At the 2024 G2E event in Las Vegas, Mohegan CEO Ray Pineault spoke with Yogonet about the company’s recent developments and its unique approach to growth in the gaming industry. With a blend of its tribal heritage and modern business strategies, Mohegan has been expanding its presence both in the U.S. and abroad, with notable projects like its South Korean resort and a growing focus on digital gaming.
Pineault also discussed how Mohegan’s core values influence its approach to team culture and customer experience. While exploring new opportunities in international markets and digital spaces, the company remains rooted in the traditions that have shaped its success so far.
To start, what can you tell us about your experience at the event so far? Have you had a chance to explore some of the new innovations and engage with other stakeholders?
It’s always exciting to come to this show. It’s a great opportunity to connect with peers and see people I may not get to see throughout the year. Walking the floor, I’ve been looking at new software opportunities—tools that capture and analyze guest behavior to understand what they’re looking for. Every year, there are more advancements, especially in the digital space, and it’s essential to stay on top of these trends.
Mohegan continues to grow as a brand in the gaming and entertainment space, while still being deeply rooted in its tribal heritage. How do these two aspects intertwine?
The tribe started its business nearly 28 years ago, focusing on a family-oriented approach. We have a philosophy called the “Spirit of Aquai,” which emphasizes mutual respect, cooperation, and relationship-building. This philosophy extends to how we treat our guests and team members, and it’s central to everything we do. Our team members are considered part of the family, and we ensure that this culture is maintained at every property we operate. It’s a core value for the tribe, and they hold us accountable to it, which sets us apart from other organizations.
Mohegan’s growth has been significant, especially with your recent expansion into South Korea. Can you share an initial assessment of how that market is performing?
We have the premier destination in South Korea, without a doubt. The property is truly spectacular, featuring three hotels, an arena, a water park, convention space, and outdoor family areas. Since opening in February, we’ve seen consistent growth across all key metrics, both in gaming and non-gaming areas. Every month, visitation continues to increase, and while we missed the Lunar New Year, we are confident that the property will meet our expectations and be a major success for the organization.
It’s a tremendous achievement for the tribe to build a property on the other side of the world that’s essentially the size of Mohegan Sun, which we’ve built in multiple phases, in just one phase. We did it in just two years, which is even more spectacular.
Mohegan's Inspire resort in South Korea
Do you see the success in South Korea paving the way for further international expansion, especially with U.S. operators eyeing markets like the UAE and Thailand?
We have a small but highly experienced development team led by Nelson Parker, and their job is to explore new opportunities for expansion. We’re obviously familiar with markets like Thailand, the UAE, and others, while also focusing on potential opportunities within North America. We’re currently involved in the New York RFP process and will continue to pursue markets that make sense for Mohegan.
What factors are most important when considering a market for Mohegan’s expansion?
There’s a stringent due diligence process we follow when evaluating potential markets. We prefer highly regulated environments that align with U.S. standards. Stability, return on investment, and having strong local partners are also critical factors. Local partners understand the customs and regulations, and have relationships with government agencies, which are essential when entering new jurisdictions.
Let’s shift focus to the U.S. market, where Mohegan has its flagship property in Connecticut, Mohegan Sun, and other operations across the country. What are your expectations for the domestic market in the near future?
Predicting the market is always challenging, especially after going through events like the pandemic and the Great Recession. Following the pandemic, we saw a boom in gaming and resort operations, and things are now stabilizing. My hope is for steady, natural growth moving forward—2% to 4% annually across our markets. We’ll also continue to explore new opportunities in other jurisdictions like New York, where we are already involved in the process, and possibly in states like Georgia and Texas, should those markets open up.
Mohegan is also expanding its digital presence. What has been driving the growth of Mohegan in the online gaming space?
We’ve seen significant success in the digital space, largely thanks to fantastic leadership, strong products, and key partnerships. For example, in Connecticut, we partnered with FanDuel, and we believe its parent Flutter is the premier digital gaming company in the world. This partnership has allowed us to expand rapidly in Connecticut and beyond, including Pennsylvania and Ontario. We’ve been able to leverage our existing databases to grow our digital footprint and create an omnichannel approach, engaging both our brick-and-mortar and digital customers.
