North Korea has unveiled plans to develop an international resort in the Wonsan-Kalma coastal region, which would include a casino.
During a meeting with US president Donald Trump, Kim Yong Chol, Kim Jong Un’s top aide and special envoy, suggested that the United States could help finance the proposed project, which could include a ski resort and other non-gaming amenities.
Kim Jong-un first proposed the tourist resort in his New Year’s address and was reported to have toured the construction operations last month.
The plans include the construction of a new airport, as well as the complete rebuilding of Wonsan city centre, with five-star hotels, an exhibition hall, and an international finance centre.
The country reportedly hopes the project, scheduled to finish construction by 15 April 2019, will eventually generate annual revenue of $50m.
Speculation that South Korean casino operators may also contribute funding to the Wonsan project led to a rise in the share prices of both Paradise Co and Grand Korea Leisure.