The business venture is expected to create 2,000 full-time jobs. A further 1,000 people will be employed during the three years of construction.
The planned 800-acre development beside the village of Two-Mile Borris will be known as The Tipperary Venue.
The chief investor is Dublin-based businessman Richard Quirke.
A former Garda from Thurles, he is best known within the gaming industry for his Dr Quirkey's Good Time Emporium.
The ambitious project will include a racecourse featuring a National Hunt Track, Sprint Track and all-weather floodlit track.
A 500-room hotel is also planned to incorporate a casino. The Government has initiated a policy review and a redrafting of the current legislation on gaming in Ireland.
The centrepiece of the venue will be a replica of the White House in Washington, in homage to local man, James Hoban, who designed the original building.
A golf course and greyhound track and a 15,000-seat entertainment venue are also planned.
The Tipperary Venue has been backed by racehorse trainer, Aidan O'Brien, concert promoter Denis Desmond and local Independent TD, Michae Lowry.
