Sunday, April 19, 2009 | 9:57 a.m.
Two Las Vegas-based gaming companies are again the only Nevada firms included in Fortune magazine's annual Fortune 500 list of the nation's largest companies.
In 2009 rankings now out for Fortune's May 4 edition, Harrah's Entertainment Inc. is ranked No. 263 with 2008 revenue of $10.127 billion and MGM Mirage is ranked No. 344 with revenue of $7.208 billion. Last year they were ranked No. 244 and No. 323, respectively.
The No. 1 company this year is Exxon Mobil with revenue of $442 billion. The rankings are based on annual revenue.
In industry rankings, Marriott International was ranked first among hotel and casino companies, at No. 208 with revenue of $12.88 billion, with Harrah's and MGM Mirage ranked second and third.
Harrah's also appeared this year on the list of 20 worst money losers, ranking No. 17 with a loss of $5.2 billion -- largely on non-cash accounting entries to mark down the value of its assets, on paper.
"The two private equity firms that bought the casino operator in 2007 for $17 billion drew a bad card: a recession that pushed revenue down 8.4 percent last year and deflated the once-ballooning valuations for gambling companies. Apollo and TPG wrote down the value of their investment by $5.5 billion, while Standard & Poor's dumped Harrah's debt into the lower end of the junk range and some analysts started predicting bankruptcy," Fortune said in its report on Harrah's. "But assuming the private equity shops can stave off their creditors, they still have big plans. They bought a Macau resort in 2007 and opened up two London Club-brand casinos in the U.K. last year. Projects in the U.S., like the expansion of Caesars Palace in Las Vegas and Margaritaville in Biloxi, Miss., have slowed — but not yet been canceled."
No. 1 on the list of money-losing companies is insurer American International Group with a loss of $99.3 billion.
Other Nevada companies are also highlighted in the Fortune 500 report, which includes rankings for the Fortune 1,000.
Among the nine Nevada companies in the Fortune 1,000, Las Vegas Sands trails Harrah's and MGM Mirage at No. 519 with revenue of $4.389 billion.
The others are NV Energy, No. 608, $3.528 billion; Wynn Resorts, No. 691, $2.987 billion; International Game Technology, No. 771, $2.528 billion; Southwest Gas, No. 867, $2.144 billion; U-Haul owner AMERCO, No. 889, $2.049 billion; and Boyd Gaming, No. 967, $1.781 billion.
Just as distinctive as it's famous neighbors Caesar's Palace and The Venetian, Harrah's Las Vegas has been entertaining guests since 1973. The 87,700-square foot casino is filled with 1,520 slot machines and 107 gaming tables. Outside the casino, guests are able to experience fun in a street-fair atmosphere at the Carnival Court, an outdoor lounge with live entertainment (including the bartenders), food stands and outdoor shops.
At Harrah's comedy is King, and that has never been more apparent then the comedy acts of Rita Rudner, the Mac King Comedy Magic Show and the Improv Comedy Club. After the show, guests are more than welcome to laugh at their friends at The Piano Bar, famous for its dueling pianos and karaoke. Most recently, Harrah's added tribute show "Legends in Concert" to its list of entertainment.
Restaurants like Ming's offers Asian cuisine, while Ruth's Chris Steak House offers guests fine steaks and fresh seafood. Toby Keith's I Love This Bar is a country-themed bar with a restaurant, live music and the occasional appearance from Keith himself.
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