Casino operator Melco Resorts & Entertainment (MRE) lost over $331m in the third quarter of 2020, with only its Manila and Cyprus operations reporting positive earnings.

Figures released Thursday show MRE generated revenue of $213m in the three months ending September 30, an 85% decline from the same period last year. The company reported negative earnings of $76.7m versus earnings of $418.2m last year, while booking a net loss of $331.6m versus an $83.2m profit in Q3 2019.

The net loss was only slightly better than the $368m MRE tossed on the bonfire in Q2 2020, but MRE boss Lawrence Ho nonetheless hailed the “moderate recovery” enabled by the resumption of MRE’s Cyprus and Manila casino operations, while holding out hope that Macau will start to show benefits from China’s relaxed travel rules.

MRE’s flagship Macau property City of Dreams reported revenue down 88.3% to $91.4m with negative earnings of $49.2m. VIP gambling turnover fell 89%, mass market table drop slid 93.6% and slots handle slumped 91%. In addition to seeing fewer VIPs, City of Dreams also reported “a higher provision for credit losses” as VIPs failed to honor their markers.