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Jeju Dream Tower casino sales down 7.4% sequentially

April 2, 2024 South Korea Casino & HotelIndustry Updates

The promoter of the Jeju Dream Tower resort in South Korea, Lotte Tour Development Co Ltd, filed a report with the Korea Exchange on Tuesday stating that the casino’s income for March was roughly KRW22.18 billion (US$16.37 million).

This was a notable increase of 262.7% year over year, but a decrease of 7.4% from the previous month.

Lotte Tour produced casino revenues of about KRW70.00 billion during the first quarter of 2024, a 327.9 percent increase. Revenue from table games at its casino exclusive to foreigners climbed by 358.7% annually to KRW66.41 billion.

The island of Jeju, which is well-known for its structures housing casinos exclusive to visitors, is home to Jeju Dream Tower, which contributes to Lotte Tour’s outstanding casino sales figures. It’s important to note that Lotte Tour evaluates casino sales after taking agent fees out, which is a little departure from industry statistics released by the casino association in South Korea.

Revenues from table games came in at little under KRW20.89 billion in March, down 8.3 percent from the previous month but up 285.9 percent from the previous year. Sales of machine games were around KRW1.29 billion for the month, a tremendous 83.7 percent increase over the previous year and an increase of 10.3 percent from February.

Hotel sales in March decreased by 4.1 percent year over year and by 10.2 percent sequentially to reach KRW5.50 billion. Hotel revenue for the first quarter was KRW16.77 billion, which was 5.2% less than in the same period in 2023.

The amount paid by customers on table game chips, or the March casino table drop, increased by 15.6% from February to KRW121.94 billion. The casino table drop in the first quarter was KRW348.21 billion, indicating a robust 68.1 percent year-over-year rise.

Even though Lotte Tour reported a KRW203.55 billion loss for the fiscal year 2023, its sales increased by 70.7 percent to around KRW313.55 billion. In the same period, casino revenues climbed by 248.7% annually to reach KRW152.30 billion.

Original story by: GGRAsia

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