Last year's four-day Melbourne Cup Carnival delivered a record economic contribution to Victoria, an economic impact study has found.
The major event produced a record $447.6 million in gross economic benefit to the state – a boost of almost 20 per cent since 2014.
Victoria Racing Club Chairman Amanda Elliott said the carnival was a "resounding success".
"Cup Week has a positive economic impact on Victoria that is unrivalled by other any other sporting event in the nation," Elliott said.
"The Melbourne Cup Carnival is a resounding success story. The four days of Cup Week are the four most attended racedays in Australia, as well as being a major draw card for interstate and international visitors.
"The business of Cup Week sees a sizable dollar amount filter right through the economy to sectors such as tourism, retail and fashion, hospitality and accommodation, with many jobs created and supported state-wide.
"The VRC funds the Melbourne Cup Carnival at a cost of $55 million annually and the Club strives to ensure that every Cup Week is better than the previous one."
Other key findings from the report include:
• Attendance by 73,781 out-of-state individuals; including 66,591 event motivated attendees; • 34.3% of attendances were from out-of-state, with 20,308 coming from overseas; • Overseas visitors coming from 31 countries, up from 29 in 2017.
This year's Melbourne Cup Carnival kicks off on November 2 (Victoria Derby Day) and concludes on November 9 (Seppelt Wines Stakes Day).
