Seoul Dragon City Reports Increased Operating Profit and Sales in First Half... 'Smooth Performance'

Operating Profit 14.8 Billion KRW... Up 61.7%
Sales 48.6 Billion KRW... Up 41.7%
"High Growth Expected in Second Half"

Lifestyle hotel Flex Seoul Dragon City successfully navigated its performance by achieving increases in both operating profit and sales in the first half of this year compared to the same period last year.

Seoul Dragon City announced on the 16th that its operating profit for the first half of this year reached 14.8 billion KRW, a 61.7% increase compared to the same period last year. During the same period, sales rose 41.7% to 48.6 billion KRW.

Seoul Dragon City Yongsan Panorama
[Photo by Seoul Dragon City]

Looking at the business segments, room sales increased by 51.9% compared to the same period last year. This is attributed to the recovery of international flights in the first half of the year, an increase in overseas incentive group tourists from Southeast Asia, Japan, the Americas, and Europe, as well as the rise in visits for K-pop fan meetings. Seoul Dragon City currently has a total of 1,700 rooms, and its large-scale room infrastructure positively contributed to attracting group guests.

Food and beverage and banquet sales also increased by 27.3%. This reflects the effect of attracting large-scale MICE (Meetings, Incentives, Conferences, and Exhibitions) events in earnest after the transition to endemic (periodic outbreaks of infectious diseases), which increased business meeting demand from Seoul Dragon City’s major corporate clients. The geographical advantage of Seoul Dragon City located in Yongsan and its abundant banquet facility infrastructure played a key role. Seoul Dragon City is equipped with a large convention facility that can accommodate up to 1,000 people and eight small to medium-sized meeting rooms.

Seoul Dragon City expects to continue its strong performance in the second half of the year, as it recorded its highest monthly sales since opening last month. A representative of Seoul Dragon City said, "Despite the difficult times due to COVID-19, we steadily expanded our business by opening the banquet hall ‘Rendez-vous’ and the Chinese fine dining restaurant ‘FEI’ last year, and confirming the entry of Seven Luck Casino. The fruits of these efforts are bearing full results this year. Considering that all banquet hall reservations from October to December are fully booked, we expect to maintain excellent performance in the second half of the year."

This content was produced with the assistance of AI translation services.