The £17m redevelopment of Morecambe's 7.6-acre former Frontierland site has been signed-off by Lancaster City Council.
The proposals from developer Opus North include 120,000 sq ft of retail space, 15,000 sq ft for restaurants, pubs and cafes, a 62-bedroom hotel and 336 car parking spaces.
Opus North, which is backed by Palmer Capital, first announced plans to redevelop the site in November 2013. The plans were submitted through its agent Peacock & Smith.
The site is owned by supermarket chain Morrison's, which is partnering with Opus on the development.
The plans were approved at the council's planning committee meeting yesterday. Councillors called for Opus to get retailers in place as quickly as possible in order to ensure the viability of the scheme.
All that remains of the former Wild West theme park is the Ranch House pub and the Polo tower which is used as a telecommunications mast.