The complex, named 8City, will be located at Yongyu-Muui island, near the country’s main international airport, Incheon. The project, funded by Korean Air, luxury hotel operator Kempinski and Daewoo Engineering and Construction, is a bid to lure Chinese high rollers (8City is a reference to the lucky number 8 in Chinese culture) away from Macau and hopes to draw international tourists.
The planned city will include luxury hotels, casinos, theme parks, shopping malls, indoor skiing, a concert hall and a Formula One racetrack. The crown jewel will be a domed “megastrip” measuring 200 meters high and 880 meters long, which would make it the largest building in the world.
That’s only if the builders can get it up, though — the project has raised about $3 billion so far, which wouldn’t even cover half the estimated cost for land compensation. For comparison, the Burj Khalifa and its entire surrounding development cost $20 billion.
If the audacious plan goes through, the city could be finished by 2030 and create 930,000 jobs. Check out the full package below, courtesy of 8City:
Renderings: 8city via Business Insider