The Australian Turf Club has officially taken possession of what it hopes will be its biggest asset, a multi-purpose grandstand and function centre.

The grandstand was built with a $150 million injection of funds from the NSW government with the ATC shelling out several million dollars more.

ATC officials are buoyant about the future of the five-level stand which will be fully operational by September 7.

"There has not been a major sporting facility of this scale built since the 2000 Olympics and this is what Sydney racing fans and the wider community have been looking forward to for many years," ATC chief executive Darren Pearce said.

A partial opening took place during the autumn carnival with the ground level and the theatre of the horse, which is behind the stand, operational.

The carnival did not, however, reap the expected revenue and the club has undergone tough times, forcing a 10 per cent reduction of staff in June.

But Pearce and the board of directors believe the centre will become a go-to venue for corporate events on both race days and non-race days.

The five floors are all designed with windows back and front to maximise the views of the races and the pre-race parade.

A 1000-seat ballroom can be divided into five smaller rooms while the corporate boxes, 80 per cent of which have been sold, can be customised to the clients' designs.

All floors have state-of-the-art kitchen facilities with the public areas furnished to a similar standard as the members' areas boasting panoramic views of the Sydney skyline from the upper levels.

Away from the grandstand, which does not yet have a name, the ATC has done a major refurbishment of the Kensington track, which is inside the course proper.

With fewer night meetings scheduled for Canterbury, the Kensington track presents itself as the obvious venue.

It is a StrathAyr all-weather track similar to Moonee Valley which means it will also be able to host meetings which may not be viable on other surfaces after the kind of rain experienced in Sydney this winter.