Updated from 5:01 p.m. EDTBoyd Gaming ( BYD) posted second-quarter results Tuesday that missed analyst estimates amid tough competition in the Las Vegas casino market. The company also announced the sale of its South Coast Casino, which has been a disappointment since it opened last year in Sin City. For the second quarter, Boyd posted net income of $10.2 million, or 11 cents a share, down from $48.6 million, or 55 cents a share, a year earlier. The latest quarter's results included a $31.2 million pretax writedown related to the retirement of a gaming vessel, along with other items. Excluding these items, Boyd recorded adjusted earnings of $42.5 million, or 47 cents a share, down from $50.3 million, or 56 cents a share, a year earlier. Analysts expected an adjusted profit of 58 cents a share, according to Thomson First Call. Revenue increased 10% year over year to $610.9 million from $554.3 million, missing analysts' forecast of $626.6 million. The company's Las Vegas casinos that cater to locals in the city had a 16% increase in revenue. That growth was primarily due to the addition South Coast, which was wasn't open a year ago. Older properties posted disappointing declines. Boyd's Suncoast casino had an 11% drop in revenue, primarily due to increased competition from Station Casinos' ( STN) Red Rock Casino, which opened to packed crowds in April of this year. Boyd said the overall Vegas results also were hurt by "continued softness" at South Coast. Part of the problem there has been the delayed opening of a new interchange that will access to the area. Analysts had said the property won't reach full potential until late 2007. But Boyd announced it is now selling South Coast back to Michael Gaughan, the man who sold his Coast Casinos properties to Boyd in 2004.