South Korea’s Jeju Dream Tower saw casino gross gaming revenue record a new monthly record in June, with GGR of KRW7.0 billion (US$5.4 million) representing the highest monthly total since opening 12 months earlier.
The improved June result, announced by operator Lotte Tour Development this week, comes after the Korean government dropped a mandatory hotel quarantine requirement for unvaccinated international visitors from 8 June. It also resumed the issuance of tourist visas for the first time in more than two years from 1 June.
Despite the strong finish to the June quarter, total 2Q22 casino revenue actually fell by 17.3% compared with the first three months of 2022 to KRW15.3 billion (US$11.8 million) – although this was in contrast to Jeju Dream Tower’s non-gaming elements.
Lotte Tour said Thursday that combined 2Q22 revenue across its casino, hotel and retail segments was up 27.1% quarter-on-quarter to KRW52.1 billion (US$40.2 million), with hotel revenue up 23.6% to KRW34.0 billion (US$26.2 million) and retail by 133% to KRW2.8 billion (US$2.2 million).
The company is also estimating Q3 sales of KRW90.0 billion (US$69.4 million) with GGR of KRW 26.0 billion (US$20.0 million) as Korea’s COVID-19 recovery gains momentum.