Jeju Dream Tower Visitor Record, Casino Revenue Falls

Jeju Dream Tower reached a new monthly visitation record in September, although the increase in visitors was accompanied by a significant decline in casino revenue.

According to figures reported by Lotte Tour Development and filed with the Korea Exchange, Jeju Dream Tower welcomed 66,393 visitors during the month. This surpassed the previous monthly record of 63,192 visitors, which was set in May.

Despite the record visitor figure, casino revenue dropped to KRW29.1 billion ($21.4 million). This represented a 45.1% decrease compared with September of the previous year and a 37.7% decline from August.

The company attributed part of the revenue decline to a lower hold.

The September figures highlighted a significant difference between visitor numbers and casino performance. While the integrated resort attracted more visitors than in any previous month, revenue from its casino tables declined substantially on both a year-on-year and month-on-month basis.

Record Visitation at Jeju Dream Tower

Jeju Dream Tower recorded 66,393 visitors in September, establishing a new monthly high for the property.

The figure exceeded the previous record of 63,192 visitors recorded in May. However, the new visitation peak coincided with declines in both casino revenue and the casino's drop amount.

The results were included in Lotte Tour Development's filing with the Korea Exchange. The reported figures illustrated the contrasting performance of visitor numbers and casino revenue during September.

Casino revenue was affected by results from table games and gaming machines, as well as the casino's hold. The available information did not provide separate details on activity in the property's hotel, casino or other areas, but confirmed that September produced a new visitation record.

Table Game Revenue Declines

Table game revenue reached KRW25.8 billion ($19.0 million) in September, representing a 49.6% year-on-year decline.

The decrease in table game earnings accounted for a substantial portion of the overall reduction in casino revenue. Total casino revenue stood at KRW29.1 billion, below both the level recorded during the same month a year earlier and the figure reported for August.

The casino's drop amount also decreased, although at a slower rate than revenue. September's total was KRW237.8 billion ($175 million), down 10.5% year-on-year and 19.0% month-on-month.

The larger reduction in revenue compared with the drop amount reflected the lower hold recorded during the month. Although the amount wagered or exchanged at the casino declined, revenue fell at a significantly faster pace.

The latest filing followed a period of reported casino results covering both table games and gaming machines. Despite the decline, table games remained the largest contributor to Jeju Dream Tower's overall casino revenue.

Gaming Machine Revenue Moves Higher

Gaming machine revenue moved in the opposite direction from table game revenue during September.

While table game earnings declined, the gaming machine segment recorded growth during the month. The latest results therefore showed contrasting performances across Jeju Dream Tower's casino segments, even as total casino revenue fell sharply.

The September figures ultimately showed that the property's record visitor count did not translate into stronger casino revenue, with the lower hold contributing to the wider decline.