Asian gamblers are heading to the subtropical South Korean island province of Jeju en masse, with a top casino operator raking in record-breaking quarterly profits.
Share prices in Lotte Tour Development soared by over 7% on May 14 after the operator announced all-time-high quarterly operating profits of almost $105 million.
This marks a year-on-year 2.5x increase in profit growth, according to the South Korean media outlet Star News.
Casino revenues and footfall appear to have driven the growth, with both rising by around 40% on last year’s Q1 figures.
Unnamed market experts told the media outlet that the hold rate at the firm’s flagship casino, the Jeju Dream Tower Resort, rose to 22.6% in April.
This almost puts the casino on par with some of Asia’s top casinos. The experts noted that the average hold rate of major casinos in Macao’s Cotai region was 26.1% in 2025.
These Macao casinos boast the world’s highest returns, the experts added.
Off-season hotel occupancy was also up, with foreign guest numbers rising. All Jeju casinos only admit foreign passport-holders.
Asian Gamblers: Jeju-Bound?
The casino operator said that concerns about global conflicts and incoming economic recessions have failed to dent its income.
“Despite concerns over the situation in the Middle East and the handicap of the off-season, we have demonstrated explosive profit generation along with record-high sales in the first quarter,” said a Lotte Tour Development spokesperson.
“As the tourism season approaches, we expect this year’s annual performance to make a clear quantum leap,” the spokesperson added.
Last year, over 2.24 million foreign tourists visited Jeju Island, marking a 18% increase from 2024.
Chinese travelers made up for more than two-thirds of foreign tourists as total visitor numbers climbed toward the 14 million mark.
The South Korean government has responded by approving a plan to build a second international airport.
The new air terminal in Seogwipo will be considerably larger than Jeju International Airport.
Officials, who confirmed the plan in 2024, stated that the new airport will feature a runway big enough to land large aircraft like the 853-seater Airbus A380.
Police Warning
The popularity of gambling in Jeju has brought with it complaints of a crime wave. Several murders have taken place at Jeju hotels with adjoining casinos. Police say most of these crimes involve Chinese nationals.
Detectives also say illegal currency exchanges are targeting Chinese gamblers in Jeju. Many of these exchange operators claim they can help casino winners send funds back to Mainland China.
However, some of these exchanges are run by fraudsters who make off with winners’ funds, police say.
