CEO Special: Ray Pineault – The Spirit of Aquai

Since the legalization of Tribal gaming in the late 1980s, several names have risen through the ranks to represent how far the market has come – and where the market can go. The Seminole Tribe, Pechanga and Chickasaw are just a few. Such a list, however, would feel incomplete without one name: Mohegan.Having been at the helm of the Tribal operator since 2021 and with 24 years of experience with the Tribe, CEO and President Ray Pineault sat down with Gaming America to speak with kindness and openness.

When I asked if his last name was pronounced ‘pinot,’ like the wine, Pineault laughed and smiled; its French, but he “doesn’t put an accent on it.” Speaking to me like a friend, yet getting his points across succinctly in our conversation, it was clear Pineault knew what he was doing and did so with care and confidence. It was natural, respectful and welcoming – all traits Pineault upholds across Mohegan. Did how did he get to Mohegan in the first place?

EARLY LIFE

For Pineault, joining the gaming industry was not his first intention. Since childhood, his heart was set on becoming a lawyer – a fact he is routinely reminded of, even now. “My parents, my mother, my father has passed away since, would always remind me of when I was a young kid. I always said, “I’m going to be a lawyer. I’m going to go to law school and I’m going to be a lawyer.” This was far from just a childhood aspiration, though. After graduating at undergrad level, Pineault still had his sights set on becoming a lawyer.

“I went back to law school at night while continuing to work and got my law degree,” he explains. Indeed, he held a job in banking and finance while studying. Even following law school, Pineault remained in banking and finance, getting “a job with a small mortgage banking firm in New York as an in-house counsel.”As a Connecticut native, Pineault was no stranger to the Mohegan Tribe. So, when the role for in-house counsel with the Tribe appeared, it was worth investigation. A job, Pineault admits, his mother told him about, as she herself was working with the Tribe at the time.

“I am from the region. In fact, I grew up about three miles away from where the Connecticut resort (Mohegan Sun) is now, and it’s always nice to come back home and be near family. So it was a great opportunity. My mother told me about the job, and I came, interviewed and they hired me as an attorney.”

JOINING MOHEGAN

In this first legal-facing role with the Tribe, which lasted three and a half years, Pineault was a representative of its resort operation (Mohegan Pennsylvania, its second location, would not be opened until 2005). Working alongside management, Pineault was particularly proud of his involvement in the Tribe’s purchase of Women’s National Basketball Association team the Orlando Miracle in January 2003, which was renamed Connecticut Sun following the purchase. He calls the experience a “pleasure and honor.”

In 2005, Pineault was moved to the casino sector to oversee its legal department. He describes it as a “big organization with a lot of bright people,” though notes his limited industry knowledge at the time, having “never been in casino resort operations” before that point. However, as an attorney, Pineault hoped he could hone his skills and become part of the general counsel – something, in the end, he did not do, instead overseeing the general counsel when he moved to the casino sector.

Several years later, Pineault was promoted to President and General Manager of Mohegan’s flagship property, Mohegan Sun. Recalling an experience with the then-President of the organization, he had asked Pineault what his aspirations within the company were. With three young children at the time, combined with the expanding Tribal gaming market, Pineault had said, “I really don’t want your job. I don’t want to travel. I have kids at home. You know, I think a family life, work/life balance is really important. I’m happy being over at Mohegan Sun and running Mohegan. I’ve kind of reached the pinnacle.”Well, things ended up panning out a little differently for the now President and CEO…. But this does raise an interesting point. How does one become a CEO and maintain a balanced family life? Is it even possible?

A WORK/LIFE BALANCE

Developing a career while also providing for a family is far from an easy challenge – any parent will tell you the same. Though, for Pineault, Mohegan proved accommodating. “That’s one thing about Mohegan – they truly believe in the work/ life balance. I’m willing to work early in the morning and late at night, but I want to be there for my kids, too,” he says. Reflecting back to when his family was younger, Pineault points to the love his children had for sports and his commitment to being involved. “I always wanted to be there for their sports. I wanted to make sure I saw their events… when they have a soccer event; my son’s a hockey player, so when there’s a hockey event, I went to it. I had the opportunity.” Of course, sacrifices had to be made along the way – Pineault points to how raising a family impacted his wife’s career particularly – but more than anything, it is a time Pineault misses. “Now they’re older and they don’t have it anymore, I miss it.”Indeed, Tribal gaming at its core is about family. These are casinos that Tribes have fought for to financially support themselves and their communities, and while these ventures have since developed into multibillion- dollar operations, the importance of family has remained.

