These 13 Largest Nevada Corps, led by Las Vegas Sands and Wynn Resorts, had their Total Pretax Income increase by an off-the-charts 828% over such amount earned just two years earlier in 2009.
And I also found 19 additional Corps headquartered in Nevada filing with the SEC with Pretax Income or Pretax Loss of at least $10 mil in any of the most recent three fiscal years, but with none of the three years having Pretax Income or Pretax Loss of more than $100 mil.
These 19 Smaller Nevada Corps had their Total Pretax Income in the most recent fiscal year 2011 increase by a very robust 358% from such amount two years earlier in 2009.
Thus, when you combine the Largest and Smaller Nevada Corps, you get a total of 32 Largest Nevada Corps filing with the SEC and which had their Total Pretax Income in the most recent fiscal year 2011 increase by an off-the-charts 749% over such amount two years earlier in 2009.
Whoa! Nevada citizens have to be very proud of their Nevada companies, of all sizes.
And Nevada citizens also have to be elated with how the Obama Administration has created a fine US economic environment which has fostered their companies' exceptional earnings improvement in the most recent two years.
And excluded from these 2011 Earnings was a massive $3.5 bil gain recorded by MGM Resorts. This gain resulted from MGM Resorts obtaining in June 2011 a 51% controlling interest in its previous 50%-owned MGM China Joint Venture. Under generally accepted accounting principles, MGM Resorts was required to reflect the value of its controlling interest in MGM China in its financial statements. The June 2011 IPO of MGM China valued the entire company at $7.5 bil. Yeah, the Macau, China gaming market is really thriving. And Las Vegas Sands also has been a huge beneficiary of the Macau gaming market.
In deriving Ongoing, Core Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.
I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.
I excluded Corps in the Development or Exploration Stage. I also excluded Corps with not significant enough Total Revenues.
Below here is the Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) of these 13 Largest and 19 Smaller Nevada Corps for each of the most recent three years, along with the related percentage changes.
| Obama | |||||||
| Bump | |||||||
| Two | |||||||
| Year | |||||||
| PTI(L) | PTI(L) | PTI(L) | |||||
| % | % | % | |||||
| Change | Change | Change | |||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | ||
| HQs | 2011 | 2010 | 2009 | vs | vs | vs | |
| mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | ||
| Nevada Largest Corps | |||||||
| Las Vegas Sands | Las Vegas | 2,128 | 929 | (170) | 129% | 646% | 1352% |
| Wynn Resorts | Las Vegas | 806 | 405 | 23 | 99% | 1661% | 3404% |
| John Deere Capital | Reno | 572 | 478 | 222 | 20% | 115% | 158% |
| Intl Game Technology | Las Vegas | 444 | 369 | 291 | 20% | 27% | 53% |
| Amerco | Reno | 326 | 289 | 100 | 13% | 189% | 226% |
| PDL Biopharma | Incline Village | 307 | 261 | 280 | 18% | -7% | 10% |
| Bally Technologies | Las Vegas | 174 | 148 | 182 | 18% | -19% | -4% |
| Ameristar Casino | Las Vegas | 120 | 77 | 115 | 56% | -33% | 4% |
| Allegiant Travel | Las Vegas | 80 | 103 | 121 | -22% | -15% | -34% |
| Station Casinos | Las Vegas | (30) | (380) | (392) | 92% | 3% | 92% |
| CityCenter Holdings | Las Vegas | (425) | (501) | (136) | 15% | -268% | -213% |
| MGM Resorts | Las Vegas | (485) | (741) | (317) | 35% | -134% | -53% |
| Caesars Entertainment | Las Vegas | (1,114) | (1,065) | (718) | -5% | -48% | -55% |
| Total all 13 Largest Corps | 2,903 | 372 | (399) | 680% | 193% | 828% | |
| Nevada Smaller Corps | |||||||
| Spectrum Pharmaceuticals | Henderson | 56 | (52) | (28) | 206% | -86% | 300% |
| Employers Holdings | Reno | 46 | 66 | 92 | -30% | -28% | -50% |
| Allied Nevada Gold | Reno | 43 | 27 | (4) | 59% | 775% | 1175% |
| Shuffle Master | Las Vegas | 43 | 32 | 20 | 34% | 60% | 115% |
| Pinnacle Entertainment | Las Vegas | 37 | (19) | (32) | 285% | 41% | 216% |
| Global Cash Access Holdings | Las Vegas | 21 | 36 | 54 | -42% | -33% | -61% |
| Full House Resorts | Las Vegas | 21 | 18 | 12 | 17% | 50% | 75% |
| Affinity Gaming | Las Vegas | 12 | 28 | (23) | -57% | 222% | 152% |
| Monarch Casino & Resort | Reno | 12 | 13 | 7 | -8% | 86% | 71% |
| Tropicana Entertainment | Las Vegas | 8 | 3 | (13) | 167% | 123% | 162% |
| Vestin Realty Mortgage I | Las Vegas | (1) | (3) | (12) | 67% | 75% | 92% |
| Vestin Realty Mortgage II | Las Vegas | (2) | (15) | (57) | 87% | 74% | 96% |
| Livedeal | Las Vegas | (5) | (9) | (11) | 44% | 18% | 55% |
| Boyd Gaming | Las Vegas | (6) | 15 | (10) | -140% | 250% | 40% |
| Cord Blood America | Las Vegas | (7) | (8) | (10) | 13% | 20% | 30% |
| Diamond Resorts | Las Vegas | (13) | (18) | (10) | 28% | -80% | -30% |
| American Casino & Entertainment Properties | Las Vegas | (19) | (30) | (14) | 37% | -114% | -36% |
| Altair Nanotechnologies | Reno | (20) | (20) | (21) | 0% | 5% | 5% |
| Riviera Holdings Corp | Las Vegas | (20) | (21) | (20) | 5% | -5% | 0% |
| Total all 19 Smaller Corps | 206 | 43 | (80) | 379% | 154% | 358% | |
| Grand Total all 32 Corps | 3,109 | 415 | (479) | 649% | 187% | 749% |
