Basinger - who won the Best Supporting Actress Academy Award for LA Confidential 21 years ago - wasn't the only former Oscar winner to win a Razzie this year.
Mel Gibson - who scored Best Director and Best Picture for Braveheart in 1995 - was named Worst Supporting Actor for Daddy's Home 2.
Three-times Oscar nominated actor Tom Cruise was named Worst Actor for his reboot of The Mummy, while Tyler Perry took worst actress for Boo 2! A Madea Halloween.
Baywatch won the inaugural Special Rotten Tomatoes Award: The Razzie Nominee So Bad You Loved It! accolade, the result of an online poll with the Rotten Tomatoes review site.
Despite being nominated in almost every category, Transformers: The Last Knight, escaped the ceremony unscathed with no wins.
The Razzies are traditionally announced the same weekend as the Academy Awards. The winners are selected by 1000 voting members from every US state except Montana and 26 countries.
List of Razzies 2018 winners:
Worst Picture: The Emoji Movie
Worst Actress: Tyler Perry - #BOO! 2: A Madea Halloween
Worst Actor: Tom Cruise - The Mummy
Worst Supporting Actor: Mel Gibson - Daddy's Home 2
Worst Supporting Actress: Kim Basinger - Fifty Shades Darker
Worst Screen Combo: Any Two Obnoxious Emojis - The Emoji Movie
Worst Remake, Ripoff or Sequel: Fifty Shades Darker
Worst Director: Anthony 'Tony' Leonidis - The Emoji Movie
Worst Screenplay: The Emoji Movie
Special Rotten Tomatoes Award: The Razzie Nominee So Bad You Loved It!: Baywatch
- Bang! Showbiz