MGM Resorts International on March 27 announced a new plan to reduce expenses after incurring substantial operating losses in March as a result of the closures caused by the coronavirus pandemic.

The Las Vegas-based casino operator has temporarily shut down all of its properties in the U.S. since March 16 to support the government's efforts to curb the spread of the disease.

In Macao, MGM's properties are now open after a government-mandated lockdown, announced in February. However, the company said its properties there continue to record low visitation numbers as travel constraints continue to impact the market.

As a result of the closures, MGM said it "does not expect to see a material improvement until more is known regarding the duration and severity of the pandemic, including when the company's properties can reopen to the public."

The company said it is undertaking a thorough review of its expenses as it estimates that 60% to 70% of its domestic property-level operating expenses are variable. MGM added that it will implement hiring freezes, furloughs and other headcount reductions. Additionally, MGM plans to evaluate all of its capital spend projects and expects to defer at least 33% of its planned 2020 capital expenditures in the U.S.

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"While this will undoubtedly have a significant negative effect on our business in the near term, we are well-positioned to emerge from the current crisis in light of our strong liquidity position and valuable asset portfolio," MGM acting CEO and President Bill Hornbuckle said in a statement.

MGM said that as of March 26, the company, excluding its subsidiaries, had about $3.9 billion of operating cash and cash investment balances, including about $1.5 billion drawn under its revolving credit facility.

The company said its domestic unit will be able to pay off about $3.9 billion of its debt using the proceeds from its recently completed real estate monetization transactions.

MGM made the announcement as it reported results for the first two months of 2020. For the January to February period, MGM said consolidated net income attributable to the company rose to $1.3 billion from about $27 million a year prior. The figure includes an approximately $1.5 billion pretax gain related to the $4.6 billion sale of MGM Grand-Las Vegas and Mandalay Bay.

Net revenues for the two-month period fell 10% year over year due to weaker visitation numbers at its properties in Macao.

MGM's stock closed down 9.37% to $12.19 in New York trading on March 27.