US casino stocks were beaten bloody on Wednesday, the day after Nevada’s governor shut down the state’s entire land-based industry and the COVID-19 coronavirus continues its relentless march across the US of A.

Regional casino operator Penn National Gaming (PNG) took the biggest hit on Wednesday, as its shares closed down over 38% from the day before to $4.52. The shares were trading at over $38 as recently as February 20, following PNG’s blockbuster deal for media property Barstool Sports.

Fast forward to this Tuesday and PNG informed investors that it was borrowing the remaining $430m available under its Revolving Credit Facility “to ensure it maintains ample financial flexibility” to mitigate the effects of the ongoing COVID-19 pandemic. PNG stressed that “there are currently no plans to deploy the drawn-down funds,” but give them time.

Rival Caesars Entertainment’s shares fell nearly 31% to $3.52 on Wednesday, down from around $14.66 one month ago. Like PNG, Caesars announced that it had fully drawn the remaining available capacity under its credit facilities, adding another $1.15b to its already prodigious debt load.