Total gross revenue for the 11 Las Vegas Valley-based companies with more than $1 billion in revenue decreased during the fiscal year ending in 2015 to $51.1 billion, down 8.3 percent from the previous year’s $55.7 billion, but total net income for the companies rose 248.7 percent from $2.08 billion to $7.26 billion.
Most of that turnaround can be attributed to the restructuring of Caesars Entertainment Corp., which resulted in net income of $6.1 billion compared to a net loss of $2.9 billion the previous year.
Five companies, including the top four, reported lower gross revenue during the recent fiscal year, with the valley’s largest publicly reporting company, Las Vegas Sands Corp., reporting the largest decrease of $3 billion or 19.5 percent.
The Las Vegas Sands decrease can be attributed to the decline in Macau’s overall gaming market, in which the company is heavily invested, as well as construction costs associated with the $2.7 billion Parisian resort, also in Macau, that will open later this year.
Gross revenue for MGM Resorts International (No. 2) decreased by $900 million, Caesars Entertainment (No. 3) by $500 million and Wynn Resorts (No. 4) by $1.4 billion, marking the largest percentage drop at 24.14 percent.
Scientific Games rounds out the top five this year, having increased its revenue by $1 billion to $2.8 billion, the largest increase on the list, much of which can be attributed to the integration of Bally Technologies, which the company acquired at the end of 2014.
Southwest Gas (No. 6) moved past Nevada Power Co. (No. 8, formerly reporting as NV Energy) this year, making it the largest nongaming-related company on the list in sixth place, with revenue of $2.5 billion, up $400 million from last year. Nevada Power Co. reported gross revenue of $2.4 billion, down $100 million from the year before.
Meanwhile, Boyd Gaming dropped out of the top five into seventh place, with revenue of $2.4 billion, down $700 million or 22.58 percent from the year before.
Rounding out the top 11 companies with $1 billion or more in revenue are Pinnacle Entertainment, Station Casinos and Allegiant Travel Co.
Several companies have dropped off the list this year as a result of being aquired by or merging with companies outside of the market: International Game Technology, Nevada Property 1 (former owner of Cosmopolitan Las Vegas), Tropicana Entertainment, Tropicana Las Vegas Hotel &Casino.
In addition, Las Vegas Resort Investment Co. (formerly Stockbridge/SBE Investment Co.) terminated its registration with the Securities and Exchange Commission and National Energy Services (formerly National Automation Services) has not yet filed its annual statement for the most recent fiscal year.
The biggest movers on the list are Gaming Partners International, up six spots and AP Gaming Holdco, up five spots, although both companies moved up largely because four that were ahead of them are no longer listed.
The annual Business Press list of publicly reporting companies includes both companies that are traded publicly and those that have public debt.
The list is compiled from the annual reports filed by each company with the Securities and Exchange Commission. Rankings are based on gross revenue as reported for the most recently completed fiscal year, which in most cases will have ended Dec. 31, 2015.
Additionally, the Business Press includes the total shareholder return for those companies that are traded, which reflects the company’s performance for the past 12 months.
The TSR is calculated as follows: (Stock price at end of period – Stock price at beginning of period + dividends paid ) / Stock price at beginning of period, expressed as a percentage.)
The full list of public companies appears on Pages 10-11.
The Business Press is owned by the family of Sheldon Adelson, CEO of Las Vegas Sands Corp.