Gallop South chief executive Andre Klein estimated the crowd at between 7000 and 8000.
"I'm sure it'll go close to our record [more than 8000 in 2008] and everyone's having a great day," he said.
Marquees housing Christmas party crowds were set up close the the rail and in the centre of the racetrack.
Race-goers also set up camp in every shady spot around the grounds.
"Our pre-bookings for this race meeting were slower than usual, but they went crazy in the last fortnight and we ended up with 3500 people who bought tickets early.
It's become very popular with Queenstown and Wanaka businesses as their Christmas `do' venue, " Mr Klein said.
The meeting was notable for the number of family groups attending, he said.
"We have been marketing it as a family day out with lots of entertainment for kids and I've never seen so many kids and families at the races, so it's fairly evident that's working."
The Fashions on the Field contest, with the theme "The Madder the Merrier", drew a large crowd of spectators and about 40 people took part.
Josie Mitchell, of Cromwell, won the women's section and Kelly Gooch, of Wanaka, was judged the best-dressed man.
Cromwell police arrested five race-goers from one tent who were heavily intoxicated.
Sergeant Mike Williams said charges ranged from obstruction and trespass to disorderly behaviour and intentional damage.
"We have had preliminary discussions with the Cromwell Races management, and these people will be facing further action. Effectively, they will be banned from future race meetings in Cromwell.
"Generally, the behaviour was very good, and we are happy with the way it was run."
Sgt Williams said a 19-year-old, who had been at the races, was later stopped by police and charged with driving with excess breath-alcohol and driving while suspended.
He recorded a reading of 886mcg per litre of breath.
The legal limit is 150mcg for a person under 20.
