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Jeju Dream Tower experiences 9 percent decline in casino revenue

December 4, 2023 South Korea Casino & HotelIndustry Updates

According to Lotte Tour Development Co., the operator of the Jeju Dream Tower resort in South Korea, November witnessed a 9% decrease in casino income at the resort, with KRW18 billion ($13.8 million) coming in.

Financial data suggesting a decrease in gaming table and machine income from the previous month was received by the South Korean Stock Exchange.

Table games yielded a 12.8 percent reduction, from KRW18.5 billion ($14.2 million) in October to KRW16.2 billion ($12.4 million) in November. However, table gaming income increased more than five times a year.

Between October and November, gaming machine revenue increased by 45.3%, from KRW1.3 billion to KRW1.9 billion. The statistic’s 128.7% rise from the previous year was also notable.

The casino made KRW138.2 billion ($105.9 million) in total revenue throughout the first 11 months of this year, a 232 percent rise over the same time last year.

On the other hand, hotel revenues fell by 22% year over year to KRW84.9 billion ($65 million) in the first 11 months of the year.

Jeju Dream Tower is the country’s first world-class integrated resort (IR), competing with such institutions in Singapore, Macau, and Las Vegas, and including a casino reserved for foreigners. The resort has an outdoor pool deck, a Sky Deck, 14 restaurants and bars, and 1,600 suite-sized rooms.

The lack of a visa requirement for Chinese tourists is one factor contributing to the island of Jeju’s appeal as a travel destination in South Korea.

Original story by: Asia Gaming Brief

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