The casino in the Jeju Dream Tower, a new resort in South Korea, has finally opened its doors.
It is one of the several licensed foreigner-only casinos on the Jeju island, and its licence was technically a transfer of a permit that applied to Lotte Hotel Jeju, which closed on 9 April 2021.
The Jeju Dream Tower casino reportedly has a total of 409 game facilities, with 141 game tables, 190 slot machines and 71 electronic table games; there is also an ETG master table and a live dealer.
The casino is a vast improvement on the previous venue, which had only 27 game tables and 51 gaming machines.
“Even though the number of overseas tourists is currently limited by the Covid-19 pandemic, casino sales will generate about KRW30-40bn ($27-36m) a month, mainly from foreigners living in Korea,” said COO Lawrence Teo.
The success of the venue is crucial to Lotte Tour Development, the owner of the casino, as it is the company’s main investment. Analysts predict a return of annual profits as early as next year, reports Asia Gaming Brief.
According to South Korea’s Ministry of Culture, Sports and Tourism, in 2020, Lotte Hotel Jeju recorded KRW1.3bn in sales with close to 1,600 unique visitors.
It is estimated the new casino should attract 1.4 million tourists a year, once global pandemic restrictions are removed.
Jeju Dream Tower casino is the third out of seven casinos on the island currently operating; the other two are Paradise Casino Jeju Grand and Landing Casino.