Casino operator Caesars Entertainment Corporation closed out 2019 with another nine-figure net loss, in yet another example of what the struggling company’s chief exec calls a ‘solid’ performance undone by the pesky need to service its debt.

On Tuesday, Caesars reported revenue rising 2.6% year-on-year to $2.17b in the final three months of 2019, while operating income rose 77% to $177m. However, the company booked a net loss of $304m in Q4 versus a net profit of $198m in Q4 2018.

For the year as a whole, revenue rose 4.2% to $8.74b while operating income fell 16.4% to $618m and the company booked a net loss of $1.2b versus a $303m profit in 2018.

In what has become something of a tradition, CEO Tony Rodio said the numbers showed “another quarter of solid operational performance,” which makes one wonder if a teenage Rodio was similarly adept at spinning a failing grade on a book report to his parents. “When you think of it, Dad, an ‘F’ is only five letters from an ‘A’ but it’s 20 letters from a ‘Z’!”