Jeju Shinhwa sees record profits in Q1 2018

The Jeju Shinhwa casino, located at Jeju Shinhwa World in South Korea, opened towards the end of February. While it only had a little over a month to go until the end of the quarter, its earnings report showed some impressive numbers. Since opening on February 25, the company’s gross gaming revenue (GGR) was about $82.8 million.

VIP gambling delivered around $2 billion to the casino’s rolling chip turnover. Total non-gaming revenue reached $40.7 million. Jeju began offering some non-gaming elements in April 2017, including the project’s Somerset Jeju Shinhwa World, a 344-unit condominium complex.

Casino operator Landing International said that this first phase shows the casino’s potential, but that the company is working on methods to increase sales and marketing efforts. Some of these methods include “cooperation agreements with various travel agencies and online travel agencies in various key markets including mainland China, the Hong Kong, Macau and Taiwan regions, Japan and Southeast Asia to leverage on their respective network to promote and market the resort to their customers,” according to the casino operator’s filing.

In addition to the gaming options, the resort also offers around 1,400 hotel guest rooms, split between Jeju Shinhwa World Landing Resort, Jeju Shinhwa World Marriott Resort and Somerset Jeju Shinhwa World. There is also a convention center, a Korean pop music (K-pop) zone, “YG Republique,” a theme park and a shopping center.