fiscal future.
