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South Korea's Insane Plan To Build A $290 Billion Resort To Rival Macau
South Korean media has been abuzz for the last few weeks with the tales of 8City, a proposed $290 billion leisure and gaming destination.
AFP reports that the building is planned for Yongyu-Muui island near the nation's main Incheon international airport, and is being funded by luxury hotel operator Kempinski, South Korea's flag carrier Korean Air and Daewoo Engineering and Construction.
The first photos of the project appeared recently:
As you can see, the resort looks something like Dubai's more outragous projects (remember the Burj Khalifa?):
That big object in the center there will be the "Megastrip", the resort's landmark. It will be one of the largest buildings ever built (if it is ever actually built).
The resort is a clear attempt at courting Chinese gamblers who would otherwise be going to Macau (the name, 8city, refers to the lucky Chinese number of 8), but will it actually happen?
It's clearly an incredibly audacious project (the Burj Khalifa and the entire development around it cost $20 billion). One article in Yonhap News pointed out that the money raised so far (around $3 billion) wouldn't even cover half the estimated cost for land compensation.
If the plan actually does go ahead, it should be completed by 2030.
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