Colwyn Bay needs it though.
I live in Llandudno and consider myself very lucky to do. In my opinion it's a more desirable place to live and has booming tourism industry.
Conwy Council are doing their best (for the most part) to help Colwyn Bay become an events hub. They need the investment as the reputation of the town has been so low for so long.
Aside from all else, Llandudno has basic town-planning more in its favour. And Colwyn Bay (the town) is separated from the prom by the A55 and the rail embankment. Of course, there's access to the beach, but it doesn't really fit together like Llandudno. Porth Eirias and the events over at Eirias Park don't really help in this respect. An "events hub" doesn't make a nice town, unfortunately. As a result, Colwyn Bay feels distinctly run down, unlike Llandudno, even though both towns have their share of dilapidated and vacant premises. In Colwyn Bay the run-down buildings seem more prominent (eg the Imperial Hotel, and even the in-use Prince Madoc pub, with the letters always missing from its sign, etc), so it comes across as downmarket and a tad depressing. It's a shame, because if you raise your eyes above shop-front level, those Victorian buildings are things of beauty.
Try as they might, I don't think the council has the expertise or vision to tackle this basic problem with Colwyn Bay. The things they've tried are more or less isolated, and don't make much difference to the overall "feel" of the town. I wish they'd consult someone who does have the vision and expertise at that overall town-planning level. And maybe do some serious opinion-surveys of people who live in the area, rather than the dubious after-the-event "public consultations", which are typically PR for what they've already decided.