Scott Butera stepping down as CEO of Foxwoods

MASHANTUCKET, Conn. (AP) – Foxwoods CEO Scott Butera, a key figure in the restructuring of the casino’s $2 billion debt, is stepping down at the end of next month to pursue an opportunity outside the gaming industry, the tribe that owns the casino announced Wednesday.

Butera has been chief executive at the country’s largest resort-style casino since late 2010 and will remain involved in negotiations with Foxwoods Resort Casino’s lenders as a senior adviser.

“We thank Scott Butera for his years of leadership,” said Mashantucket Pequot Tribal Chairman Rodney Butler, who said Butera stabilized the tribe’s financial footing through the debt restructuring.

The tribe defaulted on a debt of $2.3 billion in 2009 and last year it completed a restructuring process that reduced its debt to $1.7 billion. Last month, the tribe said it was reviewing options with senior lenders as persistent slump in gaming revenue had left it unable to “comply with certain financial covenants.”

Butera said in a statement that he was proud of what he accomplished at Foxwoods.

“Foxwoods now has a strong executive team and a solid plan that I believe will result in great success in the near future,” he said.