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CASH-STRAPPED North Korea has allowed Macau gambling tycoon Stanley Ho Hung-sun to open a casino in the heart of its capital.

 The opening of Casino Pyongyang is believed to have had the blessing of leader Kim Jong-il.

 While Mr Ho's company is remaining coy about its reasons for the venture, diplomatic sources said Pyongyang would be hoping to boost its low foreign currency reserves.

 Minimum bets on the blackjack and baccarat tables are US$10 (HK$77). It takes North Korean workers on average half a week to earn that much, if they have jobs in the devastated economy.

 But locals are forbidden from entering, and the management hopes to attract tourists from China and Taiwan as well as foreigners based in the capital, a spokesman said.

 About 100 guests from Hong Kong and Macau, including Emperor Group chairman Albert Yeung Sau-shing, attended the opening of the US$30 million casino this month with communist officials.

 A spokesman said the foreign guests were mainly Mr Ho's friends or valued casino customers.

 Mr Yeung's company beat Mr Ho to open the first casino in North Korea with the soft launch at the end of July of a US$180 million hotel and gambling centre in a northern trade zone on the border with China and Russia. The luxurious gaming rooms on the first floor of the Yanggakdo International Hotel, are said by visitors to be in stark contrast to the grey conformity of the capital.

 It is not clear what led Mr Ho to export his brand of capitalism to North Korea.

 A spokesman for his Sociedade de Turismo e Diversoes de Macau, which would only provide basic details about the venture, said it had taken about 18 months from preliminary discussions until the opening.

 The company was optimistic over the development of business opportunities in North Korea, he said.

 A diplomat said that without the North Korean leader's approval it would be almost impossible to open a casino in the centre of Pyongyang.

 Macau has a strong North Korean business and unofficial diplomatic presence.

 North Korean airline Air Koryo is scheduled to fly every week to Macau, which reverts to Chinese administration in December, but only lands about once a month due to a lack of passengers, airport officials said.



North Korea gambles on Ho