The Casino at South Korea’s Jeju Dream Tower saw revenue rise 28.5 per cent quarter-on-quarter.
South Korea.- The casino at the Jeju Dream Tower has reported gaming revenue of KRW18.5bn (US$14.5m) for the first quarter, ended on March 31. According to the venue’s promoter, Lotte Tour Development, the figure represents a 26 per cent improvement from KRW14.4bn (US$12m) in the previous quarter.
The casino located in the capital of the South Korean holiday island of Jeju reported revenue of KRW3.7bn (US$2.8m) for January, KRW4.7bn (US$3.7m) for February and KRW10.1bn (US$7.8m) for March. Q1 net sales were KRW12.3bn (US$9.5m).
The VIP segment grew 48 per cent from the previous quarter to KRW14bn (US$11m). Mass table revenue fell 12.8 per cent to KRW 4.1bn (US$3.2m).
The promoter of Jeju Dream Tower recorded a Q1 operating loss of KRW27.2bn (US$21m) and negative EBITDA of KRW7.3bn (US$5.6m), versus the previous quarter’s operating loss of under KRW30.1bn (US$23m) and negative EBITDA of KRW11.2bn (US$8.7m).
The Jeju Dream Tower casino opened its doors in June 2021. A new phase of the Grand Hyatt hotel was launched on January 10. The property now has 1,600 rooms.