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Members of the city's licensing committee will be asked to award a casino licence to applicants Casino 36 Ltd for the site in Temple Street when they meet next Wednesday (25 June).
Officials are recommending the licence is awarded after carrying out a robust and detailed evaluation process of the application.
The applicant is the same company that runs the existing Rubicon Casino in Temple Street.
The new casino (as shown in the artist's impressions which accompany this release) would combine the existing Rubicon building with the former Dorchester nightclub next door which has been standing empty for years.
The applicants are proposing to refurbish the derelict building - which was once a casino in the 1960s and 1970s - before it became the Dorchester and Beach nightclubs in later years.
If it gets the go ahead, the new casino would be one of the biggest in the region and would be expected to attract visitors to Wolverhampton from far and wide.
It would have live gaming tables offering games like roulette, blackjack and 3 card poker. There would also be up to 80 slot machines offering jackpots of up to £20,000 and 100 standalone electronic terminals.
The applicants are also proposing a new poker area that would be big enough to hold televised international tournaments.
The casino would also feature restaurants, snooker, pool and darts facilities and a sports bar screening live matches.
The all weather roof would be transformed into an open air sky terrace.
Adrian Ballard, a director of the applicant Casino 36 Ltd, said that contractors would start work on site within 28 days if the licence was awarded, with the casino open for business within 2 years - subject to planning consent.
He said: "We estimate the total cost of the project to be £4 million. This will be a premier landmark venue for Wolverhampton city centre within the Southside regeneration area.
"It will bring up to 133 jobs and attract thousands of visitors to Wolverhampton. We are 100% committed to the city and delivering this project.
"There will be something for everyone with non gambling areas including a high class restaurant, sports bar and darts, pool and snooker."
As part of the application process, Casino 36 have also committed to contribute £36,000 to support local community initiatives.
Councillor Peter Bilson, Wolverhampton City Council's cabinet member for economic regeneration and prosperity, said: "Our officers have carried out a very thorough evaluation process taking the advice from nationally respected industry experts.
"The licensing committee are recommended to approve the application and this casino will bring hundreds of jobs, millions of investment and a facility that will be one of regional significance in the heart of a regeneration area."
- released: Wednesday 18 June, 2014