Gosford Race Club's on-course facilities will be given a $4.3 million facelift in a redevelopment aimed at making the racetrack one of the NSW central coast's biggest multi-purpose entertainment venues.

The works, expected to be completed by mid-October, will be solely funded by the provincial racing club.

"We are fortunate that through long-term astute management our club has substantial cash and asset holdings," chairman Michael Cusick said in announcing the project.

"And we will work hard to further develop and maximise the income derived from these assets."

The project, which includes new administration and race-day buildings as well as refurbishments to existing grandstand areas, is not expected to affect Gosford's racing schedule.