Casino and hotel giant MGM Mirage lost $1.1 billion last year.
The company, which recently opened the massive CityCenter resort on the Las Vegas Strip, also reported a fourth-quarter loss of $434 million.
In 2008, the company lost $855 million for the year and $1.3 billion in the fourth quarter.
"This has been a challenging but momentous year for MGM Mirage, culminating with the opening of CityCenter in December," said MGM Mirage CEO Jim Murren.
He said the company was able to keep its hotels fairly full, although rates and revenue were down.
In the fourth quarter, the company said occupancy was 86%, compared with 85% the previous year.
The average daily rate was $111, compared with $135 in the fourth quarter of 2008. Revenue per available room dropped 14%, from $114 to $95. RevPAR at Las Vegas Strip hotels was down 16%.
For the full year 2009, net revenue decreased 13%, to $5.9 billion. RevPAR at Strip hotels decreased 25%.
Casino revenue was down 10% for the year and 7% for the fourth quarter.
