Casino operator Las Vegas Sands reported a rare net loss in the first quarter of 2020 but the company’s braintrust insists things are nowhere near as bad as they seem.

Figures released Wednesday show Sands generated revenue of $1.78b in the three months ending March 31, a 51.1% decline from the same period last year. Adjusted earnings were down 70% to $437m, operating income fell 94.3% to $55m and the company booked a net loss of $51m versus a $744m profit in Q1 2019.

The figures reflect the 15-day COVID-19 shutdown of all Macau casinos in mid-February and the market’s glacially slow recovery ever since. Sands China’s revenue was down 65% to $814m while the unit posted a net loss of $166m versus a $557m profit last year.

Sands’ Macau properties all posted significant declines in VIP gambling turnover, including a nearly 70% downturn at the company’s flagship Venetian Macao.