Casino operator MGM Resorts is looking to raise another half-a-billion dollars while warning that its Q1 earnings report will be a proper horrorshow.

On Thursday, MGM announced that it will raise $500m via a new debt offering, the net proceeds of which will go toward “general corporate purposes, including, without limitation, further increasing its liquidity position.” As of March 31, MGM said it had cash and equivalents of $6b and debts of $11.8b, but it has drawn down nearly all its existing credit facilities. (Those golden handshakes aren’t free, you know.)

MGM isn’t scheduled to release its first-quarter earnings report until April 30 but a US Securities and Exchange Commission filing on Thursday showed revenue is expected to fall 29% to $2.3b and adjusted earnings are down 61% to $295m. Net income totaled $807m, but that includes a $1.5b net gain from January’s MGM Grand/Mandalay Bay transactions, so the reality is a significant net loss.

Revenue from Las Vegas operations was down 21% to $1.1b, with earnings falling one-third to $268m. Regional US revenue fell 10% to $726m, while earnings were off 28% to $152m. In Macau, MGM China’s revenue slid 63% to $272m and the division reported a net loss of $22m following February’s 15-day Macau casino shutdown due to the COVID-19 pandemic.