Jeju Dream Tower Integrated Resort, operated by Lotte Tour Development, posted its highest-ever quarterly revenue in the second quarter this year, driven by concurrent growth in its casino and hotel institutional sector.
According to the Financial Supervisory Service's electronic disclosure system on the 1st, Jeju Dream Tower Integrated Resort's second-quarter revenue totaled 192.6 billion won, combining casino net revenue and hotel standalone revenue. This is the largest on a quarterly basis, surpassing the previous record high of 185.5 billion won in the third quarter of last year.
Revenue combining the casino and hotel for June alone was 64 billion won. That was up 29.4% from 49.4 billion won in June last year. Since April, Jeju Dream Tower has posted monthly revenue in the 60 billion won range for three straight months.
The key driver of the expanded results was the casino institutional sector. Dream Tower Casino's second-quarter net revenue was 147.088 billion won, up 33.7% from 110.038 billion won a year earlier. Net revenue is total revenue minus items such as agent commissions.
Casino visitors also increased. Second-quarter casino visitors totaled 182,872, up 23.2% from a year earlier and 21.5% from the previous quarter. Table drop, the amount customers exchanged into chips to play, was 637.498 billion won, up 11.1% from the previous quarter.
The hold rate, a profitability metric, also improved. The average hold rate in the second quarter was 22.1%, 4.7 percentage points higher than 17.4% a year earlier. The hold rate refers to the share of table drop that the casino actually retains.
Grand Hyatt Jeju, the hotel institutional sector, also continued its growth. Second-quarter hotel revenue was 45.478 billion won, up 10.7% from a year earlier and 19.3% from the previous quarter. Rooms sold totaled 128,600, and the average occupancy rate was 88.3%.
Among all rooms sold in the second quarter, the share of foreign guests reached 77.3%. Demand from overseas tourists visiting Jeju appears to be directly reflected in Jeju Dream Tower's performance.
A Lotte Tour Development official said, "As cruise operations in the travel institutional sector are also reflected in the second quarter in addition to Jeju Dream Tower, we expect not only the first half but also the full-year results to hit an all-time record."