Lotte Tour reports net loss of $152.7 million for full year of 2023

In a filing with the Korea Exchange on Thursday, Lotte Tour Development Co Ltd, the company behind the Jeju Dream Tower casino resort on South Korea’s Jeju Island, disclosed a net loss for the fiscal year 2023 of KRW203.55 billion (US$152.7 million).

This is an improvement above the net loss of about KRW224.71 billion in 2022 of 9.4% year over year.

In 2023, Lotte Tour’s income climbed by 70.7%, amounting to about KRW313.55 billion.

The company said in January that full-year 2023 gambling revenues at its foreigner-only casino, located within Jeju Dream Tower, had increased dramatically, rising 248.7% year over year to KRW152.30 billion.

According to Lotte Tour’s most recent report, its operating loss for 2023 was 49.0 percent better than 2022, coming in at little under KRW60.60 billion.

Notwithstanding these profits, Lotte Tour’s total liabilities in 2023 increased by 8.2 percent year over year to reach around KRW1.70 trillion.

Original story by: GGRAsia