Casino operator Melco Resorts & Entertainment (MRE) lost $364m in the first quarter of 2020 as COVID-19 presented “unprecedented challenges to the tourism industry.”

Figures released Thursday show the Nasdaq-listed MRE generated revenue of $811.2m in the three months ending March 31, a 41.3% decline from the same period last year. The company booked an operating loss of $150m versus a $191m operating profit the year before, and a net loss of $364m versus a net profit of $120m in Q1 2019.

MRE’s struggles aren’t unique to the company, as all casino operations in Macau were laid low by the market’s 15-day pandemic shutdown in February and the resulting quarantine restrictions. MRE’s casinos in the Philippines and Cyprus were also required to shut down in March.

Company CEO Lawrence Ho reassured investors that MRE had cash and equivalents of $1.2b at the end of Q1, and a new credit deal in April offered a further $1.6b worth of undrawn revolver capacity. MRE also added $355m via the recent sale of MRE’s stake in Australian rival Crown Resorts. MRE suspended its quarterly dividend but investors shrugged, pushing MRE’s shares up 3% by Thursday’s close.