LPC plans to build the new casino on land south of the pleasure beach on South Beach Parade. The company said it would form an integral part of a new leisure and entertainment complex called The Edge. It is expected to create about 1,000 jobs and will include restaurants, bars, a bowling alley, eight-screen Odeon cinema, six-storey budget hotel and a multi-storey car park.
The Edge has already been granted planning permission, with building work expected to start in October and take two years.
Albert Jones, chairman of PLPC, said he was "absolutely delighted" with the decision and added he has plans to possibly build another four star hotel on site.
PLPC won against another bidder - Palatial Leisure - which owns the Palace bingo and casino. Great Yarmouth was one of eight places in England and Wales to be granted permission by the government in 2007 to build a large casino.