Alice Springs casino gets $70M expansion

"Private investment is leveraging the town as a new must-do destination for both business and tourism," he said on Monday.

The five-year development will transform Lasseters into a multi-million dollar international casino and hotel precinct, Mr Gunner said.

It is also expected to create more than 500 new construction jobs and 500 full-time positions when the new-look casino is fully operational, almost doubling the current workforce.

The NT government recently extended Lasseters' operating licence for 20 years. The gaming machine taxation rate was fixed at 15 per cent for a decade.

It follows the NT government's commitment last month to spend $250 million building the National Aboriginal Art Gallery precinct in Alice Springs, and to release 350 blocks of land for residential development.