An audacious plan for a multi-million pound futuristic tourism and gambling development could be about to transform the fortunes of Dundalk.

A planning application for the €430m (£390m) ‘Altitude’ will be lodged with Louth local authorities within the next month with the project earmarked for a site just off the M1.

The plans, which were unveiled yesterday and are scheduled to roll out over the next seven years, include proposals to build everything from an all weather ski slope, huge indoor concert arena and cinema, to ten-pin bowling alley, swimming and sports centres, shops and restaurants.

Making light of Dundalk’s reputation as a frontier town, the developers are also banking on the Irish government taking a more relaxed attitude to gambling laws and allowing them to develop of an international casino and hotel in the later phases of the scheme — transforming Dundalk from ‘Dodge City’ to something closer to Dubai.

Representatives in the town are excited by the news of the development which they believe could transform the local economy.

Dundalk town councillor Jim Ryan said he would welcome the ambitious project.

“It would be very exciting for the town, absolutely. It could help transform Dundalk’s reputation and would help give us something — especially in this current economic climate.

“I would welcome the application — the concert hall, the sports centre and the ski slope — they sound fantastic and would bring employment. It would be tremendous for the town.

“There are something like 30,000 surplus hotel rooms in this country but in the context this hotel will probably pay for itself,” he added. However, Mr Ryan expressed concerns about the plans for a casino, perhaps indicating that the proposal could receive a bumpy ride at council before it is approved.

He said: “We have had a discussion about this in the council but people aren’t really talking about it at the minute because the news hasn’t really hit the streets yet.”

Sinn Fein representative Jim Loughran added: “It will be good news and I would welcome it, surely.”

Sam Curran from Innovative Leisure Systems, which is behind the ambitious plan, said: “We’ve done very extensive work over the last 30 months to fine-tune what we include in our plans and are completely satisfied that the mix of different elements we propose will prove a compelling attraction, not only to the regional and national market across the island of Ireland but also to overseas visitors who can readily access this location by flying into Dublin or Belfast.

“The experience is that people are willing to travel to enjoy this type of attraction.”

If approved the project would be a major economic boost to Dundalk, which has been the big loser in the recent cross-border shopping boom, which has seen thousands flock north to towns such as Newry and Banbridge to take advantage of the strong euro against the pound.

During the Troubles, Dundalk was considered by unionists to be a safe haven for IRA members wanted by the security forces.

In the 1970s the British media dubbed it El Paso, after the American border town in Texas on the Mexican border.

The initial phases of ‘Altitude’ will cost €100m to deliver with the overall investment rising to €430m through to 2016.

It is forecast to generate economic activity worth €60m a year initially and over €330m annually when the entire project is finished.

As well as Mr Curran, who was involved in the Dundalk Icedome project in 2006, the plan is backed by planning and business consultant Pearse O’Hanrahan, a Bord Gais director and former chairman of Dundalk Town Council who chairs Dundalk Port. They believe the completed development could create 1,198 full time and 388 part time jobs, as well as 400 construction jobs during building.

It is intended to begin work early next year with the first attractions due to open in 2011.

Chequered history of town dubbed ‘Gundalk’

Dundalk’s location near the border has ensured the town developed a reputation during the Troubles.

Known for decades as a a political centre of activity for the Irish republican movement it was also seen as a base for the IRA and latterly dissident groups.

Denounced by Ian Paisley as “Gundalk” and referred to by the British media as El Paso, Dundalk also endured high unemployment during the worst years of the conflict. However, with the emergence of the Celtic Tiger investment boom in 2000 Dundalk underwent some rapid economic development and the town has continued to grow in the last decade.

Diageo brews Harp Lager at the Great Northern Brewery, the second largest brewery in Ireland after St James’ Gate in Dublin, and there are a number of international companies based there from industries as diverse as computer components and food processing.

The Irish government is keen to promote the location in one of the busiest economic corridors half way between Dublin and Belfast.