Bangor University leaders postponed shows when it became clear the centre would not meet its planned September completion date.
The theatre production of Chwalfa was rescheduled for February.
But further construction delays have forced the university to cancel the show completely.
Bangor University’s Vice-Chancellor Professor John G. Hughes said: “Following detailed discussions with the contractor, and with Theatr Genedlaethol Cymru, it has become clear that work on the building project is unlikely to be completed in time for us to reschedule Chwalfa in February as originally hoped.
“I have taken the difficult and painful decision to cancel Chwalfa.
“I fully recognise everyone’s disappointment at this news but given the delays in the building schedule to date we have no other choice.
“We are now going through a detailed process of review with the contractor, Miller, to establish a revised timetable for opening.
“Our priority is on working to complete the building and deliver a high quality artistic opening programme.
“As building work develops, we will make further announcements.”