A central Australian hotel and casino is set to expand, with a multi-million dollar revamp to attract international holidaymakers and gamblers.

Iris Capital will spend $70 million expanding Alice Springs' Lasseters Hotel Casino, Northern Territory Chief Minister Michael Gunner said.

"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 "genuine world class resort and casino" with 230 extra rooms, more than double its current capacity, Mr Gunner said.

It is also expected to create more than 500 new construction jobs and 500 full-time positions - up from 290 - when the new-look casino is fully operational.

The NT government recently extended Lasseters' operating licence for 20 years.

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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.