Casino operator Penn National Gaming (PNG) lost over $600m in the first quarter of 2020 as the COVID-19 pandemic infected the company’s bottom line.

Figures released Thursday show PNG generated revenue of $1.11b in the three months ending March 31, a 9.4% decline from the same period last year. Not bad, considering that PNG was forced to shut all 41 of its gaming venues in mid-March as the pandemic spread.

But earnings fell by half to $154.8m, and $616.1m in impairment losses – “primarily related to gaming licenses, trade names and goodwill” – resulted in PNG booking a net loss of $608.6m for the quarter. Despite the carnage, investors were positively giddy, pushing the company’s shares up 15.4% by the close of Thursday’s trading.

All of PNG’s regional segments reported revenue declines, with the dominant Northeast segment faring best, falling only 5.4% to $520.7m. Declines were much sharper in the Midwest, ($228.1m, -15.9%), South ($223.3, -23.5%) and West ($126.6m, -20%).