North Korea presents a unique opportunity for bold investors willing to take on a challenging project. The government has announced that it may grant casino rights inside the iconic yet unfinished Ryugyong Hotel in Pyongyang. However, to secure these rights, the investor must complete the interior construction of the hotel, which has remained under construction for an astounding 37 years.
Standing at 105 stories and towering 330 meters, the steel-and-glass Ryugyong Hotel is not only North Korea’s tallest building but also its most prolonged construction project. Initially, the hotel broke ground in 1987 with grand plans to open 3,000 rooms by 1992. Yet, 37 years later, the massive, rocket-shaped structure remains incomplete and unoccupied, earning it the unfortunate nickname “Hotel of Doom.”
The journey of the Ryugyong Hotel has been tumultuous. The collapse of the Soviet Union in 1991 marked the end of significant subsidies from Moscow to North Korea, which severely impacted the country’s economy. This economic downturn was further exacerbated by widespread flooding that destroyed 15% of North Korea’s farmland, leading to a devastating famine that affected millions. During these challenging times, the ambitious hotel project was abandoned, its empty facade standing as a stark reminder of stalled progress.
Despite these setbacks, recent years have seen renewed efforts to complete the Ryugyong Hotel. In 2011, the exterior glazing was finished, marking a significant milestone in its construction. In 2012, luxury hotelier Kempinski briefly announced plans to host accommodations at the hotel’s pinnacle, although these plans were quickly withdrawn. By 2018, a massive LED light wall had been installed on the building’s facade, periodically displaying political propaganda, images of North Korean history, and the national flag.
According to a source speaking to Radio Free Asia, the North Korean government is currently considering a plan to install a casino at the Ryugyong Hotel. This initiative aims to attract foreign investment to the so-called “hermit kingdom.” The anonymous source elaborated that the authority to determine the casino’s location within the hotel and the right to operate it would be granted to a foreign entrepreneur willing to invest in the internal construction costs.
Presently, North Korea operates two casinos, both exclusively serving foreigners. One is located at the luxury Yanggakdo Hotel in Pyongyang, and the other is in the Bipa Hotel in the Rason Special Economic Zone, near the borders with China and Russia. These existing casinos demonstrate North Korea’s ability to cater to international guests, a trend that the completion of the Ryugyong Hotel’s casino could significantly enhance.
Under the leadership of Kim Jong Un, North Korea has shown signs of becoming more open to foreign travel and investment. The establishment of a casino within the Ryugyong Hotel is seen as a strategic move to revitalize tourism in Pyongyang. The anonymous source highlighted that once the casino, hotel accommodations, restaurants, swimming pool, and billiards room are completed, tourism in the capital is expected to experience a significant boost. Therefore, overseas investment is not only welcomed but desperately needed to realize this ambitious vision.
In conclusion, the Ryugyong Hotel represents both a monumental challenge and a potentially lucrative opportunity for daring investors. Completing the interior construction of this iconic structure and establishing a casino could mark a new chapter in North Korea’s engagement with the world, bringing economic benefits and revitalizing its tourism sector.
