Jeju Dream Tower, the South Korean integrated resort opened on the holiday island of Jeju in December 2020, saw its sales grow by 96.6% year-on-year and by 26.8% sequentially to KRW52.1 billion (US$39.9 million) in the three months to 30 June 2022.
The improved result, announced by operator Lotte Tour Development, 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.
Twelve months after the casino at Jeju Dream Tower opened on 11 June 2021, casino sales grew by around 267% year-on-year and 25.3% compared with Q1 to KRW15.4 billion (US$11.8 million). Hotel sales were up 64.0% year-on-year and 23.6% sequentially to KRW34.1 billion (US$26.1 million) while retail sales grew by 73.3% and 111.7% respectively to KRW2.6 billion (US$2.0 million).
Consolidated sales for the first six months of 2022 reached KRW93.2 billion (US$71.4 million) – up 141% year-on-year – including a 26.8% improvement in the second quarter over the first.
Lotte Tour said hotel, casino and retail sales accounted for 95.5% of all sales across the property but did not break down the remainder.
It also said it expects sales in the third and fourth quarters to be between KRW80 billion and KRW90 billion (US$61.3 million and US$68.9 million).
The tallest building in Jeju at 38 floors or 169 meters high, Jeju Dream Tower features a retail mall, 14 restaurants and bars, an outdoor pool deck, top floor skydeck with lounge, two spas and a casino boasting 150 tables and 300 slot machines.
The casino itself, relocated last year from its former home at the much smaller Lotte Hotel Jeju, covers more than 5,000 square meters and offers 141 gaming tables, 190 slot machines and 71 electronic table games.