The street race in the South Australian capital returned to the Supercars schedule last December for the first time since 2020 this year after being axed by the former state government at the end of that year.
It was only revived thanks to a change in government, its return having been part of then-opposition leader Peter Malinauskas's election pitch.
The Malinauskas government is now claiming a record economic benefit for the 2022 running of the event of $51.85 million.
That is well above the $38.61 million claimed for the 2020 Adelaide 500 and ahead of the previous record of $45 million in 2019.
Other metrics logged by the government include a four-day attendance of 258,200 people, 425 jobs supported, 14,775 media items and a PR value of $162.8 million.
The event also drew 12,000 interstate visitors which covered an estimated 96,671 visitor nights.
"The Valo Adelaide 500 was a resounding success on-track and now we know it was an incredible success off-track too," said Malinauskas.
"Our tourism and hospitality businesses have done it hard over the past few years and these numbers reveal the return of a big event like the Valo Adelaide 500 gave local businesses a much-needed boost.
"Pubs and restaurants were packed, hotel rooms were full and more than $50 million was returned to the South Australian economy.
"I am incredibly proud we were able to deliver on our promise to bring back the Valo Adelaide 500 and make it bigger and better than ever."
Adelaide 500 chief executive Mark Warren said: "I am so proud of our team who worked so hard to bring back the Valo Adelaide 500 and deliver a memorable event.
"We are already working hard to go one better in 2023 and deliver another outstanding event for South Australia, with global sensation Robbie Williams confirmed to headline the after-race concert.
"The Valo Adelaide 500 showcases world-class motorsport, and we look forward to ushering in a new era in 2023 as we welcome Supercars Gen3 to the Adelaide street circuit."
