Jeju Dream Tower Casino Revenue Falls Sharply In September Despite Record Visitor Numbers

Jeju Dream Tower's casino drew a record number of visitors in September, yet net casino revenue fell nearly 38% from the previous month, according to a regulatory filing from operator Lotte Tour Development (032350.KS) reported by Seoul Economic Daily. 

The integrated resort posted 43.4 billion won ($30.9 million) in combined September revenue from its casino and hotel operations, with net casino revenue coming in at 29.1 billion won, down 37.7% from 46.7 billion won in August.

Record Visitors But Much Lower Hold Rate

Casino visitors totalled 66,393 in September, the highest monthly figure on record and ahead of the previous high of 63,192 set in May, as cited in the same Korea Exchange filing. 

The drop amount, the value of chips customers exchanged to play, reached 237.8 billion won, the second-highest level this year, yet the table hold rate (the share of wagers the casino keeps as revenue) fell to 10.8%, the lowest since December 2023 and roughly half the trailing 12-month average of 20.0%. 

It is reported that the revenue decline was driven largely by a 49.6% year-on-year drop in table revenue to 25.8 billion won, partially offset by machine revenue that grew 80.6% year-on-year to 3.31 billion won.

Operator Frames Drop As Temporary

Lotte Tour Development said it views the lower hold rate as a short-term swing rather than a sign of weakening demand, noting that hold rates at casinos worldwide can fluctuate widely over short periods. 

The company pointed out that visitor numbers and the drop in them did not fall in tandem with revenue, as evidence that underlying customer traffic remains healthy. 

"Our October occupancy rate is expected to climb to nearly 94% from 84.4% a year ago, and direct international flight routes are set to expand substantially from October onward," a company official told Seoul Economic Daily. "With continued growth in customer traffic and a recovery in the hold rate, we expect record-level results in the fourth quarter."

Third-Quarter Figures Still Show Growth

Despite September's dip, third-quarter casino visitors hit a record 188,147, and the drop amount rose 17.4% from the prior quarter to 748.4 billion won. 

Third-quarter casino revenue itself fell 13.4% quarter-on-quarter to 127.3 billion won because of September's weaker hold, while hotel revenue reached a quarterly record of 48.6 billion won. 

The resort, one of the largest live casino and integrated-resort developments on Jeju Island, has leaned on growing international arrivals and expanding flight connectivity to the island to drive its post-pandemic recovery.

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A $1.4 Billion Resort Marking Its Fifth Year

Jeju Dream Tower opened on December 18, 2020, as a 38-story, 169-metre building, the tallest on Jeju Island, built at a reported cost of roughly $1.4 billion, according to World Casino Directory's coverage of the launch. 

The resort includes 1,600 all-suite hotel rooms, making it the largest single hotel in South Korea, as well as 14 restaurants and bars and a casino floor. 

The property surpassed 11.5 million cumulative visitors across its first five years of operation, Lotte Tour Development said in December 2025, a milestone the operator credited to a steady recovery in international arrivals after pandemic-era travel restrictions that weighed on its early years.