Jeju Dream Tower Experiences a 249% Surge in Profits in 2023

The Jeju Dream Tower IR, an integrated resort owned by Lotte Tour Development, saw a significant increase in casino income in 2023. The total casino income jumped by 249% over the previous year, reaching KRW152.3 billion, which is approximately $116 million. This surge in income was largely attributed to South Korea’s recovery from the COVID-19 pandemic and the return of foreign tourists to the country.

According to the information submitted to the Korea Exchange on January 2, the increase in income was driven by a 264% rise in income from table games to KRW138.0 billion, approximately US$105 million, as well as a 149% growth in machine income to KRW14.3 billion, around US$10.9 million. However, despite the overall increase in income, the month of December saw a 20.6% drop in casino income to KRW14.2 billion, approximately US$10.8 million.

In addition to its casino facilities, the Jeju Dream Tower IR also offers a variety of attractions including 14 bars and restaurants, a retail mall, top floor sky deck with lounge, an outdoor pool deck, and 2 spas. The IR, which represents the highest facility on Jeju island, is 169 meters high and spans 38 stories. Furthermore, the IR was relocated from Lotte Hotel Jeju in June 2021 and covers over 5,000 square meters.

In a related development, Paradise Co., the flagship foreigner-only casino operator in South Korea, also reported a significant increase in casino income. The company’s casino income rose by 113% to KRW744.2 billion, approximately US$567 million, over the previous year. This increase included a monthly rise of 17.9% and a yearly increase of 37.9% in casino income in the last month, reaching KRW64.6 billion, approximately US$49.3 million.

Paradise Co. owns four casinos in South Korea, including its Incheon-based IR, Paradise City, a joint facility with Segga Sammy, a Japanese conglomerate. The company also operates casinos in Busan, Seoul, and Jeju. Additionally, Paradise Co. recently announced a “record quarter” for the third quarter of 2023.

The increase in casino income for both Jeju Dream Tower IR and Paradise Co. reflects the recovery of South Korea’s tourism and hospitality industry amid the ongoing impact of the COVID-19 pandemic.