Casino operator Wynn Resorts posted a rare net loss in Q1 as Macau’s nearly year-long slump continues to wreak balance sheet havoc.

Revenue in the three months ending March 31 fell 27% to $1.09b and earnings fell 34.7% to $323m. Wynn posted a net loss for the quarter of $44.6m compared to a $227m profit in the same period last year. The bad news didn’t end there, as Wynn was forced to cut its quarterly dividend to a mere 50¢ per share, down from the $1.50 handed out in February and $2.50 last October.

Wynn Macau revenue fell 37.7% to $705.4m, while earnings fell 44.7% to $212.3m. VIP gaming table turnover was down a hefty 52.4% while mass market table drop fell a more modest 14.5% and mass table win was down only 7%. Slots handle was down 25.7% and slots win was off 31.2%.

Occupancy at Wynn Macau dipped 0.6 points to 97.5% and revenue per available room fell 2.4% to $323. Total non-gaming revenue fell 21.8% to $88.4m.