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Lotte Tour reports casino sales worth $19million in February

March 4, 2024 South Korea Casino & HotelIndustry Updates

The operator of South Korea’s Jeju Dream Tower resort, Lotte Tour Development Co Ltd, reports that casino revenues in February came to KRW23.94 billion (about US$17.99 million), up 538.3 percent from the same time last year and up 0.3 percent from the previous month.

The resort, which is located on the semi-autonomous island of Jeju and is well-known for housing numerous casinos exclusively for foreign guests, has seen a rise in casino income for the second consecutive month.

It’s important to note that Lotte Tour calculates casino sales less agency fees, which causes small variations from industry-wide sales data supplied by South Korea’s Casino Association.

February sales of table games were around KRW22.77 billion, a 594.5 percent increase year over year but flat from the prior month. In the meanwhile, sales of machine games for the same month were over KRW1.17 billion, up 4.7.4% from the prior year and 3.2% from January.

February had a 19.2 percent sequential rise in hotel revenues, totaling around KRW6.13 billion, or a 4.7% year-over-year increase.

But Lotte Tour’s casino table drop for February was KRW105.45 billion, down 12.7% from January. This is the amount of money that customers pay for table game chips.

Notwithstanding these fluctuations, Lotte Tour’s fiscal year 2023 net loss of KRW203.55 billion was a 9.4% gain over the prior year. With casino sales at its foreigner-only casino jumping 248.7 percent year over year to KRW152.30 billion, the company’s total revenues for 2023 increased by 70.7 percent to around KRW313.55 billion.

Original story by: GGRAsia

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