The casino income of Jeju Dream Tower IR, an integrated resort owned by Lotte Tour Development, increased 249% over the previous year to KRW152.3 billion, which is approximately $116 million. The primary reason for the increase was South Korea’s recovery from COVID-19 and the comeback of foreign tourists.
Jeju Dream Tower IR Profit Increase:
In compliance with the information submitted to the Korea Exchange on January 2, the overall result for 2023 involved a 264% increase in the income from table games to KRW138.0 billion, which is approximately US$105 million, in addition to growth of 149% in machine income to KRW14.3 billion, which is approximately US$10.9 million.
This happened regardless of a poor performance during December, when casino income dropped 20.6% on the monthly level to KRW14.2 billion, which is approximately US$10.8 million. As for the income from hotels, it decreased by 22.3% on a yearly level to KRW91.7 billion, which is approximately US$69.8 million, over the previous year, and by 21.4% on an annual level to KRW6.98 billion, which is approximately US$5.3 million, during December.
Furthermore, the said IR represents the highest facility on Jeju island, meaning it is 169 meters or 38 stories high. In addition, it includes 14 bars and restaurants, a retail mall, top floor sky deck with lounge, an outdoor pool deck, a casino that features 300 slot machines and 150 tables, and 2 spas, according to Inside Asian Gaming.
Relatedly, in June 2021, the IR was officially relocated from Lotte Hotel Jeju, and covers over 5,000 square meters. At that time, it provided 190 slot machines, 71 electronic gaming tables and 141 gaming tables.
Increase at income at Paradise Co:
Paradise Co. the flagship foreigner-only casino operator in South Korea, experienced an increase in casino income of 113% to KRW744.2 billion, which is approximately US$567 million, over the previous year. In addition, the result involved a monthly increase of 17.9% and a yearly increase of 37.9% in casino income in last month to KRW64.6 billion, which is approximately US$49.3 million, of which KRW60.1 billion, which is approximately US$45.8 million, was generated from table games.
On a related note, the table drop in December of KRW581.5 billion, which is approximately US$443 million, increased by 6.6% per month and 24.3% on a yearly level, according to Inside Asian Gaming.
The aforementioned firm owns 4 casinos in South Korea, involving an IR called Paradise City, which is located in Incheon and represents the joint facility with Segga Sammy, a Japanese conglomerate. Beside this one, it owns casinos in Busan, Seoul and Jeju.
Furthermore, the firm recently unveiled a “record quarter“ for the third quarter of 2023.
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