Jeju Dream Tower posts record quarterly sales of 192.6 billion won

The Jeju Dream Tower integrated resort, operated by Lotte Tour Development, achieved its best-ever quarterly earnings in the second quarter of this year.

Lotte Tour Development said Thursday that combined sales from the casino (net revenue) and hotel (standalone basis) segments reached 64 billion won ($41.3 million) in June, up 29.4 percent from the same month a year earlier. Both segments have posted monthly sales in the 60 billion won range for three consecutive months since April.

Driven by that momentum, Jeju Dream Tower recorded second-quarter sales of 192.6 billion won — the highest quarterly figure in its history. The previous quarterly record was 185.5 billion won, set in the third quarter of last year.

The casino segment, the resort's core business, posted second-quarter net revenue — total revenue minus agent commissions and similar fees — of 147.09 billion won, up 33.7 percent from the same period a year ago, surpassing the previous record set in the fourth quarter of last year.

Visitor numbers reached 182,872, up 23.2 percent year-on-year and 21.5 percent quarter-on-quarter. Table drop totaled 637.5 billion won, up 11.1 percent from the previous quarter. The second-quarter average hold rate — the share of table drop retained by the casino — was 22.1 percent, up from the same period a year earlier by 4.7 percentage points.

Lotte Tour Development said the hold rate improved sharply as the daily average number of open tables rose significantly alongside growing visitor traffic, and as the share of customers staying a week or longer increased.

The hotel segment also performed well. Grand Hyatt Jeju posted second-quarter sales of 45.48 billion won, up 10.7 percent year-on-year. Rooms sold totaled 128,600. The average occupancy rate stood at 88.3 percent, with foreign guests accounting for 77.3 percent of all rooms sold.

A Lotte Tour Development official said the company expects both first-half and full-year earnings to reach all-time highs, citing not only the resort's record quarterly results but also cruise operation revenue from the travel segment, which will be reflected in the second-quarter figures.