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It isn't as simple as a game that doesn't break even.

Take any 2D Mario Platformer. How many copies will the 3DS Mario platformer need to sell to go even, a million and a half? If it sells 3 million - making a good profit - that's a complete disaster for Nintendo. Yet, it still made a profit.

Beyond that, I don't have a definition that nobody else has said yes, so I'll just copy Rol's (which is the best one so far).

RolStoppable said:
A game that sells considerably less than expected.

Expectations of the publisher are what counts, not predictions of forum goers. While many times we don't get official word, we still have a good idea based on the marketing campaign for a particular game. If a company spent a lot of money on marketing, then they most certainly expected the game to sell big.