Jeju Dream Tower posts gaming revenue of US$10.4m for Q3

The Jeju Dream Tower casino opened its doors in June.
The Jeju Dream Tower casino opened its doors in June.

Lotte Tour Development Co Ltd has reported that the Jeju Dream Tower casino resort recorded gaming revenue of KRW12.3bn (US$10.4m) during the third quarter of the year.

South Korea.- Lotte Tour Development Co Ltd has shared financial results for the first three months of operations at Jeju Dream Tower casino resort, which opened its doors in June. The venue collected KRW12.3bn (US$10.4m) in gaming revenue in Q3, while net casino sales were KRW8.2 bn.

KRW4.3bn from the total gaming revenue came from the VIP segment while mass table play collected KRW8.0bn. VIP rolling chip volume for the third quarter was KRW133.9bn and mass table drop KRW38.0bn. The average number of visitors per day was 250.

The company has announced it is ready to open a new tower on Jeju Island on November 29. The new complex will include 850 hotel rooms. The complete Grand Hyatt hotel with its two 38-floor towers covers a total floor area of 303,737 square metres. Jeju Dream Tower said it sold more than 8,500 room packages in 70 minutes as part of its year-end sale.

Jeju Island considers allowing Koreans to gamble

Authorities in South Korea are considering possible solutions to help the country’s foreigner-only casino industry, which has been hit hard by the Covid-19 pandemic. 

Last week, Bong Mi Hee, a professor at the Integrated Resort Tourism Research Centre at Inha Technical College, suggested remote gambling, either using cryptocurrency or credit card, should be considered for Jeju casino venues. 

Now, Felix Lee, senior assistant of IGamiX Management & Consulting in South Korea, said the government is reviewing a comprehensive plan for Jeju Island casinos, which reportedly includes a proposal to allow Korean tourists from other parts of the peninsula to gamble. Lee noted that the proposal wouldn’t allow islanders themselves to gamble.

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Jeju Dream Tower land-based casino