[Click eStock] "Lotte Tour Development, Casino Rebound... Earnings Improvement Accelerates"
On the 2nd, SK Securities analyzed that Lotte Tour Development's performance will improve even faster toward the end of the year as the Jeju Island casino is recovering.
Na Seung-du, a researcher at SK Securities, stated in a report on the same day, "As the number of international flights at Jeju Airport increases, the number of foreigners visiting Jeju Island is rapidly rising," and added, "Correspondingly, the number of visitors to the foreigner-only casino at Jeju Dream Tower has started to increase since October last year, and currently about 23,000 people visit the Jeju Dream Tower casino monthly."
Researcher Na also noted, "Casino drop amounts and net sales have risen proportionally, and considering the number of visitors and drop amounts confirmed through disclosures from April to June, the quarterly break-even point has clearly been surpassed."
He further forecasted that Lotte Tour Development's performance will improve rapidly toward the end of the year. He analyzed, "Although a few Chinese airline routes have started operating, group tours for Chinese tourists have not yet been approved, and compared to before the COVID-19 pandemic, the current number of international flights and foreign visitors to Jeju Island are still less than half. Considering these factors, the growth potential of Jeju Dream Tower casino's performance is very large."
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He also said, "The Jeju air routes are gradually expanding, including Japan and Southeast Asia, and China is warming up to allowing additional overseas group tours for its citizens, so the second half performance is worth expecting even more. In particular, most international flights to and from Beijing, Shanghai, and Hong Kong resumed operation starting from the last week of June. This is a factor that raises expectations for casino performance in July. Since additional international flight routes are expected to expand in August, performance improvement will accelerate even more toward the end of the year."
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