The new proposed leisure complex at the Middlemarch site could home the Palace Casino in future.
Brett Martin, Chief Executive of the Sefton Group, the owners of the Palace Hotel and Casino revealed the plans have been in the pipeline for a number of years, but were halted due to the pandemic.
Local property company Altostratus Limited has agreed to acquire the site - with plans including a three-storey leisure and entertainment complex, casino, offices and a 250-space multi-storey car park.
John Bell, project manager for ADG Architects confirmed yesterday the Palace Hotel & Casino will be an 'anchor tenant' for the development.
Subject to approvals, the casino licence will be transferred to the new site.
The Palace Hotel & Casino is currently based on Central Douglas promenade, and has been since the 60's.
Speaking to 3FM, Mr.Martin says the move from the prom would be a 'profound change' as nightlife has vastly changed since the Place Hotel & Casino was first built:
He added he hopes the site could be a 'catalyst' for other developments in the Island's capital:
For now, the plans won't affect the Place Hotel in the short-term:
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