In South Korea and local casino operator Lotte Tour Development Company Limited has reportedly announced that the new Jeju Dream Tower development generated its first ever positive monthly earnings in December.
According to a report from GGRAsia, the two-tower facility posted almost $1.23 million in earnings before interest, tax, depreciation and amortization for the entirety of last month while revenues for the all-suite venue’s Dream Tower Casino hit an all-time high of over $6.75 million. The source detailed that this positive performance came despite the presence of strict anti-coronavirus entry conditions that obliged all visitors to be fully vaccinated or present a valid test showing a negative result.
Early elation:
Soft-launched on a 75-acre parcel of land located less than two miles from Jeju International Airport in December of 2020, the $1.4 billion Jeju Dream Tower premiered its 57,770 sq ft Dream Tower Casino some six months later and reportedly saw this foreigner-only enterprise with its assortment of 190 slots and 141 gaming tables go on to rack up approximately $3.6 million in revenues over the course of its first 20 days. Seoul-listed Lotte Tour Development Company Limited purportedly explained that its latest gambling venture, which furthermore offers 78 electronic table games, subsequently went on to chalk up roughly $10.22 million in third-quarter receipts with about $3.57 million of this amount having come from the lucrative VIP segment.
Productive period:
Lotte Tour Development Company Limited reportedly used an official filing
to detail that its Jeju Dream Tower venue, which is also home to the five-star Grand Hyatt Jeju hotel, is the third largest development of its kind in South Korea and recorded aggregated December sales in the region of $16.62 million. The operator purportedly disclosed that the large facility moreover saw its associated hotel receipts rise to an all-time high of just beyond $9.56 million to take the enterprise’s overall operating profits for the 31-day month to nearly $606,500.
Optimistic outlook:
GGRAsia went on to forecast that things could be about to get even better for the 3.2 million sq ft Jeju Dream Tower as it begins offering a new compliment of 850 rooms within its Grand Hyatt Jeju hotel to the public. Seoul-headquartered Lotte Tour Development Company Limited purportedly divulged that this move is to soon see the two-tower Jeju development become the largest Hyatt-branded operation in the world with a total compliment of 1,600 rooms alongside an already-open selection of 14 restaurants and bars, a retail mall, an outdoor pool deck, a pair of spas and a top floor sky-deck lounge.
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