Those who converged on Glenorchy yesterday also spent less.
Lakeside Football Club president Pete Reid said about 2500 people attended.
Funds from the equalisator were yet to be counted.
The net profit was about the same as last year's races, but operating costs had increased, Mr Reid said.
Competition from other events, such as the Wanaka Rodeo, was thought to be behind the lower-than-predicted turnout.
"It's still a good, manageable number.
It's quite hard to look after more, and that makes us enough money to pay the bills and maintain the clubrooms and donate money to eligible causes.
"There wasn't as big a line at the equalisator and it might be people [were] not spending as much."
Glenorchy School raised about $4500 from its barbecue and tombola, about $1000 down on last year.
"We're thinking it's possibly more families bringing their own [food]," volunteer and former treasurer Les Barr said.
"It's a sign of the times.
It's still fantastic to raise that much money in one day."
Which school project would benefit from the proceeds was yet to be decided, Mrs Barr said.
The Glenorchy Tennis Club sold $3400 worth of race-day T-shirts, but only broke even on the venture.
Head of the Lake Community Church trustees raised about $400 from sales of souvenir tea towels, to help paint the exterior of the 120-year-old church.
Southern F Locomotive Trust spokesman Karl Barkley dressed as a steam engine driver to raise funds for the trust's bid to secure ownership of the Kingston Flyer as a New Zealand owned tourist attraction.
Mr Barkley said everyone had shown great support and enthusiasm for the cause.
While the total amount was unknown, about $500 was raised from lottery "scratchies" and donations ranged from $20 to $100.
Riders in the 10 races hailed from around the South, with Glenorchy riders featuring strongly this year, taking home prizes in virtually all the events.
Spectators basked in hot, calm weather and in a laid-back family atmosphere.
Queenstown mother-of-three Jane Hughes said the family holidayed in Glenorchy every Christmas and regularly attended the races.
"It's a relaxing day in an amazing setting, and so many locals. You catch up with friends."
It was a homecoming for Dunedin resident Kerry Sinclair, who used to live in the township.
His sister, Peta Sinclair, owns one of the stables.
The races were "something very local. All the horses are off the farms and anybody can race. It's about the people and people catching up with people".
Arrowtown lad Benny Davies (9), with family, was impressed with his first Glenorchy Races.
"The event I enjoyed was when they were galloping around. The speed of the horses was quite amazing."
A young Balclutha rider was transferred to Lakes District Hospital by ambulance with an injury to her leg after her horse fell during the Galloping Cup race and momentarily pinned her to the ground.
The horse continued to run around the circuit until officials guided it to safety.
The rider was discharged from hospital yesterday.
St John Wakatipu treated another rider for bruises after an awkward dismount.
A further four people were treated for minor "bumps and bruises", team manager Alana Reid said.
The local constabulary upheld the custom of competing in events.
Constables Dave Felstead and Dan Andrew, of Queenstown, competed in the double-banking and local gallop races respectively.
Three streakers, in two crowd-pleasing intervals, also maintained a race-day tradition.
