Outline planning for the first phase of the development has been recommended for approval by the council’s planning committee.
The scheme will regenerate the North Star site and include updates to Swindon’s existing Oasis Leisure Centre.
The proposal includes a 2,000 sq metre snow and ski centre, a 130-bed hotel, a 14-screen Imax cinema, a new Hollywood Bowl and a number of other leisure attractions, including trampolining and climbing.
These facilities will be supported by a large number of new restaurant and retail units.
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Cllr Garry Perkins, cabinet member for regeneration at Swindon Borough Council, said: “A lot of work has gone in to get to this point and I am delighted the planning committee has given its blessing to the outline plans.
“I know SevenCapital is eager to get on and deliver this fantastic scheme for Swindon, which will really put us on the map and provide a huge boost to our already booming local economy.”
John Watkins, director at SevenCapital, said: “This is the first and most important step to delivering this much-anticipated scheme for Swindon.
“Now we have outline planning granted, the work really begins on getting all the detail filled in ready to submit detailed planning in the new year, after which we can get to work on making this project a reality.”