A vast majority of Supercars attendees who responded to a survey at the event said they would come back to visit the city "even without the Newcastle 500".
The independent KPMG survey commissioned by City of Newcastle included 364 responses from visitors who were approached at the race to answer questions about their visit.
The survey found 87 per cent of respondents would visit Newcastle again regardless of the race, 10 per cent would only return for the race and 3 per cent would not return or were unsure.
A total of 94 per cent were from within Australia, and 80 per cent of those were from NSW.
The intercept survey summary page said 41 per cent were visiting Newcastle for the first time, but the actual question asked was "have you been to a Newcastle 500 event before?", to which 41 per cent said no, 32 per cent said they had attended one or two times, and 27 per cent said they went to the event every year.
Almost three quarters said they were not visiting other destinations while they were in Newcastle.
Just under half said they were not staying overnight, 21 per cent were staying with friends or relatives, 17 per cent were staying at a hotel in Newcastle and 6 per cent each were staying at other Newcastle accommodation and outside the LGA.
The results also found 56 per cent of respondents were attending multiple race days, 33 per cent were attending one day, 9 per cent were staying for less than a week and 2 per cent were staying for more than a week.
The most common budget bracket for spending in addition to race tickets was $100-$500 (43 per cent), 17 per cent said they would spend $501-$1000, 15 per cent said $1000-$5000 and 12 per cent said less than $100. A further 12 per cent declined to say and 1 per cent said they were spending more than $5000.
Newcastle Tourism Industry Group chairman Michael Stamboulidis said while the Newcastle 500 put a spotlight on the city's tourism and hospitality offerings, there were "mixed feelings" about the event.
"Speaking to a number of operators, some benefit whilst others face challenges," he said.
Mr Stamboulidis, who is also general manager of the QT Hotel Newcastle, said if the event goes ahead, the industry group was keen to work with the Newcastle 500 team to "create localised events outside the race precincts and to mitigate the effects of the set up and pack down periods".
"Aside from the controversy of the event, many operators do feel the need to continue to host the event in Newcastle," he said.
"It is the only event on our calendar that drives awareness for Newcastle across the globe, potentially putting our city on the bucket list for those watching the race on television and triggering repeat visits for those who experience Newcastle for the first time during a race weekend."
