SUPERCARS CEO James Warburton has expressed his delight with securing the Castrol Gold Coast 600 and the Castrol EDGE Townsville 400 for the next three years.
Premier Annastacia Palaszczuk and Warburton confirmed an agreement to continue the Gold Coast and Townsville events until 2019.
"As well as delivering significant tourism and economic benefits, these events also generate local jobs and showcase Queensland to a huge television audience around Australia and overseas," says Warburton.
"By any measure they have been a great success. Our teams, drivers and fans love these events and they are now a core part of our calendar for the years to come."
The Premier says securing these events for the Gold Coast and Townsville will deliver around 200,000 visitor nights and $80 million in economic benefit each year.
"We recognise the importance of the Gold Coast and Townsville as leading tourism and events destinations and are committed to delivering the best events for the community," says Palaszczuk.
Gold Coast Mayor Tom Tate says it is a fantastic day for the Gold Coast as it secures this iconic event for another three years.
"I applaud the organisers and state government for securing this deal which not only brings tens of thousands of visitors to the coast but broadcasts our city to millions of race viewers around the globe," says Tate. "Gentlemen, start your engines for 2017 and beyond."
Townsville Mayor Jenny Hill also expressed her joy with the agreement.
"The V8 week is a marquee event for Townsville and securing a deal for another three years is fantastic news for the city's economy and our national profile," says Hill.
"It's important the city now takes the news with both hands and works with the V8s to grow an event that draws more visitors, and maximises economic opportunities for our community."
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support