Casino revenue at the Jeju Dream Tower resort in South Korea declined by some 11 percent monthly in August, totaling KRW17.9 billion ($13.4 million), according to the resort’s operator, Lotte Tour Development Co.
According to financial data published on the website of the operator, Lotte Tour Development Co Ltd. noted that, despite the declines in casino revenue, the visitor tally recorded during the month of August rose 6.4 percent: from 27,005 to 28,734.
Gaming machine revenue rose 222 percent yearly but fell 122.4 percent monthly, to KRW2 billion ($1.5 million), while table games brought in KRW15.9 billion ($11.9 million), up 377 percent yearly and down some 9.2 percent compared to the previous month.
During the first eight months of the year, cumulative casino revenue totaled KRW784.41 billion ($59 million), up 207 percent from the prior-year period.
During the first seven months of the year, hotel sales totaled KRW61.36 billion ($46 million), down some 25 percent yearly.
Jeju Dream Tower operates a foreigner-only casino that opened its doors in June of 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 just announced a slew of financial benefits, including visa fee waivers and tax refunds, for Chinese tourists visiting Korea starting in September, in a bid to lure back both visitors and punters.
At the same time, Korean authorities are working to expedite the approval of extra flights to serve the mainland China market.
