In a significant turnaround, Lotte Tour’s Jeju Dream Tower integrated resort experienced an exceptional 249% surge in casino revenues, reaching KRW152.3 billion (US$116 million) in 2023. This remarkable growth was attributed to Korea’s successful COVID-19 recovery and the resurgence of international tourism. Despite a slight dip in performance in December, the overall performance underscores the casino’s resilience and popularity in the region.
Striking Revenue Growth:
Lotte Tour’s Jeju Dream Tower witnessed an outstanding 249% increase in casino revenues in 2023, soaring to KRW152.3 billion. This growth was driven by a remarkable 264% surge in table games revenue, amounting to KRW138.0 billion, and a 149% increase in machine revenue, reaching KRW14.3 billion.
Contributing Factors:
The robust performance was largely attributed to Korea’s successful management of the COVID-19 situation, leading to a gradual recovery in tourism. The return of international tourists played a pivotal role in the casino’s impressive financial results.
December Performance and Monthly Fluctuations:
Despite the overall positive trend, the casino experienced a 20.6% month-on-month decline in December, with revenues reaching KRW14.2 billion. Monthly fluctuations are common in the dynamic casino industry, and the subdued performance in December does not diminish the exceptional annual growth.
Hotel Revenues and Overall Integrated Resort:
In contrast to the stellar casino performance, hotel revenues at Jeju Dream Tower faced a 22.3% year-on-year decline, amounting to KRW91.7 billion in 2023. December also saw a 21.4% year-on-year decrease in hotel revenues, reaching KRW6.98 billion. The integrated resort, standing as the tallest building in Jeju, offers a comprehensive experience with a retail mall, restaurants, outdoor pool deck, skydeck, spas, and a vibrant casino featuring various gaming options.
Jeju Dream Tower Casino Features:
The casino at Jeju Dream Tower, relocated from its previous venue in June 2021, covers over 5,000 square meters. It boasts 141 gaming tables, 190 slot machines, and 71 electronic table games, contributing to its status as a prominent gaming destination.
Lotte Tour’s Jeju Dream Tower has emerged as a significant player in the integrated resort landscape, showcasing an impressive 249% growth in casino revenues in 2023. The successful convergence of Korea’s COVID-19 recovery and the return of international tourists has propelled the casino’s financial performance. Despite minor fluctuations, the overall trajectory points towards sustained popularity and economic contribution, solidifying Jeju Dream Tower’s position as a premier destination in the region.