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Mohegan Gaming, new CEO agree to contract terms

October 30, 2017 GMT

Mohegan — Mario Kontomerkos, Mohegan Gaming & Entertainment’s new president and chief executive officer, has agreed to a three-year contract extension that calls for an initial base salary of $1 million a year, according to a filing with the U.S. Securities and Exchange Commission.

The extension replaces a three-year agreement Kontomerkos, then the company’s chief financial officer, signed two years ago and which extended to March 31, 2018. The new agreement, effective Oct. 16, extends to March 31, 2021, and can be renewed annually thereafter. Kontomerkos also will be eligible for incentive compensation payments.

Kontomerkos, 41, of Madison, became the company’s CFO in 2011.

MGE, formerly known as the Mohegan Tribal Gaming Authority, announced in September that Kontomerkos would succeed Mitchell Etess, who had been serving as interim CEO since February. Etess came out of retirement following the departure of Bobby Soper, who resigned amid an investigation of financial irregularities at Mohegan Sun Pocono, an MGE property in Wilkes-Barre, Pa.

In an SEC filing earlier this month, MGE said that while Kontomerkos is no longer serving as the company’s chief financial officer, “he will continue to perform the duties and responsibilities of principal financial officer and principal accounting officer … until permanent successors are appointed for those roles.”

The company, in addition to operating Mohegan Sun, its flagship casino here, and Mohegan Sun Pocono, manages Resorts Casino Hotel in Atlantic City, the ilani Casino Resort in La Center, Wash., and the Paragon Casino Resort in Marksville, La. It’s partnering on the development of a South Korean resort and, in a joint venture with the Mashantucket Pequot Tribe, expects to build a third Connecticut casino in East Windsor.