11/07/2012 04:13 pm ET

8City, South Korea's $290 Billion Gambling Island Paradise, Aims To Rival Macau (PHOTOS)


It is only a matter of years before the world's super rich will have another place to gamble their money away.

Investors plan to turn the small South Korean island of Yongyu-Muui into a futuristic gambling resort projected to cost $290 billion, Agency France-Presse reports.

The new island, which is called 8City and was named for the Chinese lucky number 8, will be three times larger than the island of Macau, one of the major tourist destinations for gamblers worldwide. Developers say that 8City will include "casinos, hotels, shopping malls, theme parks, car racing tracks, ski slopes and a marina."

8City is scheduled to open in the year 2030. The new gambling island paradise is projected to create 930,000 jobs, according to developers.

Check out these photos of 8City below:

South Korea Is Building A $290 Billion Resort To Rival Macau