The Gold Coast Magic Millions meeting will become Australia's richest race day when $10 million prizemoney is offered in 2016.
Magic Millions and Racing Queensland made the ground-breaking announcement on Friday.
The Magic Millions 2YO Classic (1200m) will receive a $500,000 boost to $2.5 million while the 3YO Guineas will be worth $2 million, an increase of $1 million.
The meeting will feature another five $1 million races – Magic Millions Sprint (1100m), Magic Millions Cup (1400m), Magic Millions Trophy (1800m), Magic Millions Fillies and Mares (1300m) and Magic Millions QTIS All-Aged Handicap (1300m).
Magic Millions managing director Vin Cox described the new seven year partnership with Racing Queensland as a "game-changer for Queensland racing, for the Gold Coast and for the Australian thoroughbred industry as a whole".
Racing Queensland chairman Kevin Dixon expects the prizemoney boost to enhance the product of Queensland racing and attract the best horses on offer.
"This is a monumental day for the Queensland racing industry and the partnership with Magic Millions leaves no doubt as to where we want to take our racing product," Dixon said.
"As part of the new partnership, the summer program will be reviewed to develop clear pathways for horses to what will essentially be our grand final on Magic Millions raceday."
Dixon added that another key component of the raceday will be the opportunity for non-Magic Millions eligible horses and non-Magic Millions registered horses to compete at the meeting.
"Another clincher will be the addition of wild card entries into four $1 million races on Jeep Magic Millions Raceday, which will be granted to the eligible winners of four selected races during the summer carnival and potentially give four non-Magic Millions horses a chance to race on the day," Dixon said.