Hartford Business Journal

www.HartfordBusiness.com • September 18, 2017 • Hartford Business Journal 5 percent from last year), the report shows. But 80 percent say factors driving losses include high taxes, regulations and mandates. CBIA released the survey at its "Connecticut Economy" conference in Hartford. Business executives weighed in on near-term outlooks, export activities, workforce trends, technology investments and legislative priorities of the state's business community. The survey presents a mixed picture of profitability combined with the struggle to recruit and retain qualified workers. Sixty-five percent of companies expect profits this year (compared with 66 percent last year), 24 percent say they will break even (vs. 17 percent in 2016), and 11 percent forecast losses (vs. 17 percent in 2016). Increased customer sales (58 percent), tax incentives and lower business costs (27 percent), and investments in workforce talent (15 percent) are the biggest profit-driving factors, the survey found. The majority of businesses (61 percent) anticipate up to 15 percent of their workforce will retire in the next two to five years, so recruitment is a concern, the survey shows. Mohegan parent names new CEO The parent of Mohegan Sun has named an insider as its new CEO. Mario Kontomerkos will take over the top job of Mohegan Gaming & Entertainment (MGE) starting Oct. 16. He will be responsible for overseeing all day-to-day operations for the tribe, which operates multiple casinos and other ventures. Kontomerkos was formerly MGE's CFO since 2011. He replaces Bobby Soper, who resigned suddenly earlier this year. Prior to his work with MGE, Kontomerkos's career path evolved through various financial, research and analytical roles with companies like Penn National Gaming, Magnetar Capital LLC, J.P. Morgan Securities, Lehman Brothers and PricewaterhouseCoopers LLP. Kontomerkos' experience also includes service as a consultant for TPG Capital LLC on the acquisition of Harrah's Entertainment, the largest leveraged buyout in the history of the gaming industry. Biz community opposes $15 minimum wage, survey says Four-fifths of the state's business executives are adamant in opposing any possible increase in the state's minimum wage to $15 an hour, according to the latest Connecticut Business & Industry Association/Blum Shapiro survey. About 81 percent of the 440 business executives surveyed by the CBIA oppose a $15 per hour minimum wage. During the most recent legislative session, lawmakers considered but failed to pass a bill that would have increased the minimum wage to $15 an hour by 2022. At $10.10 an hour, Connecticut's minimum wage is one of the highest in the country. Seventy-five percent of companies surveyed also said a paid family and medical leave mandate would have a negative effect on business, while 21 percent said it would have no effect, and 4 percent said it would have a positive effect. "Policymakers must recognize our challenges and act aggressively to develop bold solutions," the report states. Report: CT's low-income jobs on the rise Connecticut's share of low-income jobs has ticked up by 1.3 percentage points since 2011, according to a report from New Haven-based Connecticut Voices for Children. According to the report, the share of low- wage jobs in Connecticut rose from 14.2 percent in 2011 to 15.5 percent in 2016. In contrast, mid-wage jobs in Connecticut decreased and high-wage jobs remained flat, according to the children's advocacy group. Ray Noonan, the organization's associate policy fellow, said the trend is going "in the wrong direction." "The combination of slow job creation and stagnant or lower wages has a direct impact on disparities of opportunity for workers in the state," Noonan said. "Low-wage jobs are less likely to offer good benefits, leaving many families struggling with lower pay, fewer supports, less capacity to react to crisis, and more uncertainty in their lives." The study also found: • People of color have become increasingly overrepresented in low-wage work and underrepresented in high-wage work over the last five years. • The wealthiest 10 percent experienced the greatest raise in wages in the last year while the median worker's wage remained essentially flat. • Wage disparities by race continue to widen: the median white worker now makes $10.08 and $8.98 per hour more than their black and Latino counterparts, respectively. 100% c o l o n y v i d e o . c o m Our productions are made from scratch and consist of all-natural materials. We make sure only the finest ingredients make the cut. Mario Kontomerkos, incoming CEO, Mohegan Gaming & Entertainment CBIA's "Connecticut Economy" conference was held in Hartford. PHOTO | CONTRIBUTED

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