Then in 2017, Donald Trump's First Year in
Office, these same Las Vegas Companies Generated Audited Total Pretax Income which
increased by a much lower 8% from that in 2016..... But then, Whoa!
........................................................................................
Excluding Las Vegas Sands, Which Generates
Only 17% of Its Worldwide Net Revenues in the US, the 13 Other Las Vegas Companies Generated Audited Total
Pretax Income which declined by a huge 29% in 2017.
........................................................................................
From a review of US SEC filings, there were 14 Companies headquartered
in Las Vegas with a stock market cap of more than $1 Bil recently.
Nearly all Republicans, a
high percentage of Independents and even many perceptive Democrats all agree as
a starting point that for US capitalism to work properly, Companies must
generate in the aggregate reasonably healthy profits. This just didn't even
come close to happening in 2017 for the 13 Las Vegas Companies other than the Las
Vegas Sands, which generates only 11% of its Worldwide EBITDA in the US.
My focus is on Pretax Income rather than on After-Tax Net Income
because Income Taxes are simply a transfer of financial wealth between US
Corporations and the US Federal, US State and Foreign Governments. It has
nothing whatsoever to do with Company Operating Performance.
From a review of SEC filings, the chart below shows the Audited
Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the
Fiscal Years Ended 2017, 2016 and 2015 for these 14 Las Vegas, Nevada Companies.
Caesar
Entertainment is excluded below since it went through a bankruptcy and had huge
deconsolidation, reorganization and restructuring charges (credits) which
resulted in GAAP earnings and loss numbers which weren't very meaningful in any
of the three years. When you back away Caesar's Gains on Deconsolidations of Subsidiaries and Its Huge Restructuring and Support
Expenses in each year, the As-Adjusted GAAP Pretax Losses for Caesar's would be $379 mil in
2017, $401 mil in 2016 and $361 mil in 2015.
| Year | Year | Year | |||||||
| 2017 | 2016 | 2015 | |||||||
| Audited | Audited | Audited | |||||||
| Pretax | Pretax | Pretax | 2017 | 2016 | |||||
| Income | Income | Income | Better | Better | |||||
| (Loss) | (Loss) | (Loss) | (Worse) | (Worse) | |||||
| From | From | From | Than | Than | |||||
| Las Vegas, Nevada Companies | City | State | 2017 | Continuing | Continuing | Continuing | 2016 | 2015 | |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | Operations | Operations | Operations | % | % | |
| $ mils | $ mils | $ mils | Change | Change | |||||
| Las Vegas Sands (LVS) | Las Vegas | NV | Dec 17 | 3,052 | 2,255 | 2,622 | 35% | -14% | |
| MGM Resorts Intl | Las Vegas | NV | Dec 17 | 964 | 1,259 | (1,046) | -23% | 220% | |
| Wynn Resorts Ltd | Las Vegas | NV | Dec 17 | 560 | 311 | 289 | 80% | 8% | |
| Southwest Gas Holdings | Las Vegas | NV | Dec 17 | 259 | 232 | 219 | 12% | 6% | |
| Red Rock Resorts | Las Vegas | NV | Dec 17 | 198 | 164 | 143 | 21% | 15% | |
| Allegiant Travel | Las Vegas | NV | Dec 17 | 196 | 346 | 347 | -43% | 0% | |
| MGM Growth Properties LLC | Las Vegas | NV | Dec 17 | 171 | 38 | (262) | 350% | 115% | |
| Boyd Gaming | Las Vegas | NV | Dec 17 | 171 | 8 | 4 | 2038% | 100% | |
| Pinnacle Entertainment | Las Vegas | NV | Dec 17 | 47 | (486) | 57 | 110% | -953% | |
| Switch | Las Vegas | NV | Dec 17 | (10) | 31 | 73 | -132% | -58% | |
| Cannae Holdings | Las Vegas | NV | Dec 17 | (72) | (24) | (30) | -200% | 20% | |
| Spectrum Pharmaceuticals | Henderson | NV | Dec 17 | (108) | (72) | (52) | -50% | -38% | |
| Scientific Games | Las Vegas | NV | Dec 17 | (228) | (479) | (1,694) | 52% | 72% | |
| Intl Game Technology plc | Las Vegas | NV | Dec 17 | (977) | 323 | (17) | -402% | 2000% | |
| Total all 13 LasVegas Cos (No LVS) | 1,171 | 1,651 | (1,969) | -29% | 184% | ||||
| Total all 14 Las Vegas Area Cos | 4,223 | 3,906 | 653 | 8% | 498% |
