[Click eStock] "Lotte Tour Development Turns Profitable in Q3... Expected Benefit from Jeju Visa-Free Entry"
On the 13th, KB Securities analyzed that Lotte Tour Development succeeded in turning a profit in the third quarter and expects benefits from Jeju's visa-free policy.
For Lotte Tour Development, the consolidated sales and operating profit for the third quarter of this year were 96.8 billion KRW and 300 million KRW, respectively, marking a 101.3% increase and a successful turnaround to profitability compared to the same period last year. With the resumption of direct flights to Jeju, casino visitors and net sales steadily increased, and hotel sales also rose compared to the previous quarter. Selling and administrative expenses slightly increased due to hiring and increased commission payments following the normalization of the casino and travel business divisions.
Researcher Lee Seonhwa of KB Securities stated, “Since China announced the resumption of group tours to Korea on August 10, Chinese VIP traffic has been gradually improving,” adding, “However, the recovery scale of Chinese traffic was somewhat disappointing compared to expectations because the Chinese government’s continued crackdown on businesspeople has frozen demand for casinos among Chinese VIPs.”
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Researcher Lee Seonhwa also forecasted, “With China’s strengthening of the anti-espionage law, casino demand from neighboring countries such as Japan and Southeast Asia will shift toward Korean casinos,” and “In 2024, as Chinese VIP demand improves, there will be benefits from Jeju’s visa-free policy.”
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