This mindset was also reflected in Pineault’s own self-perception. When I ask what Pineault would call his autobiography, he answers humbly, “I would never write an autobiography about myself. The honest reason is because I truly believe everything in my life, particularly my work career and my family, is about team.

My family is a team, and I consider my whole team here at Mohegan part of my family. I wouldn’t write something about myself because it’s not about me. It’s about what we all do together and what we can accomplish together; how we overcome our struggles together, how we make advancements together and how we continue to grow and move on together.“There’s no I in team and I’ve always thought about it as a collaboration and teamwork. I rely on my team and having that great team behind me allows me to accomplish all the things I’ve been able to accomplish, and all the things’ Mohegan has been able to do has been the result of teamwork.”

BEING CEO

As his family grew, so did Pineault’s executive career at Mohegan, despite “never” wanting the job of President, as he had previously stated. Children grew older and circumstances changed; “I was again given the opportunity to advance,” Pineault explains. After joining the casino sector, Pineault “just progressed up through the chain,” eventually leading to the CEO role.

Yet this move was far from instantaneous. For almost five years, between 2015 to 2020, Pineault served as Mohegan Sun’s President and GM, before moving on to Regional President, COO and, eventually, CEO in April 2021. “I’m very thankful to the Tribe for the opportunities they’ve given me,” says Pineault. Of course, as CEO, Pineault occupies the driver’s seat at Mohegan heads towards its future goals and objectives. In the US, one of those goals is particularly worth asking about.

THE NEW YORK QUESTION

One of the big topics on the cards for Mohegan at present is its bid for a land-based casino in New York City. Despite being a Connecticut native, Pineault speaks of his connection and enjoyment of the city, having worked there on three separate occasions. “New York is a fantastic city with a lot of people, a lot of entertainment and a lot of things to do. It is probably my wife’s favorite city on earth,” he says, describing himself as “a big fan” of New York. So what if Mohegan wins the bid? For Pineault, such a win would be going back to Mohegan’s roots; “It’s from scratch. It’s a green-field opportunity.”

Step one for the new property was the design process. “Architects are really good at designing pretty pictures. But when the engineers get in there, they’re like, yeah, that doesn’t really work.” After assessing the designs, taking into account regulatory and environmental factors, the design was submitted to the Gaming Facility Location Board’s Request for Applications (RFA), meaning Mohegan “already have an idea of what we’re going to build.”

If the bid is successful, next would come step two: Paying what is needed to get started and getting the building team on the ground. “It’s a massive project, a huge undertaking. I am confident in our team that we’ve put together,” says Pineault. Of course, this will also require the team to have access to all the necessary materials and management to guide the project to completion – far from a cheap endeavor, but considering Mohegan’s FY23 revenue of $1.67bn, an expense the operator can handle. But what would a New York venue mean for Mohegan? And what would it mean to Pineault, specifically?

Considering the locations of Pennsylvania and Connecticut, a new venue in New York would complete a triangle of sorts, a “perfect triangle” for property cross-marketing, diversifying amenities and bringing different experiences for guests at each property, as Pineault explains. The proximity would allow guests to explore all three locations with relative ease, and with Mohegan’s nearly 30 years of experience in hosting Northeastern guests, Pineault knows what he’s doing. “We know what it’s like to compete in this market and be in this market.

We know who the guests are. We know what they’re looking for. I think it would be a perfect complement to be the operator for a New York City property.” Indeed, with Mohegan Sun reaching ever closer to 30, Pineault is taking on New York with some experience under his belt. However, it also provides an opportunity to reflect. After all, had you been told 30 years ago that an out-of-state Tribal operator was bidding for a casino in New York City, following a successful launch in South Korea, would you have believed them?

TRIBAL GAMING: A REFLECTION

After the codification of the Indian Gaming Regulatory Act in 1988, the industry has continued to grow and grow. Still, even when Pineault came to Mohegan 24 years ago, the Tribal gaming market was far from what it is today.

