Paradise City to fuel Paradise Co.’s 2017 growth

Paradise City, which is set to open in April, will fuel South Korean casino operator Paradise Co. Ltd.’s revenue in 2017, according to Seoul-based brokerage Shinhan Investment Corp.

In a note it issued on Thursday, Shinhan predicted that Paradise Co.’s revenue may grow by as much 35.3 percent this year. Analyst June-won Sung’s optimism on Paradise Co. is driven by the opening of Paradise City slated in April.

“Paradise Co as a whole is forecast to post sales of KRW938.6 billion [US$805.3 million] in 2017,” Shinhan, a subsidiary of Shinhan Financial Group Co Ltd that provides security brokerage and investment banking services in South Korea, said.

Paradise Co., the country’s largest foreigners-only casino operator, has swung back to profitability last year after it hit KRW 603.1b (US $509m) in the 12 months ending December 31, 2016. The figure is 6.2% higher than 2015’s total, which was down 14.7% from 2014.