US regional casino operator Twin River Worldwide Holdings (TRWH) is blaming the month of March – and something called COVID-19 – for its nearly $9m loss in the first quarter of 2020.

On Wednesday, TRWH announced that its revenue through the three months ending March 31 totaled $109.1m, a 9.5% decline from Q1 2019. Adjusted earnings fell nearly 50% to $22.1m and the company suffered a net loss of nearly $8.9m from a $17.6m profit this time last year.

TRWH was keen to point out that revenue was up nearly one-quarter through January and February, although that was mainly due to last year’s acquisition of regional rival Dover Downs Hotel & Casino and this January’s addition of three casinos in Black Hawk, Colorado.

Net income was down 44% by the end of February, before the pandemic forced the shutdown of all TRWH casinos, partly because TRWH’s credit-fueled acquisitions and pandemic-related borrowings pushed Q1 interest payments up $4.3m to $11.4m.