Second Jeju Dream Tower hotel to open on November 29
Lotte Tour Development Co Ltd will open a second hotel tower on Jeju Island from November 29.
South Korea.- Lotte Tour Development Co Ltd 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 first phase launched last December with 750 rooms. The complete Grand Hyatt hotel with its two 38-floor towers covers a total floor area of 303,737 square metres.
The Jeju Dream Tower casino opened its doors in June after passing a final inspection. It has 141 game tables offering five types of table game, 190 slot machines, and 71 electronic gaming machines. It also includes an ETG master table.
Lotte Tour Development revealed the casino venue achieved KRW4.20bn (US$3.6m) in gaming revenue during its first 20 days since the opening. The VIP segment recorded KRW2.22bn in revenue while mass table play reached KRW1.92bn. Revenue from slots and other games was KRW58.6bn. VIP rolling chip volume was KRW18.22bn and mass table drop KRW14.11bn.
There are only three casinos on Jeju island currently operating, the others being Paradise Casino Jeju Grand and Landing Casino.
Proposal for South Korean foreigner-only casinos to offer remote gambling
South Korea’s foreigner-only casinos have seen revenues plummet due to the lack of tourists amid the Covid-19 pandemic. Now Lee Sang-heon, a member of the Democratic Party of Korea on the National Assembly’s Culture, Sports and Tourism Committee, has suggested they should be allowed to introduce online gambling services.
According to the Korea Casino Association, South Korea’s foreigner-only casinos recorded aggregate gambling sales of KRW178.29bn (US$151.3m) during the first half of the year.
In 2020, the figure was KRW597.8bn, down 60 per cent year-on-year when compared to 2019 when the industry collected a total of KRW1.45tn.
