Government to Fund Creation of New Pacific Coast Resort Area

The Mexican government plans to invest some $500 million to create a new tourism resort in the Pacific coast state of Sinaloa that will have twice the land area of Cancun.

Mexican President Felipe Calderon said the new resort would be financed through the National Tourism Development Fund, or Fonatur, which will buy land or work with investors who own land in the area to further the project.

Fonatur has also had a hand in developing Cancun, Los Cabos, Loreto and other Mexican beach resorts. Calderon said the project would attract another $7 billion in private investment.

Mr. Calderon said the resort would boast seven miles of beaches, some 33,000 hotel rooms, condominiums, a marina and golf courses. He said the project would create about 78,000 jobs directly and indirectly.

If all goes according to plans, the Pacific Coast resort would be able to receive roughly 3 million tourists a year and generate close to $3 billion in revenue by 2025.