In October, the casino revenue at the Jeju Dream Tower resort in South Korea increased by 38.3 percent from September, reaching KRW19.81 billion ($14.6 million), as reported by Lotte Tour Development Co, the resort’s operator.
According to financial data on the South Korea Stock Exchange, Lotte Tour Development Co. Ltd. noted that the growth was driven by table games, which increased by 41 percent from the previous month, generating revenue of KRW18.5 billion ($13.7 million) in October.
Gaming machine revenue rose by 8.2 percent compared to the previous month and by 505 percent compared to the previous year, reaching KRW1.3 billion ($940,000).
Cumulative casino revenue for the first 10 months of the year totaled KRW120.2 billion ($88.6 million), representing a 214 percent increase from the same period last year.
Hotel sales for the first 10 months of the year amounted to KRW78.5 billion ($58 million), a 22 percent year-over-year decrease.
Jeju Dream Tower operates a foreigner-only casino that opened its doors in June 2021. The island of Jeju has become one of the most popular travel destinations in South Korea due to its visa-free policy for Chinese visitors.
The South Korean government has also recently announced a range of financial benefits, including visa fee waivers and tax refunds, for Chinese tourists visiting Korea starting in September, in an effort to attract both visitors and gamblers.
At the same time, Korean authorities are working to expedite the approval of extra flights to serve the mainland China market.
