Fandango, ballroom dancing-themed wrestler, is Vince McMahon blatantly trying to get another wrestler onto Dancing with the Stars. This is speculation on my part and not based on any knowledge of McMahon's inner workings, but I believe it's a strong assumption.
He is also named after a movie tickets company. Part of his gimmick is stressing the pronunciation of his name, which happens to not rhyme with the name of said company.
He's also entertaining and a fine match for Chris Jericho, a technical expert and master of ring psychology who incorporates aerial components. This match isn't anything we'll tell our grandchildren or even neighbors about, but this all worked way, way better than an occupation-gimmick wrestler should in the year 2013.