Casino operators Caesars Entertainment and Eldorado Resorts both reported steep declines in their first quarter revenue but optimism abounds as the companies plot their reopening once the COVID-19 all-clear sounds.

Figures released Monday show Caesars generated revenue of $1.83b in the three months ending March 31, a 13.6% decline from the same period last year, while adjusted earnings fell 47% to $299m and the company booked an operating loss of $66m. Caesars posted a $189m profit, although that profit was primarily due to the company’s byzantine debt accounting finally producing something positive.

Like all casino operators, Caesars was forced to shut its venues in mid-March as the COVID-19 pandemic spread. Caesars CEO Tony Rodio said revenue through February was up 12% year-on-year thanks in part to favorable gaming hold rates. Caesars saw gains across all geographical segments, with particularly strong growth in Las Vegas and Indiana.

Caesars has about $2.6b in cash and equivalents to ride out the pandemic storm but is burning through $9.3m per day, despite having furloughed 93% of its staff. The company said it was using the shutdown to evaluate cost centers “to ensure prudent spending as properties come back online and identify areas where we can permanently reduce expenses.”