There are plenty of reasons to celebrate in the famous integrated resort Jeju Dream Tower. The popular South Korean resort, owned by Lotte Tour, reported the financial results for July, and they’re fantastic – the resort had the biggest revenue ever recorded in its history.
Record-breaking month:
Net revenues earned from the casino were KRW20.1 billion (US$15.5 million), which is a gigantic 76.1% more than the previous monthly record. In May, which held the record until now, the revenue was KRW11.4 billion (US$8.8 million). Compared to July last year, the increase was even bigger: 517%.
The number of visitors is also record-breaking. Only in July, 27.005 guests visited the popular IR. The year-on-year growth is more than noticeable since, in the same month last year, the number of visitors was 7.734. In May 2023, the growth was recorded since 22.251 guests enjoyed the IR, and in June 2023, that number increased to 22.251.
The increased number of visitors brought increased revenue as well, so the table revenues were KRW17.5 million, or US$13.5 million. It represents a growth of 64% compared to the previous record amount, which was KRW10.7 billion or US$8.2 million, recorded in May.
Slot machines were also popular among the visitors. The total slot revenue was KRW2.59 billion (US$2.0 million). It is 100% more than the previous highest earnings of KRW897 million (US$690.000), recorded in June 2023.
However, the reasons that lie behind such growth are still unknown since the company didn’t want to further explain its success. However, the numbers speak for themselves: the revenue of KRW158.6 billion (US$122 million) was higher than the one in June by 30.4%, and compared to the May results, it was 28.5% higher.
Table hold was 13.5% which is a result that hasn’t been achieved in more than one year. In May, it was 9.4%, while in June, it was 9.1%.
An impressive offering:
It’s no wonder that the integrated resort drew the attention of tourists and visitors: it is the tallest building in Jeju, placed across 38 floors. It contains a magnificent outdoor pool deck, as well as the skydeck on the top floor, where the guests can find the lounge, two spa centers, as well as an impressive casino that features 150 tables and 300 slot machines.
The casino didn’t always belong to this property, though. In June 2021, it was transferred from the smaller Lotte Hotel Jeju. The bigger space allowed placing the casino across more than 5.000 square meters, featuring 141 gaming tables, 190 slot machines, as well as 71 thrilling electronic table games.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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