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Lotte Tour reports net profit since opening of Jeju Dream Tower

November 15, 2023 South Korea Casino & HotelIndustry Updates

The parent company of South Korea’s Jeju Dream Tower casino resort, Lotte Tour Development Co Ltd, reported a net profit for the three months that concluded on September 30 of at least KRW300 million (US$226,760). This is the company’s first quarterly profit after the December 2020 completion of Jeju Dream Tower.

The foreigner-only casino at Jeju Dream Tower recorded third-quarter gaming revenues of around KRW52.0 billion (US$39.3 million), after deducting rebates and fees. In comparison with the third quarter of 2022, when sales were roughly KRW10.5 billion, this number shows a 395% year-over-year increase.

In a report on Monday, Lotte Tour Development provided a four-month analysis spanning from July to October. Around KRW159.0 billion and KRW28.0 billion in July, KRW161.0 billion and KRW28.0 billion in August, KRW122.0 billion and KRW18.0 billion in September, and KRW157.0 billion and KRW13.0 billion in October were the casino drops over this time period (for both table and machine games).

For the four months ended October 31, casino net sales were KRW20.1 billion in July, KRW17.9 billion in August, KRW14.0 billion in September, and KRW19.8 billion in October.

Lotte Tour announced its third-quarter 2023 casino sales of KRW99.66 billion, operating profit of KRW29.13 billion, and segmental net profit of KRW28.97 billion in a filing to the Korea Exchange on November 10.

On November 1, Lotte Tour said that October’s casino earnings had grown by 38.3% year over year to KRW19.81 billion.

Original story by: GGRAsia

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