Jeju Dream Tower casino revenue up 7.8% in November
The venue reported casino sales of KRW26.08bn (US$18.6m).
South Korea.- Lotte Tour Development, the operator of Jeju Dream Tower casino, has reported that casino revenue in November was up 7.8 per cent sequentially from KRW24.2bn (US$17.6m) to KRW26.08bn (US$18.6m). In year-on-year terms, casino revenue increased by 45.5 per cent.
Hotel sales amounted to KRW5.56bn (US$4m), down 27.7 per cent month-on-month and 16.2 per cent in year-on-year terms. Visitor numbers to the casino totalled 35,812. That’s a 4 per cent decline compared to October but a 25.4 per cent increase year-on-year. The casino drop was KRW133.10bn (US$95m), down 2.9 per cent sequentially, but up 13.9 per cent year-on-year.
For the first eleven months of this year, casino sales reached KRW271.05bn (US$193m), a 96.3 per cent increase from the prior-year period. Hotel sales amounted to KRW79.09bn (US$56m), down 6.7 per cent. Table-game sales were KRW254.33bn (US$181m), a rise of 103.8 per cent. Machine-game sales were KRW16.72bn (US$12m), a rise of 26 per cent.
Paradise Co opens VIP lounge at Seoul Gimpo airport
Paradise Co, another casino operator in South Korea, has launched Paradise Lounge, a new customer lounge at Gimpo International Airport in Seoul. The lounge is situated on the first floor and is designed to enhance VIP marketing and draw in new customers, providing services to casino patrons and guests.
In September, a new space specifically for high-rollers opened at Paradise Casino Walkerhill in Seoul. The casino’s first expansion in nine years increased its size by 17 per cent, from 3,934.60 to 4,587.26 square metres. There are now 112 table games and 213 machine games. The casino operator said it expects sales in the new VIP venue to reach KRW1.32tn (US$952m) by 2026. During the first half of this year, combined sales, including non-consolidated affiliates, amounted to KRW569.9bn (US$410m), with an operating profit of KRW91.2bn (US$66m).
A week ago, the company also confirmed plans to begin construction on a new hotel in Seoul in the first quarter of 2025 with a target opening date in 2028. The 18-floor hotel will have approximately 200 suites and five basement levels offering premium services for foreign VIPs. It will cover 13,950 square metres. The cost of the development is estimated to be between KRW500 (US$360m) and KRW550 (US$400m).
