The Irish Government announced they will provide funding for the 34,000-capacity stadium in West Belfast, which will host matches for the Euro 2028 tournament, as part of a €800 million cross-border package.
The party's Sports spokesperson, David Honeyford MLA, said the UK Government must now "act to provide funding as well and we need to see construction beginning as soon as possible".
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In a statement Mr Honeyford said:
"This is fantastic news from the Irish Government, moving us a step further to ending the prolonged uncertainty over the future of the Casement project and ensuring the stadium will be ready to host matches for one of the world’s biggest sporting competitions.
"I have consistently called for Casement Park to be completed in time for Euro 2028 with a focus on the opportunities for economic development and on the sporting legacy that will follow for all sections of the community.
"Benefits to the hospitality, tourism and events sectors can be boosted by improvements to infrastructure, including rail connectivity.
"But now the UK Government must act to provide funding as well and we need to see construction beginning as soon as possible.
"It is vital we grasp this amazing opportunity being presented to us."
The redevelopment of the facility is said by Mr Honeyford to help sport to "flourish at all levels and be a central pillar in seeing Belfast become a venue for all sorts of events going forward".
