Annual net casino sales double y-o-y at Jeju Dream Tower

Mar 14, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Lotte Tour Development Co Ltd, operator of the Jeju Dream Tower resort with foreigner-only casino (pictured) on the South Korean holiday island of Jeju, reported net casino sales of nearly KRW43.68 billion (US$33.4 million) for full-year 2022. That was up 107.7 percent from the almost KRW21.03-billion recorded in 2021.

The firm said the property’s casino segment generated an operating loss of slightly under KRW16.45 billion for full-year 2022, against the prior year’s near-KRW10.24-billion operating loss.

Lotte Tour Development had a casino-segment net loss of close to KRW16.33 billion, a widening on the KRW10.46-billion net loss in 2021, according to the Thursday announcement.

The casino segment’s depreciation and amortisation costs during the year to December 31, 2022, were circa KRW11.93 billion, from KRW9.76 billion in 2021.

Jeju Dream Tower’s interest-related costs for 2022 amounted to KRW69.61 million, a decrease of 52.0 percent from KRW144.92 million in 2021.

According to a Lotte Tour Development announcement on February 9, group-wide gross sales were KRW183.67 billion in 2022, and it had an operating loss of KRW118.74 billion. That compared to full-year 2021’s gross sales of nearly KRW107.07 billion and an operating loss of KRW131.25 billion.

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