The regeneration proposals involve turning the former Majestyk nightclub, on City Square, into the Majestic Casino – a multi-entertainment venue to include gaming tables, slot machines, a cabaret, as well as bars and restaurants.

The project to transform the listed building, which includes Jumpin' Jaks, is being led by Waterimage, a joint venture between Luminar plc and Lucien Barriere, a French hotel and casino company.

It is being billed as "a night out under one roof" incorporating three floors with a live entertainment venue, similar to The Jam House in Birmingham.

An application for a gaming licence goes before the magistrates court next month which, if granted, could see the new venue up and running within 12 months.

Paddy Whur, a partner at Walker Morris, the legal firm acting on behalf of Waterimage, said around £11.5m would be spent refurbishing the building.

"It's the one piece missing from the City Square jigsaw. The Majestic is a landmark listed building and has a huge amount of history."

The new venue would comprise a ground floor space with slot machines and gambling tables as well as a stage for music and cabaret. The upper balcony would split into three areas, with a restaurant and rooms for private gaming.

Plans for the basement area include a sports bar with giant TV screens and scope for private hire, as well as a disco.

Critics may be concerned that such plans encourage more gambling, but Brendan McLoughlin, chairman of Waterimage, said: "Apart from restaurants, there are no real facilities in the UK where families can all go out together. Our idea is to provide a one-stop venue where different generations can enjoy a night out."

The Majestic was one of the country's largest cinemas when it was built in 1922, seating 2,392 people, before it later became the Majestyk night club.