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Hyundai seeks casino for N.Korea tour

Posted December. 25, 2000 12:28,   


Hyundai is in deep agony due to the deficit-ridden Mount Kumgang tourism business.

To reduce huge deficits stemming from the tours to North Korea, Hyundai plans to request the government again to issue a green light to Hyundai¡¯s proposed Mount Kumgang casino business it has persistently sought.

Hyundai is also considering whether to engage in negotiations with the South Korean government and the North side on ways to improve its management situation, including the lowering of the tourism charge that it has paid US$200 per tourist to North Korea.

Commenting that it could not recover the costs for the Mount Kumgang tourism business under the current circumstances, Hyundai Merchant Marine Co. said Monday that the government would positively consider means to allow Hyundai to operate a casino for domestic tourists.

Just in the operation of the Mount Kumgang tour ships, Hyundai suffered more than 50 billion won in deficits annually.