Casino operator MGM Resorts lost over half a billion dollars in the third quarter of 2020 but claims to see “signs of stability and recovery” amidst all the doom and gloom.

On Thursday, MGM reported revenue of $1.12b in the three months ending September 30, a two-thirds decline from the same period last year. The company booked an operating loss of $495m and a net loss of $535m versus a $37m net loss in Q3 2019.

MGM’s Q3 2019 red ink was blamed on a non-cash impairment related to the sale of real estate under some of its Vegas casinos. This year, it’s COVID-19 getting the blame and the impairment is all too real.

In Las Vegas, MGM’s revenue was down 68% year-on-year to $481m and earnings – before paying rent to its REIT landlord – plunged 97% to just $15m as the casinos struggled under their new COVID-19 capacity limits. Table game drop and slots handle were both down 41%, while hotel occupancy slumped 48 points to just 44%.