Lotte Tour Development, operator of the newly opened Jeju Dream Tower, has reported net operating loss of KRW78.8 billion (US$70.1 million) for the full year 2020, representing a sharp deterioration in financial performance.

At the end of this week, Lotte Tour Development will hold the grand opening for the Jeju Dream Tower, an ambitious project, forty years in the making, upon which the firm is expected to either rise or fall.

The Chinese government is closely monitoring the rapidly expanding lottery market, with many highly addictive lotteries being banned from sale in recent regulatory shift.

South Korean foreigner-only gaming operators Grand Korea Leisure Co Ltd (GKL) and Lotte Tour Development experienced a month-on-month sales decrease in April.

The Hong Kong Securities regulator has initiated disciplinary action against lottery operator China Ecotourism Group and seven of its executives.

Lotte Tour Development Co. Ltd, the backer of the Jeju Dream Tower casino resort on South Korea’s Jeju island, reported a net loss of KRW203.5 billion ($153 million) for the full year 2023, representing a 9.4 percent improvement from 2022.

South Korea reopened its borders to vaccinated travelers from April 1st, providing some relief for its foreigner-only casinos, but recovery is expected to be a long haul given the lack of Chinese visitation.

urism Development, operator of the Jeju Dream Tower, is looking to add another 200 staff to its roster, including hotels, casinos, fashion malls and other support functions. 

To round off this busy week, we’re bringing you a thought-provoking discussion between Anita Chan, CEO of Compass Edge and AGB managing editor Sharon Singleton on domestic tourism trends across Asia.

Lotte Tour Development has the potential to see a turnaround in its performance this year, according to SK Securities analyst Seung-Doo Na.