Jeju Dream Tower resort reaches $18 million in casino sales

The promoter of the Jeju Dream Tower resort in South Korea, Lotte Tour Development Co Ltd, filed a report with the Korea Exchange on Friday stating that the casino’s January sales were KRW23.85 billion (US$18.0 million).

This was an astounding annual gain of 267.3 percent as well as a sequential increase of 66.3 percent.

On Jeju Island, which is home to many casinos exclusively for foreigners, casino revenues fell down in December.

Lotte Tour pointed out that its stated casino sales do not include broker fees, so they could differ somewhat from industry-wide sales data that South Korea’s Casino Association provides.

Sales of table games were KRW22.76 billion in January, rising 293.2 percent from the previous year and 70.8 percent from December. In the meanwhile, sales of video games in January exceeded KRW1.10 billion, up by 7.5 percent for the month and 55.2 percent for the year.

Over the same period, hotel revenues fell but casino profits increased significantly. In January, hotel sales decreased by 26.2% on a sequential basis, coming in just under KRW5.15 billion. Hotel revenues decreased by 15.6% on an annual basis.

At Jeju Dream Tower, total casino revenue climbed by 248.7% year over year to reach KRW152.30 billion.

For the three months ending September 30, Lotte Tour reported a net profit of at least KRW300 million in November. This was the company’s first quarterly profit since the opening of Jeju Dream Tower in December 2020.

Original story by: GGRAsia