Lotte Tour Development Co., operator of Jeju Dream Tower Casino and Grand Hyatt Jeju on the island of Jeju, South Korea, has generated its highest-ever quarterly operating revenue and profit, achieving its first quarterly profits since 2020.
Driven by an increase in Chinese players to its flagship casino due to Jeju’s visa-free entry policy for Chinese tourists, second-quarter operating profit climbed to $24m (33.1bn won), also a quarterly record high, up 35.8 per cent from a year earlier. Gross gaming Revenue increased by 65.4 per cent year-on-year to 110bn won, also setting a new personal best. Hotel revenues at Grand Hyatt Jeju came in at 41 billion won in the second quarter, its second-best quarterly sales revenue.
Figures from the Ministry of Justice show that between April and June, around 1.4m Chinese nationals entered South Korea, up 18 per cent from last year.
Lotte stated: “The Dream Tower Casino, which we completed in 2020, has finally shaken off its initial construction burden and is now in full profit-making mode. Unlike other operators that pay hefty rents and accommodation fees, we own our entire hotel, casino, shopping, and dining complex, which significantly lowers fixed costs and boosts profitability.”
The post Jeju Dream Tower Casino and Grand Hyatt Jeju set raft of new records appeared first on G3 Newswire.
Lotte Tour Development Co., operator of Jeju Dream Tower Casino and Grand Hyatt Jeju on the island of Jeju, South Korea, has generated its highest-ever quarterly operating revenue and profit, achieving its first quarterly profits since 2020. Driven by an increase in Chinese players to its flagship casino due to Jeju’s visa-free entry policy for Chinese tourists,…
The post Jeju Dream Tower Casino and Grand Hyatt Jeju set raft of new records appeared first on G3 Newswire.