Lotte Tour first quarterly profit since Dream Tower launch

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

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The parent of the Jeju Dream Tower casino resort (pictured), on the South Korean holiday island of Jeju, reported net profit of at least KRW300 million (US$226,760) in the three months to September 30, the first quarterly group profit since Jeju Dream Tower’s opening in December 2020.

The complex’s operator, Lotte Tour Development Co Ltd, gave the information in a Monday update.

Third-quarter gaming sales for Jeju Dream Tower’s foreigner-only casino were nearly KRW52.0 billion (US$39.3 million),after deducting rebates and commissions. That was up circa 395 percent year-on-year from almost KRW10.5 billion recorded compared to the third quarter 2022.

The firm also gave in the Monday update, some four-month update numbers. Casino drop – for table and machine games – in the four months from July to October inclusive, was respectively circa: KRW159.0 billion and KRW28.0 billion in July; KRW161.0 billion and KRW28.0 billion in August; KRW122.0 billion and KRW18.0 billion in September; and KRW157.0 billion and KRW13.0 billion in October.

Casino net sales in the four months to October 31 were: KRW20.1 billion in July; KRW17.9 billion in August; KRW14.0 billion in September; and 19.8 billion in October, respectively, the report said.

According to a Lotte Tour filing to the Korea Exchange on November 10, in the third quarter 2023 the group’s casino segment recorded: total casino sales of KRW99.66 billion; operating profit of KRW29.13 billion; and segmental net profit of KRW28.97 billion.

On November 1, Lotte Tour said October casino sales rose 38.3 percent month-on-month, to KRW19.81 billion.

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