Net sales from casino operations, subtracting agent fees and other expenses from gross sales, more than quadrupled on-year to 17.9 billion won in August.
Month on month, however, its net sales decreased from 20.1 billion won in July, which was blamed on the decline in the hold rate, or the ratio of the casino’s winnings to the table drop, Lotte Tour said.
Grand Hyatt Jeju’s hold rate dropped to 12% in August, lower than its average rate and the 13.4% posted in July.
The rate of foreigners staying at the hotel leapt to 58% last month, a nearly sixfold increase in one year, compared to the previous year’s 10%.
In total, it sold 39,663 guest rooms last month, surpassing its previous record of 36,103 reached in July.
The first-half performance of the hotel, which opened in December 2020, was led primarily by individual visitors given no significant rebound in the number of Chinese tourists. China had banned its citizens' group tours to South Korea amid chilled relations between the two countries.
But since China lifted such restrictions last month, Grant Hyatt Jeju is expected to continue to post record-breaking revenue in the months to come.
Fanning such expectations, the number of weekly direct flights between Jeju and Hangzhou in China will increase to seven from four, starting on Sept. 16.
The Jeju-Beijing route will double to six, starting on Sept. 20.
Write to Mi-Kyoung Lee at capital@hankyung.com
Yeonhee Kim edited this article.
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