Chief executive John Lawrenson said the V8s contributed only to one busy night a year and he did not think ratepayers should have to foot the bill to bring people into his bars.
"Hamilton isn't geared up to host these big events. People just come from out of town, especially from Auckland, and they drive around and go home again.
"We've got an events centre that holds between 5000 and 8000 people and for the $40m the city spent on the V8s how many good events could have we put on in for that."
Meanwhile, city councillor Angela O'Leary is demanding answers about the "appalling process" followed in the V8 contract termination.
She said councillors had been backed into a corner over terminating the contract for $1.25 million and getting a report the same day the decision was to be made was terrible.
Councillors said V8 Supercars denied being in talks to move the race elsewhere, then read in the Herald the next day there had been discussions about moving it to Whenuapai Air Base.
Hamilton Mayor Julie Hardaker said last week that the council had been told there was no market for the infrastructure which was included as part of the deal.
But Hampton Downs general manager Tony Roberts said it had been sold too cheaply and he would have been interested in buying it.
Supercars Australia spokesman Cole Hitchcock denied comments from V8SC management to the council were misleading. He said the council had also been given the option to keep the race assets and opted not to.