Boyd Gaming Corp. (BYD) reported a fourth-quarter net loss attributable to Corporation of $899.90 million or $10.24 per share compared to a loss of $491 thousand or $0.01 per share prior year. Based on the company's decision not to proceed with development of the Echelon site, Boyd Gaming recorded a one-time, non-cash pretax impairment charge of approximately $994 million, which is reflected in its fourth-quarter 2012 results.
Net revenues increased to $625.84 million from $606.67 million last year. Adjusted loss was $27.7 million, or $0.31 per share, compared to a loss of $2.9 million, or $0.03 per share, prior year.
On average, 14 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.13 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $635.37 million for the quarter.
The company also announced it has entered into a definitive agreement to sell the Echelon site on the Las Vegas Strip to the Genting Group for $350 million in cash.
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