A Carmarthenshire racecourse's future is uncertain due to planned changes to next year's fixtures list, say bosses.
The British Horseracing Authority plans to cap fixtures in 2012 to 1,400, due to concerns about declining horse numbers.
Ffos Las racecourse near Trimsaran says it faces a potential drop from from 29 to 16 or 17 race meetings next year.
Course owner Dai Walters said it will not be economically viable to operate on such restricted fixtures.
In 2009 Ffos Las became the first new turf horseracing course to open in Britain for around 80 years.
The course was built on an old mine and had hopes to challenge some of the best courses in Europe.
Course manager Tim Long said he was "very concerned" over the BHA's plans for fixtures in 2012.
He said: "Ffos Las has brought horse racing to an area of Britain where there had been none previously.
"It has significantly boosted local businesses, increased employment directly and indirectly, and helped tourism.
"The racecourse has delivered on all its promises to the British racing industry, becoming the first new turf track for the sport since before the Second World War.
"It is investing considerable sums to meet the prize-money requirements of the Horsemen's Group of racehorse owners, trainers and jockeys; and it is further developing horse racing in one of the remoter parts of the country."
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