Jeju Dream Tower, August Hotel Revenue 14.2 Billion Won... Highest Since Opening

August Hotel Revenue 14.2 Billion KRW · 40,000 Rooms Sold
Highest Revenue and Most Rooms Sold Since Opening
Casino Drop Amount and Number of Visitors Also Increased Together

Jeju Dream Tower Complex Resort achieved its highest performance in the hotel sector in August since its opening.

Jeju Dream Tower Complex Resort View
[Photo by Lotte Tour Development].

Lotte Tour Development announced on the 5th that the August sales (separate basis) of Grand Hyatt Jeju within Jeju Dream Tower Complex Resort reached 14.252 billion KRW, marking the highest performance since its opening (December 18, 2020). This exceeded the previous record set in August last year (13.6 billion KRW) by more than 600 million KRW. Compared to July this year, which showed the highest figure so far (12.44 billion KRW), it increased by more than 1.8 billion KRW.

In room sales, 39,663 rooms were sold in August alone, surpassing the July figure (36,103 rooms) by 3,560 rooms, setting a new record again. Room sales, which were only 18,293 rooms in March, began to rise as direct flights from China resumed at the end of March (Shanghai) and the end of April (Nanjing), steadily increasing to 27,233 rooms in May and 33,056 rooms in June.

In the casino sector, both drop amount (the amount casino customers exchanged for chips) and the number of users set new records. The Dream Tower Casino, an exclusive casino for foreigners, welcomed 28,734 visitors in August, surpassing the previous record of 27,005 visitors in July. The table drop amount, which was around 130.2 billion KRW in July, increased by 2.5 billion KRW to 132.7 billion KRW in August, setting a new all-time high. The drop amount, which averaged 26.3 billion KRW per month before the resumption of overseas direct flights (June 2021 to May 2022), has been on an upward trend since surpassing the 100 billion KRW mark (113.7 billion KRW) in May.

The casino net sales (amount after deducting agent commissions from total sales) recorded 17.94 billion KRW (casino association reported sales of 20.652 billion KRW), a 353% increase compared to the same period last year (3.954 billion KRW).

Lotte Tour Development explained, "Although the number of casino users and drop amount reached record highs in August, net sales decreased compared to July (20.09 billion KRW) because the hold rate (the ratio of casino winnings to table drop amount), which was 13.4% in July, temporarily dropped to 12% in August, below the average."

Following the reopening and expansion of overseas direct flights, visits by foreign tourists, mainly individual travelers, have increased. The proportion of foreign guests staying, which was only 10% in August last year, rose nearly sixfold to 58% in August this year, following 32% in March.

From September, overseas direct flights are expected to increase by more than 20 flights to a total of 124 weekly flights, including the Hangzhou-Jeju route (Janglong Airlines) increasing from 4 to 7 times a week on the 16th, and the Beijing route (Korean Air) expanding from 3 to 6 times a week on the 20th, raising expectations for improved performance.

Lotte Tour Development stated, "During the Chinese Mid-Autumn Festival period, room reservations have already reached up to 1,450 rooms per day," adding, "We are fully prepared by hiring an additional 400 casino staff and 100 hotel staff in anticipation of the resumption of Chinese group tours."

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