North Korea's Administration Pursues Overseas Entrepreneur for Establishment of Novel Gambling Venue in Pyongyang
As per rumors, the North Korean administration is planning to establish a fresh casino in the country's highest structure. An international investor is being looked for to finish constructing the facilities within Pyongyang and subsequently manage the casino. Despite the autocratic rule, it appears that the North Korean government is hoping for tourists and funds from the West.
A Third Casino in North Korea?
The new casino is expected to be set up inside the famous Ryugyong Hotel, as reported by a Radio Free Asia piece. Standing at 105 stories and 330 meters tall, this building is currently the tallest in North Korea, introducing an imposing presence in Pyongyang's skyline. Although it was built in 1987, the construction is still not fully completed.
One of the upper floors could potentially accommodate the new casino. Presently, the government is in search of an international investor to complete the interior. Reports suggest that the interior has not been built out yet. Upon completion, the investor can open and run the casino.
This would be the third casino in North Korea. One is believed to be situated within the Yanggakdo Hotel in Pyongyang, while the second one lies in the Bipa Hotel in the special administrative region of Rason, bordering Russia and China.
Tourists and Casinos
A resident of Pyongyang confirmed to Radio Free Asia that country leader Kim Jong-un, 40, has ordered initiatives to promote tourism. Apparently, an international investor is actively being sought:
The venture aims to attract foreign investments. The authority to decide the casino location within the hotel and to operate the casino itself will be granted to an overseas entrepreneur who will contribute to the project costs.– Unknown Source, Radio Free Asia
Apparently, the government expects the opening of a new casino to boost tourism. The motivation stems from the financial performance of the already operational casino in the Yanggakdo Hotel.
Gambling is forbidden for North Korean citizens. However, tourists are permitted to engage in gambling. Casinos are particularly profitable for the government because they bring in foreign currencies.
Despite the almost complete isolation of North Korea and its residents from the rest of the world, foreign tourists and income seem to be welcome.
However, gambling is largely prohibited in North Korea. A North Korean company is said to have operated an unauthorized gambling site where users had their data collected using malware and subsequently faced blackmail. The North Korean operator allegedly sold the collected data to cybercriminals in South Korea. The shadow of money laundering looms.
A Second Attempt to Attract Foreign Investors
North Korea has made previous attempts to attract investors from abroad to Pyongyang. In 2012, the government reached an agreement with the Swiss hotel chain Kempinski: they were to complete the Ryugyong Hotel, where the new casino is being built. Apparently, a hotel was planned to operate in the upper floors of the building.
However, after North Korea conducted nuclear tests, Kempinski withdrew from the agreement. Since 2013, work on the upper floors appears to have halted. The building is currently said to be partially operational.
Seeking Chinese, Russian, or Mongolian Investors
The North Korean government is reportedly planning to locate an investor for the casino project. Within the coming days, a product exhibition is scheduled to take place in the Chinese city of Dandong. Representatives from North Korea, China, Russia, and Mongolia are expected to attend.
According to an insider, North Korea aims to showcase the new casino during this event. The government hopes to find an investor for the Pyongyang casino project at this event.
The report from Radio Free Asia also mentions that this potential new casino could attract foreign investors, opening up opportunities for online gambling platforms to expand their reach to North Korea via online casinos in Germany or other countries.
Additionally, if a Chinese, Russian, or Mongolian investor is found for the casino project in Pyongyang, it might pave the way for collaborations with German or other international online casino companies to offer online gaming services in North Korea, given the growing trend of online gambling worldwide.
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