There are plans for a casino next to St James' Park

Newcastle United has announced a joint venture with MGM Mirage - an American hotel and gaming company to develop land near the stadium.

The new complex could house commercial and retail outlets, residential apartments, a hotel and a casino.

But the plans are subject to a number of conditions, including the de-regulation of the UK's gaming laws.

Newcastle chairman Freddy Shepherd said: "This is a very exciting opportunity for Newcastle, its people and for Newcastle United Football Club.

'Ambitious plans'

"Situated alongside St James' Park, we hope that the development will become a focal point for the city of Newcastle and create a vibrant development at the heart of the city."

The plan, which was announced to the Stock Exchange in London on Wednesday, would also be subject to the granting of planning permission.

Terry Lanni, chairman and chief executive of MGM Mirage said: "We have ambitious plans for the UK - deregulation and taxation levels permitting.

"We are looking at other opportunities across the country to develop casino facilities of varying sizes, including where market conditions warrant, large scale hotel/casino destination resorts."