Snr Sgt Allan Grindell said yesterday there had been 41 individual complaints made. Most of the vehicles damaged were parked between Roche St and Kings Dr.
Police have CCTV images from one business and are obtaining images from others in the hope they might help identify the offenders.
They have spoken to a man in relation to the inquiry but have not laid charges, Snr Sgt Grindell said.
The police were interested in any information about the actions and identity of two particular men but were not closing their minds to other people, Snr Sgt Grindell said.
One man is described as is a young adult male, with short black hair and about 180cm tall, of a medium to skinny build.
He was clad entirely in black.
The other man had light coloured hair, is of medium build and was wearing black jeans, a grey top andblack gymshoes with white and black soles.
Police believe a sharp knife was used to puncture the tyres.
"The cost is obviously going to be quite extensive.
We have no idea at this stage," Snr Sgt Grindell said.
Ongoing inquiries would focus on CCTV images and groups drinking at Wanaka bars last Friday night.
Alpine Auto and Wanaka BP Workshop owner Dean Telfer said he and another staff member spent all Saturday replacing about 45 tyres.
One Dunedin man owned a new Commodore which had all its tyres slashed, Mr Telfer said.
Lex Cameron, owner of Adventure Rentals on Ardmore St, said tyres on 11 vehicles were damaged on Friday night.
Mr Cameron had a theory about the offending.
Over the past 10 years, Wanaka had changed, he said.
Damage was now occurring to businesses in the central business district that many people never got to hear about.
"I've had car wipers ripped off, windscreens smashed, cars jumped on . . .
"I believe it has all to do with alcohol. They [the offenders] would have been in bars downtown, and walked up our side of the street towards Anderson Rd and Mt Iron, where most of the lettable houses are," he said.
