The Wales Open at Celtic Manor, which starts on Thursday, will not take place in 2015.
This year's event will be the 15th consecutive year the tournament has been held at the venue in Newport, Wales, but a new staging deal has not been signed.
"Celtic Manor are concentrating on building a new conference centre," said European Tour spokesman Keith Waters.
"Once that's completed then I'm sure it will return."
The Wales Open has sometimes struggled to attract the world's top players, while hotel owner Sir Terry Matthews has bemoaned the event's position in the golf calendar.
|WALES OPEN FORMER WINNERS|
|2013: Gregory Bourdy (France)|
|2012: Thongchai Jaidee (Thailand)|
|2011: Alex Noren (Sweden)|
|2010: Graeme McDowell (N. Ireland)|
|Full list of previous winners|
And the owner would not discount further golf events being staged at the venue, though he confirmed that the business's priority was building a new exhibition and conference centre.
"Golf definitely is not finished at the Celtic Manor," said Matthews.
"I can't speak as to whether the Wales Open will come back within another three [or] four years, but it might.
"But at the end of the day golf is a big thing here, make no mistake about this.
"In my life nothing is ever finished, so you can expect to see a little excitement here."
Frenchman Gregory Bourdy won the 2013 Wales Open, which was the first qualifying event for this year's Ryder Cup.