The Jeju Dream Tower Complex Resort has set a record for monthly casino visitors, continuing its double-digit revenue growth for the year. Lotte Tour Development announced on October 1 that the resort generated 43.4 billion won in revenue from its casino and hotel operations in September.
As of September, total revenue reached 525.3 billion won, marking a 15.9% increase compared to the same period last year. The resort's third-quarter revenue of 175.9 billion won is the fourth highest on record.
In the third quarter, the table drop amount was 748.4 billion won, a 17.4% increase from the previous quarter. The number of visitors reached 188,147, setting a new quarterly record.
The hotel segment, considered a leading indicator for casino revenue by Lotte Tour Development, also achieved a record high with 48.6 billion won in revenue during the third quarter.
However, the net casino revenue for September was 29.1 billion won, a 37.7% decrease from the previous month’s 46.7 billion won. This decline was attributed to a table hold rate of 10.8%, the lowest since December 2023, significantly below the 12-month average hold rate of 20.0% from September last year to August this year.
A representative from Lotte Tour Development stated, "Despite the record number of 66,393 casino visitors in September and a drop amount of 237.8 billion won, the casino performance fell short of market expectations due to the historically low table hold rate."
For the third quarter, casino revenue totaled 127.3 billion won, down 13.4% from the previous quarter's 147.1 billion won, despite the drop in hold rate in September.
The representative added, "The temporary decline in hold rate is a normal occurrence even in Macau's large casinos. While short-term fluctuations can be influenced by luck, over the long term, the hold rate will converge to the statistical average. Therefore, the solid growth in casino visitors and drop amount seen in the third quarter is expected to lead to a significant revenue surge in the upcoming quarter."
Indeed, large casinos in Macau have also experienced periods where the hold rate drops significantly. For instance, the Venetian Macao, which has 2,905 hotel rooms and 659 gaming tables, reported a mass table hold rate of 20.4% in the second quarter, below the average of the previous four quarters at 23.1%.
Paradise City also saw a table hold rate of 5.7% in March, significantly lower than the 26-month average of 11.7%.
The representative further noted, "With the Chinese National Day holiday approaching in October, we anticipate hotel occupancy rates to soar close to 94%, up from 84.4% last year. Additionally, a significant expansion of direct international flights is planned after October. We expect this fourth quarter to achieve record-breaking results due to continuous customer influx and recovery in hold rates."
The Chinese National Day holiday begins today and runs until October 7.
* This article has been translated by AI.
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