Casino and betting operator Churchill Downs Incorporated (CDI) lost $23.4m in the first quarter of 2020 as online race betting growth failed to offset the pandemic-related closures of its gaming venues.

Figures released Wednesday show CDI generated revenue of $252.9m in the three months ending March 31, a 4.7% decline from the same period last year. Worse, the company reported adjusted earnings falling 26% to $55.3m and booked a net loss of $23.5m versus an $11.6m profit in Q1 2019.

The net loss was blamed on a $12m non-cash impairment of its Presque Isle Downs and Casino in Pennsylvania, plus a $7.6m after-tax expense related to some Midwest Gaming interest rate swaps plus, you know, the whole pandemic thing.

CDI CEO Bill Carstanjen said the company’s strong balance sheet – buoyed by drawing $675.4m from its revolving credit facility last month – would help it ride out “at least the next 12 months,” by which time the COVID-19 storm will have hopefully passed.