Saipan casino operator Imperial Pacific International (IPI) lost over half-a-billion dollars in 2019 as VIPs — particularly those that owe IPI money — steer well clear of the property.

Figures released Wednesday by the Hong Kong-listed IPI show the company generated revenue of just over HK$539m (US$69.5m) in 2019, representing an 83.4% decline from 2018’s result. Gross profit fell 89% to HK$319.8m, resulting in an after-tax loss of HK$3.94b (US$508.2m) for the year.

Last year’s losses marked a significantly worse showing than 2018’s $378m net loss, while the company’s 2019 revenue was 15% below the roughly $82m profit the company booked in 2017. Suffice it to say, things have been better in IPI world.

As usual, IPI’s woes begin and end with its VIP market. While 2019’s mass market table and slots revenue of HK$249.6m was only around 6% below 2018’s tally, VIP gaming revenue fell by more than 91% to HK$253.8m, barely eclipsing the mass market figure, as turnover tumbled 89% to just HK$14b.