Mexico: $7.5 billion resort in works

A new golf and beach resort is planned along Mexico's Pacific coast in the city of Escuinapa.

The $7.5 billion development will not only feature seven miles of beach and multiple golf courses, but will also include hotels, condominiums and a marina.

The Mexican government will provide approximately $500 million in public funds to help finance the yet-to-be-named development, with private investors expected to contribute the additional $7 billion needed to complete the project.

Mexican president Felipe Calderon said he expects that each year the resort will attract 3 million visitors and generate $2.8 billion in revenue.  

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