A planned train station at Corwen in Denbighshire has been put on hold because of a lack of funding.
The Llangollen Railway Trust blamed the economic climate and said it would not be possible in the "foreseeable future without substantial grant aid".
The trust said alternative arrangements would be put in place.
Also a planned extension of the Llangollen Railway to Corwen will not be able to carry passengers until 2014, up to a year later than planned.
The first passengers were expected in Corwen next year, and shops and businesses have been preparing to welcome an estimated 90,000 extra visitors annually.
Construction of the line from Carrog to Corwen, including a planned new station, was costed at £4.6m.
Grant funding was obtained from the Welsh government, but the railway was expected to contribute £1m.
In a statement, the Llangollen Railway trust said: "Following a major review of the Corwen project the board of Llangollen Railway Trust has reluctantly concluded that, due to the present economic climate, it will not be possible to fund the proposed phase two terminal station at Corwen in the foreseeable future without substantial grant aid."
Instead, a "run-round loop" will be installed to allow the train to turn round, and passengers will disembark at Corwen East station.
The trust's chairman, Jim Ritchie, said: "The revised scheme recognises the practicalities of the situation.
"It is a realistic solution to the need to provide regular steam train services at Corwen sooner than waiting for the phase two terminal to be delivered.
"However, the additional work involved in implementing this option will mean some delay in completing phase one work, such that steam trains will not operate until early 2014, subject to continued financial contributions towards completion of the track extension work."