LAS VEGAS (

TheStreet

) --

Pinnacle Entertainment

(PNK) - Get Report

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.

On Thursday,

Penn National Gaming

(PENN) - Get Report

also

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narrowed its loss in the fourth-quarter

, but it, too, missed expectations, sending shares tumbling yesterday.

Earlier in the week,

Melco Crown Entertainment

(MPEL)

announced that it widened its fourth-quarter loss, while

Ameristar Casinos

(ASCA)

missed forecasts.

-- Reported by Jeanine Poggi in New York.

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