GGRAsia – Jeju Dream Tower 1Q gaming sales up to US$12mln

Jeju Dream Tower 1Q gaming sales up to US$12mln

May 15, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

The Jeju Dream Tower casino resort, on the South Korean holiday island of Jeju, reported first-quarter gaming sales of KRW16.36 billion (US$12.2 million) after deduction of rebates and commissions. That was a rise of 89.0 percent from the preceding quarter, and up 33.1 percent from the KRW12.29 billion in the prior-year quarter.

The resort’s operator, Lotte Tour Development Co Ltd, issued the update on Friday. Jeju Dream Tower has a foreigner-only casino (pictured).

The firm added that its casino-segment rolling chip volume in the first quarter rose by 12.7 percent quarter-on-quarter, to circa KRW207.10 billion, from circa KRW183.80 billion. Rolling chip volume rose 96.7 percent year-on-year from the circa KRW105.30 billion achieved in first-quarter 2022.

The casino segment reported a first-quarter operating loss of KRW2.17 billion, and a net loss of KRW2.19 billion, as well as depreciation and amortisation costs of KRW2.99 billion. That compared to the first quarter 2022’s operating loss of nearly KRW1.01 billion, a net loss of KRW1.01 billion, and depreciation and amortisation costs of KRW2.84 billion.

The property’s first-quarter operating loss was circa KRW33.40 billion, and it had negative earnings before interest, taxation, depreciation, and amortisation (EBITDA) amounting to about KRW11.90 billion. That compared to a fourth-quarter operating loss of about KRW35.70 billion, and fourth quarter positive EBITDA of circa KRW14.30 billion.

In the first quarter 2022, the operating loss was about KRW27.20 billion, and EBITDA was positive to the tune of KRW7.30 billion.

In the first three months this year, the volume of visitors to the venue stood at 32,700, down 7.6 percent from the 35,400 in the fourth quarter last year, but up 128.7 percent year-on-year from the nearly 14,300 in the first quarter of 2022.

Lotte Tour Development reported net casino sales of nearly KRW43.68 billion for full-year 2022. That was up 107.7 percent from the almost KRW21.03-billion recorded in 2021.