V8 Supercars officials say the Gold Coast 600 has proven its worth and the Queensland state government must guarantee taxpayer funding for the event.
Spokesman Col Hitchcock said the event attracted more than 180,000 people in three days and provided a valuable economic boost for the tourist strip.
"The proof is in the pudding," he told ABC Radio on Monday. "182,000 people on site over three days - the Gold Coast needs tourists."
AAP reports the event receives $A6 million per year, but there's no commitment yet after next year when the current deal expires.
Earlier this year, the state government said major events, such as the Gold Coast 600, would have to demonstrate they are providing value for money, or risk losing government funding.
Gold Coast Mayor Tom Tate said the event delivers national and international coverage.
"We need this event. It's part of the Gold Coast. The government needs to keep funding it, because it's important to a lot of people and not just the tourist operators," he told the Brisbane Times.