May 17, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck
The casino at the Jeju Dream Tower resort (pictured), in the capital of the South Korean holiday island of Jeju, recorded KRW18.5 billion (US$14.5 million) in gaming revenue for the three months to March 31. That was up to 28.5 percent from the KRW14.4 billion in the previous quarter, announced the venue’s promoter, Lotte Tour Development Co Ltd, in a release on Friday.
January gaming revenue was KRW3.7 billion; February’s was KRW4.7 billion; and March’s was KRW10.1 billion.
First-quarter net sales for the casino – after deducting rebates and commissions – stood at KRW12.3 billion, the firm added.
Just under KRW14.4 billion of first-quarter gaming revenue was from the VIP segment, up to 48.5 percent from the KRW9.7 billion revenue in the prior quarter.
VIP rolling chip volume for the period was KRW318.8 billion, and mass table drop – the amount of cash exchanged for chips at the table – was KRW48.4 billion.
Mass table-play revenue in the first quarter was nearly KRW4.1 billion, down 12.8 percent from the KRW4.7-billion revenue in the fourth quarter.
The promoter of Jeju Dream Tower, which has a Grand Hyatt-branded hotel, recorded a first-quarter operating loss of KRW27.2 billion, and negative earnings before interest, taxation, depreciation, and amortisation (EBITDA) to the tune of KRW7.3 billion, versus the previous quarter’s operating loss of under KRW30.1 billion and negative EBITDA of KRW11.2 billion.
South Korean brokerage Hana Financial Investment Co Ltd released a note on Friday night, forecasting second-quarter net casino sales at Jeju Dream Tower of KRW13.0 billion, and an operating loss of KRW8.2 billion.
The institution’s note said that – with visa-free entry to Jeju for holders of certain foreign passports, due to resume from June 1 – it expected third-quarter performance at Jeju Dream Tower to turn positive numbers-wise.
Lotte Tour opened its foreigner-only casino at Jeju Dream Tower on June 11, 2021, after transferring the gaming operation in early 2021 from Lotte Hotel Jeju.
The firm fully launched its second phase of the Grand Hyatt Jeju on January 10 this year, meaning the hotel now has 1,600 rooms available.
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Pagcor's estimates for industry-wide gross gaming revenue in 2023