The redevelopment includes The Newbury, a new 120-room hotel which will be operated by Bespoke Hotels. It is set for completion in 2014 and will include event spaces that have yet to be confirmed.
A village hall-style event space called The Hostel will also be built and hold up to 90 covers.
It is possible that the existing event spaces at Newbury will be refurbished, Event was told.
A planning committe approved the final stage of the work, which will start in early 2012.
The work, which will continue until 2022, includes refurbished stables, a new horse walk and a dedicated entrance for owners and trainers.
Newbury told Event that it would be "business as usual" while the redevelopment takes place and events would not be disrupted.
Newbury Racecourse joint managing director Sarah Hordern said: "The redevelopment of Newbury Racecourse will enable us to safeguard the future of racing at Newbury and the heritage of this 1905 course. Throughout the works racing will continue - it will be business as usual and we will ensure our members and visitors will be kept informed of progress every step of the way."
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