Regional casino operator Penn National Gaming (PNG) lost nearly $93m in the final quarter of 2019, but sports betting and online gambling are riding to the rescue.

On Thursday, PNG reported that it generated revenue of $1.34b in the final three months of 2019, up 16% from the final quarter of 2018. But adjusted earnings were down 5% to $304m and the company booked a net loss of $92.9m versus a $42m net loss the year before.

PNG blamed the net loss on $34m in additional rent payments to its real estate investment trust (REIT) landlords and $173.1m in impairment charges due to accounting changes in financing obligations of PNG’s leasing arrangements. So it seems that there is actually a price to pay in selling off the family silver and/or real estate for a short-term cash boost. Who knew?

All four of PNG’s geographical casino segments reported year-on-year revenue gains, with the dominant Northeast segment posting the biggest rise, up 18% to $621.3m, thanks to the May 2019 addition of the Greektown Casino in Detroit. The South segment posted the biggest percentage gain, rising nearly 29% to $268.2m thanks to contributions from Louisiana’s Margaritaville Resort Casino.