Korea’s Jeju Dream Tower falls to US$21 million loss in 1Q22
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Jeju Dream Tower, the integrated resort launched into the teeth of COVID-19 by Lotte Tour Development in late 2020, has reported gaming revenue of KRW18.5 billion (US$14.5 million) in the three months to 31 March 2022 – up 28.5% on the December quarter.
However, Lotte Tour still fell to a loss of KRW27.2 billion (US$21.4 million) – albeit narrowed from KRW30.1 billion (US$23.7 million) in 4Q21 – with an EBITDA loss of KRW7.3 billion (US$5.7 million) which was down from KRW11.2 billion (US$8.8 million).
The improved 1Q22 results included progressively rising gaming revenues, with January revenue of KRW3.7 billion (US$2.9 million) improving to KRW4.7 billion (US$3.7 million) in February and KRW10.1 billion (US$7.9 million) in March.
VIP gaming comprised the vast majority of Q1 revenue, up 48.4% to KRW14.4 billion (US$11.3 million), while mass table revenue fell 12.8% to KRW 4.1 billion (US$3.2 million).
Jeju Dream Tower opened its non-gaming facilities, including one of the world’s largest Grand Hyatt hotels, in December 2020 and its new casino space, relocated from Lotte Hotel Jeju, in June 2021. A second hotel tower was launched in November.
The tallest building in Jeju at 38 floors or 169 meters high, Jeju Dream Tower features a retail mall, 14 restaurants and bars, an outdoor pool deck, top floor skydeck with lounge, two spas and a casino boasting 150 tables and 300 slot machines.