“Thirty years ago, and obviously I came here 24 years ago, Tribes weren’t even thought of, never mind an afterthought, when it came to competing for commercial jurisdictions, new jurisdictions, opening up new properties and developing massive megaresort.” Indeed, 30 years ago, Foxwoods Resort Casino had only been open for two years and Mohegan Sun was still under construction – it was still early days even at the turn of the century when Pineault stepped through the door as attorney for the Tribe.

“When I first came to Mohegan, we were a one-entity property. In fact, phase two of development, which included our hotel and arena, weren’t done; they were still under construction. Since that time, we’ve done two additional phases at Mohegan Sun, including adding an additional convention center and an additional hotel. We’ve branched out into multiple jurisdictions, and the industry itself continues to evolve and change.”

Indeed, beyond expansion outside of Connecticut, Mohegan became the first Tribal operator to open a property in South Korea last year, with Mohegan Inspire, a foreign-player-only casino located a shuttle bus ride away from Incheon Airport.

In Pineault’s words, the Tribe has continued to “look for opportunities to expand their brand to grow and diversify.” It has become a necessity, not only to diversify in terms of jurisdiction but in experiences and revenue streams at Tribal casinos. As Pineault points out, in the last decade especially this expansion has taken place rapidly.“The world of Tribal gaming has been turned upside down in the last 10 years. Tribes are flexing their muscle, wherewithal and financial wellbeing to be able to look at other jurisdictions and become commercial operators off of their own reservations.”

And, in this, Mohegan is not alone. “In the last five to 10 years you can see, whether it’s Poarch Creek, Seminole or some of the Californian Tribes, they really have the wherewithal. They have backbone. They have the personnel and team to compete with major operators and are formidable. Each Tribe is a formidable operator now and a formidable competition going up against anyone,” remarks Pineault.

“One thing about gaming is it’s becoming very commoditized,” the President & CEO notes. “It’s everywhere in the United States and quite a bit in in Europe. You have to continue to look for opportunities to diversify.”

WHAT DOES IT ALL MEAN?

With Pineault at the helm of one of the industry’s most notable operations, he feels Tribal gaming has well and truly proven its place among commercial operators. “Tribes are true operators and good operators. We’re able to compete with the big boys of the world, whether it’s Sands, MGM, Caesars or Penn. We’re able to do that with the knowledge that we’ve gained, with the work we’ve put in, with the financial resources we’ve been able to gain, by entering into commercial markets, and obtaining financing from bonds and banks. I’m really proud of what I see going on with Tribes expanding their influence and showing that they’re experienced, well respected operators.”

Despite its growth, Mohegan is not Sands, MGM or Caesars. To Pineault, Mohegan is unique, guided by the ‘Spirit of Aquai.’ Built on the principles of welcoming, mutual respect, cooperation and building relationships, the Spirit of Aquai is the culture of Mohegan, and is a pillar held with upmost importance throughout the Tribe.

Aquai is a greeting in the Mohegan language and informs “how we treat people, how we treat our guests and how we treat our team members,” according to Pineault. The operator opts away from scripted experiences, instead taking on a more natural approach with guests. “I know when you’re in five-star hotels, sometimes you have certain scripts you follow. We don’t do that. We want people to be natural, interact with people and have people make that personal connection with our team members – and with our guests.

“I want our team members to have connections with other team members. I want to make sure they’re able to have the resources they need to do their job. I want to make sure they have opportunities to grow their careers if they’re interested in moving forward; I want to make sure we’re there to support them.” To Pineault, “maintaining our culture and making sure that we act as Mohegan” is key.

Throughout our conversation, and in retrospect, the Spirit of Aquai is something Pineault expresses continuously. His care for others, in creating community and his welcoming demeanor made our conversation feel like one had between friends. If the Spirit of Aquai is what it means to act Mohegan, Pineault has certainly embodies it.I would never write an autobiography about myself. The honest reason is because I truly believe everything in my life, particularly my work career and my family, is about team.The world of Tribal gaming has been turned upside down in the last 10 years. Thirty years ago, Tribes weren’t even thought of, never mind an afterthought when it came to competing for commercial jurisdictions.

David Thompson

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