Blackpool is to benefit from a regeneration job that will see its two main tourist attractions, Blackpool Tower and the Winter Gardens complex, being redeveloped.
Almost £40 million is to be poured into the regeneration job, with £10 million set aside for repair work on the Tower.
It is hoped that the initiative will create around 1,000 jobs in Blackpool, as well as increasing visitor numbers to the town by 800,000 people a year.
Funding for the work is coming from a mixture of different organisations, including the Northwest European Regional Development Fund, Blackpool Council, the Northwest Regional Development Agency and the Homes and Communities Agency.
Rosie Winterton, minister for business and communities, said: "Blackpool is one of our most iconic seaside towns.
"This investment will revamp these historic buildings and secure their world class status well into the future alongside jobs and regeneration now."
Plans for a longer-term regeneration job in the north-west of England were also revealed earlier this month.
The Atlantic Gateway project is designed to create 250,000 jobs by 2030 in a new economic zone between Manchester and Liverpool.