The casino, in Commercial Street, is owned by billionaire South African businessman Sol Kerzner and is the tycoon's first move into the British gaming scene.
It follows in the wake of huge developments by his company in the Bahamas, America and South Africa.
The first stage of building work, due to be completed soon, has already cost £5million and the price of fitting out the inside is expected to cost at least the same again.
The boss of Kerzner International's operations in the UK, Tobin Prior, said he believed the venue would draw people to Northampton from a very wide area.
He said: "When we were looking at the UK and planning what we could do, we saw that Northampton would be a good market.
"We're not sure exactly what the inside is going to look like yet, but it's going to be a very upmarket place."
Kerzner International is more used to building massive gambling centres at sun-kissed venues, including the Lost City in the Bahamas, which has almost 1,000 slot machines and an aquarium containing 50,000 fish.
Mr Prior said the company would one day like to build similar venues in Britain and hinted the Northampton casino was the company's first "toe in the water" before the Government allowed so-called Vegas-style 'super-casinos'.
He added: "By our standards this is not large, although it is a very nice building.
"But what we do is build very big places like Sun City in South Africa and that's what we'd like to do in the UK.
"Until the legislation allows it, our only opportunity is to do something like this."
The four-storey building has been designed to resemble a former brewery and auction house in Commercial Street, which was demolished to make way for the casino.
When it opens next year, it will become the town's third casino, following the two owned by Gala at Sol Central and Regent Square.
Beacon Bingo also has plans to offer casino-style gambling from its base in St James.