All-weather track for Wolverhampton Racecourse

Managing director David Roberts today confirmed Arena Racing Company has decided not to go forward with what would have been the UK's first 'racino'.

But he cited the racecourse's new all-weather track – which is being laid with immediate effect – as proof that investments were still being made.

Eight race meetings will be rescheduled in May and July while work takes place. And hotel and conference facilities are still in the pipeline for what was originally earmarked as a £23m development at the racecourse. The exact figure for the new racetrack has not yet been revealed.

Mr Roberts said: "At this current time, Arena Racing Company is not considering an investment into a casino at Wolverhampton racecourse but it will continue to explore the opportunity to expand its hotel facilities – for which it already has planning permission. We are continuing to invest in Wolverhampton. We are not going anywhere."

He also said there would be a number of announcements in the coming months over the plans for the racecourse. It was announced today that the racecourse would have a new state-of-the-art Tapeta surface to replace the existing all-weather track, which would be the first track of its kind in Britain.

The last race with the current surface will take place today, and then the races will be closed until August 11.

The eight scheduled meetings between now and August 11 have been rearranged and will take place at either Lingfield Park or Southfield.

Horse trainers had previously complained about the safety of the artificial track currently in place at Wolverhampton. The last track replacement at an all-weather course was at Lingfield in Surrey – also owned by ARC – in 2012 and cost £3m.

Jim Allen, ARC racing director, said he felt like it was the right time to bring the new technology to British racecourses.

The decision to pull out of the race for the casino licence means that there is now only one company bidding for it – Casino 36, who own the Rubicon casino in Temple Street.

Bosses at the company said the plans for the Rubicon, which was formerly the Dorchester and The Beach nightclubs, would create around 100 jobs.

The council was given the power to award one licence for a new casino by Parliament in 2008.

Wolverhampton Racecourse announced its vision before Casino 36 Ltd said it would also go into the running for the licence by expanding the Rubicon venue in Temple Street.

Council bosses confirmed a report would be presented to the licensing committee on June 25.

The Government gave the council the power to offer a casino licence with cash prizes up to £4,000, but the project has been mired in red tape.

The former Labour government gave permission for 16 new casinos nationally and the one in Wolverhampton will be allowed to have 80 slot machines.