August will be a bonanza month for local businesses, with Gunnedah set to host two major events just a week apart.
Minister for Better Regulation and Innovation and Racing, Kevin Anderson, said it was an outstanding promotional opportunity for the town.
"We keep looking at ways to promote Gunnedah, to promote tourism to bring people to our great town and these events will absolutely do that," he said.
Mr Anderson said the Million Dollar Chase would buoy the Gunnedah Greyhound Racing Club and drive dollars into town.
"The ultimate prize is $1 million and there will no doubt be plenty of people from not only NSW but there will be people from Queensland, Victoria, you name it," he said.
"If they've got a registered greyhound, they will want a crack at this money, they will travel to where these heats are and Gunnedah is right on the money.
"I absolutely want to see the industry thrive and survive and it's a great honour for me to be the racing minister and be in a position to support this."
Gunnedah shire mayor Jamie Chaffey said the town was "holding its own as not only a rural leader with AgQuip, but a sporting destination".
"It goes to show that our facilities and our destination can hold their own in any company," he said.
Gunnedah Chamber of Commerce president Stacey McAllan said the importance of drawing visitors to town had been discussed at last week's business breakfast with the Minister for Finance and Small Business Damien Tudehope and NSW Small Business Commissioner Robyn Hobbs.
"It's a great opportunity for us, especially in the circumstances ... to have that influx of people that bring revenue," she said.
"They will visit our shops, our cafes, our restaurants, all the industries that have been suffering because of the drought. It's a really nice bump-up for them."
Ms McAllan said no doubt business owners would take advantage of the crowds to boost their bottom line.
"We do have a very proactive business community here," she said.
"They're not sitting back and waiting for someone to do it for them. I think that's why they are as resilient as they are, and ask, 'How else can we help our businesses survive?' "