The £40m Great Leighs in Chelmsford had its licence revoked by the British Horseracing Authority (BHA) at a hearing on Thursday.
The course, which offered more than 430 acres of event space, two restaurants and private boxes, had been operating under a temporary licence since the start of 2009.
Hospitality expert Sodexo Prestige had signed a 20-year deal with the venue to be the sole provider of all food and beverage.
According to the BHA, an application for a new temporary licence to operate until the end of January was declined at Thursday's hearing. The BHA has not made public the reasons for its decisions.
Administrator Deloitte will be assessing the position of the companies affected in order to determine the best outcome for their creditors, and will continue to trade the business in the short term while it investigates the opportunity of a sale.