Foxwoods' Top Executive Resigns

There’s more upheaval at the troubled gaming operation of the Mashantucket Pequot tribe, as the president of Foxwoods resigns after less than two years in his post. WNPR’s Harriet Jones reports.

Michael Speller took the top job in the Mashantucket’s gaming enterprise in December 2008, bringing with him 40 years of gaming industry experience from London, Atlantic City and the Bahamas, as well as a previous stint at Foxwoods. A statement from the tribe describes him as leaving to pursue other career opportunities, but neither Speller nor Pequot Tribal chairman Rodney Butler was available for any further comment Monday. Speller is the third person to quit the president’s position with less than two years service. He took over from Patricia Irvin, who in turn had replaced John O’Brien.

In May 2008, the Mashantucket Pequots seemed to be riding high, with the opening of the new MGM Grand at Foxwoods, but the recession hit shortly afterwards, leaving the tribe high and dry with a $2 billion debt, and shrinking revenues. The operation faces more payment deadlines next month, as efforts continue to restructure its massive debts.

Speller will be replaced temporarily by William Sherlock, a former President and CEO who last served in the post in 2006. The tribe will begin a search for a permanent replacement.

For WNPR, I'm Harriet Jones.