The event will take place at Venue Cymru from March 16 to 22, 2015.
Created by World Snooker Chairman Barry Hearn, this new tournament will bring together 32 of the best players on the planet to compete for a top prize of £100,000.
It will be televised live on ITV4 with a total prize fund of £300,000.
Hearn said: "This will be the biggest snooker event ever staged in North Wales and we are delighted to bring the sport to an area where we know we will get massive support.
"It's an incredible opportunity for the people in Llandudno and the surrounding area to see the very best players competing for a prestigious new crown - and a huge top prize.
"I know the Venue Cymru is a superb arena and the atmosphere is going to be sizzling."
Ticket details will be announced soon on www.worldsnooker.com/tickets