Lotte Tour Development Reports 2% Monthly Decrease in Casino Revenue, While Jeju Island Continues to Attract Chinese Tourists
Jeju Dream Tower, the renowned resort and casino located in South Korea, experienced a marginal decline in casino revenue, marking a 2% month-on-month decrease in September. Lotte Tour Development Co., the resort’s operator, disclosed that the total casino revenue for the month amounted to KRW14.3 billion ($10.6 million).
Despite the dip in revenue, Lotte Tour Development reported a 2% decrease in visitor numbers during September, dropping from 28,718 to 28,165. The resort, known for its foreigner-only casino that opened its doors in June 2021, remains a prominent destination on the island of Jeju, particularly appealing to Chinese visitors due to its visa-free policy.
Financial data released by the operator highlighted specific trends within the casino’s gaming offerings. Gaming machine revenue experienced a notable 40% year-on-year monthly drop, totaling KRW1.1 billion ($879.7 million). Meanwhile, table games contributed KRW13.1 billion ($9.7 million) to the overall revenue, marking a 17.3% decrease compared to the previous month.
Despite the monthly decline, the cumulative casino revenue for the first nine months of the year reached an impressive KRW100.3 billion ($74.4 million). This figure already surpasses the total reported for the entire year of 2022 by 130%.
Jeju Dream Tower’s allure as a travel destination has been significantly boosted by its casino offering and the island’s visa-free policy for Chinese visitors. In response to the ongoing challenges posed by the global pandemic, the South Korean government recently announced a series of financial incentives, including visa fee waivers and tax refunds, aimed at attracting Chinese tourists. These initiatives began in September, aligning with efforts to revive tourism and gaming activities.
Simultaneously, Korean authorities are actively working to streamline the approval process for additional flights catering to the mainland China market. These measures underscore the commitment to revitalizing tourism and bolstering the attractiveness of destinations like Jeju Dream Tower.
As the resort continues to navigate the evolving landscape of travel and tourism, the slight dip in September’s casino revenue remains within the context of broader efforts to revive and enhance the gaming and tourism sectors in South Korea.