Apart from the horse races, which will kick off at about midday, the day will include sack racing and tug-of-war competitions for kids as well as live music and refreshments for adults.
Mr Paterson said racegoers will also get the chance to win a return family trip on the Interislander ferry if they chose a winning horse in a certain race.
"There's so much for people to do. I'm certain it'll be a day the whole family can enjoy."
He said the event has been held for about six years and had been a huge success.
"It's definitely the biggest event for our club every year and we're always happy with how it turns out.
"It's sort of become a tradition in the Rotorua community now after all these years."
Mr Paterson said he expected a mixture of locals and visitors to the area to turn out to the event. "I think it's nice for visitors to get a taste of this awesome event while they stay in Rotorua."
He hoped this year's event would be even more successful than those in the past. "At the end of the day we want people to leave feeling satisfied - like they've had a fun day and are keen to tell a friend about it."