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Lotte Tour net losses narrow to $153M despite sharp sales growth in 2023

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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.

Overall sales rose sharply by 70.7 percent to KRW313.5 billion ($236 million) last year.

Its operating income also shows significant improvement, increasing by 49 percent, with losses narrowing to KRW60.6 billion ($45.6 million).

Despite the ongoing negative financial situation, Lotte Tour recorded its first quarterly profit in 3Q23 since the opening of Jeju Dream Tower in December 2020.

The Jeju Dream Tower complex resort is the largest urban complex resort on Jeju Island, with a total project cost of KRW1.6 trillion and a much-delayed development period that lasted four decades.

According to the previously revealed financial results for the entire year of 2023, Jeju Dream Tower reported a 248.7 percent year-on-year increase in casino sales, reaching KRW 152.30 billion ($113.73 million).

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