North Korea Offers Gambling License for Ryugyong Hotel
A 37-year-long hotel construction in North Korea is reportedly in the market for a new casino operator that would acquire the rights to manage a casino on its premises.
The Ryugyong Hotel illuminate Pyongyang's skyline at night.
LISTEN TO THIS ARTICLE:However, the operator must agree to finish the construction of the hotel’s interiors, which has remained unfinished for nearly four decades. Standing at 330 meters (1,080) feet, the Ryugyong Hotel has towered over Pyongyang’s skyline since construction started in 1987 and has become the country’s tallest building since then.
The project was initially slated for completion in 1992 but was derailed by the collapse of the Soviet Union, which halted the flow of aid from Moscow. Subsequently, it led to a severe economic crisis in North Korea, including the 1994-1998 famine, which made finishing the hotel a lesser priority.
Although the Ryugyong Hotel's external construction was finished in 2011, its partial opening planned for 2013 never materialized. Despite remaining unoccupied, the building has been repurposed as a massive display screen. LEDs installed on one side of its facade transform it into one of the world's largest digital displays, showcasing propaganda messages that illuminate the Pyongyang skyline at night, visible from afar.
Kim Jong Un’s Tourism Push
Now, North Korea is planning to complete the 105-room hotel’s interior and attract international visitors. According to a resident of the capital, who spoke to Radio Free Asia on the condition of anonymity, plans to establish a casino at the hotel are being considered.
The goal, as stated by the resident, is to lure foreign investment to the country. The move comes after North Korea’s leader, Kim Jong Un directed the government to implement practical measures to boost tourism.
More Business News
Business
Gaming Industry Rallies for Childhood Cancer Research through Charity Fundraiser
Sep 18, 2024NK Hopes to Replicate Existing Casinos’ Success
North Korea is currently home to two casinos, the Yanggakdo in Pyongyang and the Bipa Hotel in the Rason Special Economic Zone in the northeast near the border with China and Russia.
The casinos only admit foreigners and have been profitable for the government as they help extract foreign currency from international visitors. Authorities hope the casino in the Ryugyong Hotel can revitalize tourism in Pyongyang and bring much-needed foreign currency into the country.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for North Korea Offers Gambling License for Ryugyong Hotel