The company behind a ski centre in Gwynedd has withdrawn plans to develop a former quarry at Llanberis.
The Glyn Rhonwy site covers 75 hectares (185 acres)
Adwy Eryri Cyf - Snowdonia Gateway Ltd is taking a "step back" and claimed lack of support from Gwynedd Council.
The company said it needed to update its business plan and would possibly consider another site in the county.
Gwynedd Council said plans put forward had shown "shortcomings" but it hoped for a public consultation on plans for the site early in 2008.
In December last year Gwynedd Council dismissed plans presented by two companies to redevelop Glyn Rhonwy quarry as a mountain bike centre or a ski complex, because of "weaknesses" in both plans.
The ski centre project, which it was hoped would create 600 jobs, included a 500m covered ski and snowboarding run, along with holiday accommodation and leisure facilities.
Gwyn Roberts, one of seven people behind Adwy Eryri, said it had now appointed a company to update their business plan.
"This should take about three months and afterwards we will look to the future," he added.
Mr Pritchard said he did not want to criticise Gwynedd council but said that his company had been put through "all sorts of hoops".
"We've had a knock with the (planning) process in Gwynedd so we've decided to take a step back.
"We do not want to throw everything away because we've so much under our belts.
"The economy in the area is on the way down and there are no good jobs around and young families are unable to afford their own homes."
"We have put £750,000 into the company to date, and we decided to update the business plan before we put any more money in."
Mr Roberts said this would cover an analysis of visitors to the area, including how and on what they spend their money.
The company did not need public money, and those involved with the company had put forward their own money, he added.
Mr Roberts said he would not be discounting the possibility of finding another site to develop in Gwynedd, despite the rather "negative" experience the company had with the council this time.
"We won't give up," he added.
A Gwynedd Council spokesman said the council had decided last year not to offer exclusivity on the site due to "significant shortcomings" in the submitted plans.
"The current suggestion that Adwy Eryri are considering the development of a new business plan to test the viability of such a project in north Wales seems to be a sensible one.
"The council is currently preparing a development plan for the site, and we anticipate that a public consultation on the proposed plans will be held early in the new year," he added.