Visitors have started pouring into the city for the iconic carnival, which starts with Thursday’s Wagga Town Plate meeting.

Accommodation houses are full to brimming and many restaurants are booked solid on Thursday and Friday night.

The two-day carnival is expected to plough more than a million dollars into the local economy.

Murrumbidgee Turf Club president Stuart Lamont was hopeful the time-honoured carnival would entice more than 12,500 punters through the gates.

“It’s shaping up enormously and a lot of it is driven by the weather,” Mr Lamont said.

“The weather is looking like it will be perfect, the fields are excellent and there are so many leading jockeys coming, which makes a huge difference to turnover.

“I see no reason why we’re not going to come close to a record carnival.”

Betting turnover remains a key figure for the race club, which receives a percentage of every TAB dollar wagered on the meet.

Despite the sartorial splendour on display at the event, Mr Lamont said the Gold Cup was still a “professional racegoers’ carnival”.

And he rejected the perennial calls to make Gold Cup day a half-day holiday in Wagga.

“The club doesn’t support it,” he said.

“That’s partly because we have over 120 business sponsors of the club and they’re not in favour of it.”

Owner of Wagga’s Thaigga Thai restaurant, Robert Baliva, said the peak tourist periods like Gold Cup week were critical for local restaurants and cafes.

“We were taking bookings over a month ago for this week and we only have a few tables left for the next few days,” Mr Baliva said.

“Weeks like this are critical; it’s where the profit really comes from.”

Wagga City Council’s manager of events Sally Nolan said Gold Cup week was “Wagga at its best”.

“The city just comes alive and the carnival isn’t losing its attraction, even after so many years,” she said.

“It’s constant, it’s exciting and it involves the local community so much.

“Each year, the city has more and more to offer in terms of new restaurants and bars.

“It’s just fantastic for new visitors and returning ones.

“It’s the epitome of what we have in Wagga.”