Sales up 16% from a year earlier, surpassing last year's peak summer months

An aerial view of Jeju Dream Tower integrated resort [Lotte Tour Development]
An aerial view of Jeju Dream Tower integrated resort [Lotte Tour Development]

Lotte Tour Development announced Monday that Jeju Dream Tower integrated resort posted combined casino and hotel sales of 65 billion won ($43.2 million) in May, its best monthly performance on record for that month.

The figure marks a 16.1 percent increase from the 56 billion won recorded in the same month a year earlier. It is the first time May sales have exceeded 60 billion won and the third-highest monthly total in the resort's history.

"Despite instability in the Middle East and high oil prices, both earnings and visitor numbers reached all-time highs for the month of May," Lotte Tour Development said. "May earnings have already far surpassed the peak summer records of July and August last year, raising expectations for an earnings surprise well beyond our targets this year."

Breaking down last month's sales by segment, the casino posted net revenue — total revenue minus agent commissions and similar fees — of 49.4 billion won, up more than 19.5 percent from 41.3 billion won in the same month a year earlier.

Visitor numbers rose 23.4 percent year-on-year to 63,192, surpassing 60,000 in a single month for the first time. Table drop climbed 6.9 percent from a year ago to 207.6 billion won.

The table hold rate came in at 22.6 percent, approaching the 25.1 percent first-quarter average posted by the nine major integrated resorts on Macau's Cotai Strip, widely regarded as the world's most profitable gaming corridor.

The hotel segment, operated as Grand Hyatt Jeju, posted May sales of 15.5 billion won, up 6.5 percent from a year earlier, with an occupancy rate of 87.3 percent. Food and beverage revenue rose 8.5 percent to 3.7 billion won.


spa@heraldcorp.com