Jeju Dream Tower nets HK$37 million in gaming revenues in August, third highest among Korean casinos

The Jeju Dream Tower integrated resort on Jeju island, South Korea, logged in gaming revenues of KRW5.6 billion (HK$37 million) in August, making it the third highest earner among Korean casinos, behind Walkerhill and Paradise City, according to informed sources.

The feat for the newly opened casino, which saw its grand opening in June, came amid a fresh wave of Covid-19 cases in South Korea. Currently the most stringent pandemic control measures (Level 4) are maintained in the country’s capital while the rest of the nation is subject to Level 3 control measures.

In accordance with social distancing rules, restaurants at Jeju Dream Tower are only allowed limited seating while its hotel can open two-thirds of rooms only.

Jeju Dream Tower, which is owned by Lotte Tour Development Co, is the second largest casino among the eight foreigner-only casinos on the semi-autonomous island; but currently only three of these casinos are operating. The property also features a retail mall, 14 restaurants and bars, an outdoor pool deck, top floor skydeck with lounge, two spas and a hotel.

The vaccination rate in Korea is expected to exceed 70% by late October, enabling a transition to coexistence with Covid-19 around November. Once the transition is in full swing, casino revenues are expected to go up as restrictions on casino operations, such as mandatory spacing between seats and the banning of side betting, may be eased.