LEDYARD, CT (CelebrityAccess) — The Mashantucket Pequot Tribal Nation has announced that Foxwoods Resort Casino Chief Executive Officer Scott Butera will be exiting his current role effective October 31, 2014.
Mr. Butera will remain with Foxwoods in the role of senior advisor with regard to financial and strategic matters, including leading all negotiations with its lenders.
Known as a turnaround specialist, Butera joined Foxwoods in December 2010 as President and CEO, a year after the tribe defaulted on a debt of $2.3 billion. During his tenure, Butera led a successful debt restructure that was completed in July 2013, however last month, the tribe again appeared to default on debt, stating that a long-term slump in gaming revenue left it unable to comply with financial covenants.
"While it saddens me not to be with Foxwoods on a full-time basis," Butera stated, "I am very proud of what has been accomplished both financially and operationally. Foxwoods now has a strong executive team and a solid plan that I believe will result in great success in the near future. In addition, the many improvements to Foxwoods Resort including new rooms, retail, and food and beverage venues, as well as the ultimate opening of the Tanger mall in May 2015, provide world class amenities for our loyal patrons and team members." – Staff Writers