LAS VEGAS (
narrowed its loss in the fourth-quarter, but significantly missed Wall Street's forecast.
During the quarter, the casino operator lost $242 million, or $4.03 a share, compared with a loss of $297.7 million, or $4.97 a share, in the year-ago period.
Excluding items, the loss was 39 cents a share, significantly greater than the 10-cent loss forecast by analysts.
Revenue dropped 5% to $245 million from $258.9 million in the year prior.
Pinnacle had fewer writedowns this year, totaling $207 million versus $313 million last year. The company also lowered costs to $468.7 million from $568.1 million.
"While the first half of the year was solid, the continuing deterioration of the economy resulted in less visitation and lower play per customer," interim CEO John Giovenco said in a statement.
Pinnacle also said it received a $375 million commitment for a new credit facility not maturing until 2014. It will replace a credit facility that is set to expire in December.
Shares of the company are falling 2% to $7.28 in afternoon trading.
Penn National Gaming
, but it, too, missed expectations, sending shares tumbling yesterday.
Earlier in the week,
Melco Crown Entertainment
announced that it widened its fourth-quarter loss, while
-- Reported by Jeanine Poggi in New York.
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