Casino operator MGM Resorts suffered a deep revenue blow in the second quarter of 2020 but margins improved thanks to its ongoing efforts to cut payroll to the bone.   

Figures released Thursday show MGM generated revenue of just $289.8m in the three months ending June 30, down 91% from the same period last year. The company booked an earnings loss of over $492m versus a $764.3m gain last year while net losses attributable to MGM came to $857m versus net income of $43.4m in Q2 2019.

MGM’s Las Vegas operations, which only began reopening on June 4 after their lengthy COVID-19 closure, reported revenue down 90% year-on-year to $151m, while US regional operations were also down 90% to $89m.

However, when comparing post-reopening activity to the same periods last year, Vegas margins are up 450 basis points – of which around 100 points came via favorable table hold in June – while regional margins shot up 880 points.