It was a project that Mayor Rob Ford often quoted during his election campaign as an example of his ability to attract investment.

But now Woodbine Live is dead.

The billion-dollar retail and entertainment project next to Woodbine Racetrack has fallen through after Woodbine and a US developer parted ways.

The project would have included shopping, restaurants, nightclubs, entertainment, and a hotel. It was expected to provide thousands of jobs.

Spokesperson Jane Holmes says Woodbine is still committed to developing the site, but now wants it to be home to a casino.

City Council granted millions of dollars in tax incentives to Woodbine Live. But that offer will expire in October of 2014 if there has been no substantial development.