North Korea is laying its cards on the table, offering a rare and enticing investment opportunity in its tallest edifice, the Ryugyong Hotel in Pyongyang. The government is sweetening the deal with a casino operation license for any enterprise willing to complete the hotel’s long-unfinished interior construction.
From ‘Hotel of Doom’ to Casino Boom
The Ryugyong Hotel, a 105-floor skyscraper, has been North Korea’s white elephant since construction commenced in 1987. Initially expected to open its opulent doors in 1992, the project ground to a halt when the Soviet Union collapsed, severing crucial financial lifelines. Subsequent economic calamities and famine only widened the chasm between ambition and reality. Although the building’s external façade was completed in 2011, the cavernous interiors have remained an empty shell for decades, echoing with the unfulfilled aspirations of a nation.
Recently, Kim Jong Un spotlighted a new gambit, evaluating the potential revenue a casino within the Ryugyong Hotel could rake in, as per whispers from Radio Free Asia. This idea drew inspiration from the profitable venture of the casino for foreign patrons at Pyongyang’s Yanggakdo Hotel.
The government’s scheme rolls out the red carpet for foreign investors. Essentially, the first to bankroll the interior’s completion will not just hold the keys to the kingdom but also gain rights to determine the casino’s lucrative operations. This strategy is not merely about quick earnings but is a bet on importing foreign expertise and capital, with stakes aiming at resuscitating North Korean tourism.
The Ryugyong Hotel has earned the moniker “Hotel of Doom” due to its prolonged and turbulent history. It stands as a colossal symbol of North Korea’s soaring dreams and stark setbacks. In 2018, an LED screen was added to its striking façade, turning the structure into a gargantuan propaganda beacon, casting political messages and imagery across Pyongyang’s skyline. Despite the mystique, the government envisions this iconic building evolving into a full-fledged luxury resort, complete with lavish accommodations, gourmet dining, a serene pool, and even a billiards hall.
Despite Past Failures, North Korea Revives Effort to Turn Ryugyong Hotel into Tourist Hub
This latest casino proposal surfaces following previous attempts to court foreign companies into North Korea’s hotel industry. In 2012, the German hotel chain Kempinski flirted with the notion of managing the Ryugyong Hotel but backed out amid North Korea’s escalating nuclear provocations and rising global tensions. Even against this backdrop of failed bets, the North Korean regime remains committed to transforming the Ryugyong Hotel into a jackpot for tourism.
Presently, North Korea boasts two operational casinos. These gaming havens are located at the Yanggakdo International Hotel in Pyongyang and the Bipa Hotel in the industrially significant Rason Special Economic Zone, near the confluence of borders with China and Russia. Catering solely to foreign gamblers, these establishments generate substantial revenue streams from international high-rollers.
The Chinese government is set to host a trade show in Dandong, China, where North Korea plans to showcase its Ryugyong Hotel casino project. This initiative is aimed at luring potential investors from neighboring countries and beyond.
Highlighting a sense of urgency, North Korea is rolling the dice, betting heavily on foreign capital to rejuvenate its tourism sector and bolster its beleaguered economy. In parallel, South Korea’s National Intelligence Service (NIS) has thrown a wrench into the works by claiming that North Korea’s regime has engineered illicit gambling websites for a South Korean crime syndicate, raking in billions and siphoning off valuable personal data.
