A $290 billion gambling resort is set to be built in South Korea on the island of Yongyu-Muui.
The gambling island is called 8City which is named after the number 8, which is a lucky number in China, reported The Huffington Post. Reportedly the resort will be three times bigger than Macau, which is another spot that is big on gambling. The Associated French Presse reported that the destination will feature hotels, casinos, shopping malls, theme parks, car racing tracks and ski slopes.
"Shareholders include luxury hotel operator Kempinski, South Korea's flag carrier Korean Air and Daewoo Engineering and Construction," reported AFP.
Construction of the site will begin in 2013 and take over 15 years to finish, with projections of an end date being in 2030.
The AFP reported that the island will bring in 134 million visitors a year and create 930,000 jobs.
The projection of costs include land, construction and infrastructure developments in Incheon, which is near the development.
"The developer said it had so far attracted investment worth $1 billion from British firm Sanbar Development and three trillion won from Seoul-based Korea Investment and Securities," reported AFP.
Macau which is a former Portuguese colony would be 8City's biggest rival. Macau lies on the West of the Pearl River Delta with Hong Kong to the East. The island is economically dependent on tourism and gambling. The island was a Portuguese colony until 1999.
Lonely Planet reported, "In 1999, under the Sino-Portuguese Pact, Macau was returned to China and designated a Special Administrative Region (SAR). Like Hong Kong, the pact ensures Macau a 'high degree of autonomy' in all matters except defence and foreign affairs for 50 years."
See photos of the projected 8City Here.
This article is copyrighted by Travelers Today, the travel news leader
