Saipan casino operator Imperial Pacific International (IPI) wrote off nearly three-quarters of a billion dollars in uncollectable VIP gambling debts in the first half of 2018.

On Friday, IPI released its financial report for the six months ending June 30, during which the company’s revenue fell 51% year-on-year to HK$2.2b (US$281.6m), earnings tumbled 72.2% to HK$450.5m and profit plummeted 91.3% to HK$79m.

The dire results followed a profit warning last week that only hinted at the scale of the problem, which was caused in part by the “impairment of trade receivables,” i.e. uncollectable VIP gambling markers. IPI famously chose to avoid the use of third-party junkets when it launched in 2015, opting instead to offer credit directly to customers.

IPI wrote off a total of HK$5.75b ($733m) in H1, of which nearly HK$2.5b was owed by just 10 VIP clients. The figure is nearly triple the $268m the company wrote off in the same period last year, and significantly more than the half-billion or so it wrote off all last year.