Expansion and upgrade of Premier Speedway has been put on the agenda after a sell-out Grand Annual Sprintcar Classic on the weekend.
Federal Wannon MP Dan Tehan said there had been a lot of buzz around the event and it was time to start looking at the future of the facility to cater for the sport's growth.
Mr Tehan said he had already spoken to Speedway Australia and would work with the peak body and all levels of government to future-proof the facility.
"We now do need to look as to whether the facility needs to be expanded given the growth we're seeing," he said.
"It's been estimated that speedway brought into the economy over the last week $8 million or more, nationally it brings in over $2 billion.
"So ensuring that the facility continues to cater for what is obvious growth in the sport is really, really important."
The former tourism minister declared Warrnambool was becoming the event capital of regional Australia.
"Any regional town would cry out for two events the size and scale of speedway and the May Racing Carnival," Mr Tehan said.
"We continue to put a lot of effort, rightly, into the May Racing Carnival. We have to do the same for speedway."
He said there was a capacity crowd on Sunday night for the 50th running of the event.
"Fans voted with their feet over the weekend when it comes to speedway," Mr Tehan said.
"The spectators were crammed in and one hell of a show was put on for them.
We now do need to look as to whether the facility needs to be expanded given the growth...- MP Dan Tehan
"I have no doubt they'll be back in even bigger numbers next year."
With Warrnambool accommodation booked out and capacity crowds putting a strain on facilities, Mr Tehan said he looked forward to working with Speedway Australia and Warrnambool City Council as well as state and federal governments to see what could be done to continue to cater for the sport's growth.
He said enhancing the facility to allow more spectators as well as ensuring drivers and teams had appropriate facilities needed to be looked at.
"We need a whole of region approach to making sure we're fully catering for everyone involved," Mr Tehan said.
"There's a lot to do."
Warrnambool mayor Debbie Arnott said the council needed to look after iconic events such as the Grand Annual Sprintcar Classic and May Racing Carnival.
She said in light of Mr Tehan's comments, the council would work with the speedway and governments to help make the event better but no plans had yet been brought before council.
"I don't think it's a quick fix," she said.
"If there's expansion, like all things, it has to be well planned and thought out."
Cr Arnott said so many businesses profited from the speedway event which brought in a large number of tourists.
"It's a great way to promote our city," she said.
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