(AsiaGameHub) – Asian gamblers are flocking to the subtropical South Korean island province of Jeju, driving a top casino operator to post record-breaking quarterly profits.
Share prices in Lotte Tour Development surged by over 7% on May 14 following the company’s announcement of all-time-high quarterly operating profits of nearly $105 million.
This represents a year-on-year increase of 2.5 times in profit growth, according to Star News, a South Korean media outlet.
Growth has been fueled by rising casino revenues and increased visitor numbers, both up approximately 40% compared to the same period last year.
Unnamed industry experts told the outlet that the hold rate at the firm’s flagship property, the Jeju Dream Tower Resort, reached 22.6% in April.
This figure places the casino close to the performance level of some of Asia’s leading venues. The experts noted that the average hold rate for major casinos in Macao’s Cotai district stood at 26.1% in 2025.
They added that these Macao casinos continue to deliver among the highest returns globally.
Hotel occupancy during the off-season also improved, with foreign guest arrivals increasing. It is important to note that all casinos on Jeju Island admit only foreign passport holders.
Asian Gamblers Head for Jeju?
The casino operator reported that concerns about global conflicts and potential economic downturns have not impacted its income performance.
“Despite worries surrounding the situation in the Middle East and the challenges posed by the off-season, we have demonstrated explosive profit growth alongside record-high sales in the first quarter,” stated a spokesperson for Lotte Tour Development.
“As the tourism season approaches, we anticipate this year’s annual results will show a significant leap forward,” the spokesperson added.
In 2023, more than 2.24 million foreign tourists visited Jeju Island—an increase of 18% from 2022.
Chinese travelers accounted for over two-thirds of international visitors as total tourist numbers approached 14 million.
In response, the South Korean government approved plans to construct a second international airport.
The new terminal in Seogwipo will be substantially larger than Jeju International Airport.
Officials confirmed the project in 2024, noting that the new facility will include a runway capable of accommodating large aircraft such as the 853-seat Airbus A380.
Police Issue Warning
The rise in gambling activity on Jeju has sparked complaints about a surge in crime. Several murders have occurred at hotels located near casinos on the island, with police indicating that most involve Chinese nationals.
Detectives also report that illegal currency exchanges are targeting Chinese gamblers in Jeju. Many of these unregulated operators claim they can assist casino winners in transferring funds back to Mainland China.
However, law enforcement warns that some of these exchanges are operated by fraudsters who steal clients’ money.
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