On Tuesday, plans were unveiled for the site of the former Norwich state hospital in Preston.
The Mohegan Tribal Gaming Authority announced an agreement with the town to develop the property.
Plans include a theater, water park, hotel, marina, restaurants and shopping.
The project could include up to $600 million in possible development, while creating more than 700 construction jobs and hundreds of permanent full-time positions.
"We have arrived at a cooperative agreement that ensures that the land will be cleaned and that we will solicit and develop that land in the years to come,” said Kevin Brown, chairman of the Mohegan Tribal Council.
Developers have one year to clean the land and five years to get something up and running on the site.
The agreement is being presented to the planning and zoning commission.
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