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Boyd, which operates the Hawai'i-favorite California Hotel in downtown Las Vegas, also said a reduction in flights between the Islands and Las Vegas weighed on revenues. The company's downtown Las Vegas properties generated $60.8 million in net revenue during the quarter, down from $66.9 million in the same period a year earlier.
Like many casino operators, Boyd has been squeezed as consumers tighten their discretionary spending due to mounting economic and job concerns.
"Our fourth quarter results reflect the ongoing recessionary environment. With consumer confidence at all-time lows, people continue to scale back on discretionary spending," President and Chief Executive Keith Smith said in a statement.
For the period ended Dec. 31, the casino operator reported a loss of $2.51 per share. That compares with a profit of $31.2 million, or 35 cents per share, a year earlier.
Quarterly results included $290.2 million in impairment charges, which were taken to write down some acquisitions to account for their fair value as of Dec. 31.
Adjusted earnings from continuing operations were $11.4 million, or 13 cents per share, which met the expectations of analysts polled by Thomson Reuters.
Analysts' estimates typically exclude one-time items.
Las Vegas-based Boyd has 16 gambling properties in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana.
Despite the difficult economy, Boyd is still looking for potential acquisitions when opportunities arise.
On Monday, the casino operator informed Station Casinos Inc. that it is interested in acquiring the struggling gambling operator's assets after, or as part of, a bankruptcy reorganization.
Boyd's fourth-quarter revenue declined 12 percent to $422.6 million from $478.6 million to miss Wall Street's estimate of $423.4 million.
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