Boyd Gaming Corp. posted a fourth-quarter loss of $220.8 million today due to impairment charges related to some prior acquisitions and a consumer spending pullback. Boyd’s fourth-quarter revenue declined 12 percent to $422.6 million from $478.6 million.
Like many casino operators, Boyd has been squeezed as consumers tighten their discretionary spending due to mounting economic and job concerns.
For the period ended Dec. 31, the casino operator reported a loss of $2.51 per share, reversing net income of $31.2 million, or 35 cents per share, reported a year earlier 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.
On Monday, the casino operator informed Station Casinos Inc. that it is interested in acquiring the struggling gaming operator’s assets after, or as part of, a bankruptcy reorganization.
Revenue from Las Vegas locals properties, or casinos frequently mostly by residents of the region, fell to $176.8 million from $214.4 million. Downtown Las Vegas revenue slipped to $60.8 million from $66.9 million, while revenue from sites in the Midwest and South declined to $185.1 million from $197.3 million.
Boyd posted a full-year loss of $223 million, or $2.54 per share, compared with a profit of $303 million, or $3.42 per share, in the prior year. Annual revenue fell to $1.78 billion from $2 billion a year earlier.