The South Australian government's decision to bring back Adelaide's V8 Supercars race has returned a record boost to the state economy.

The government says the race held last December generated $51.85 million for SA, well up on the $38 million it returned when it was last held in 2020.

The figure was also higher than the previous best of $45 million in 2019.

Premier Peter Malinauskas said the Adelaide 500 was a resounding success both on-track and off-track.

"Our tourism and hospitality businesses have done it hard over the past few years and these numbers reveal the return of a big event like the Adelaide 500 gave local businesses a much-needed boost," he said.

"Pubs and restaurants were packed, hotel rooms were full and more than $50 million was returned to the South Australian economy."

The popular street race was dropped by the previous Liberal state government.

A Labor promise to bring it back was considered one of the then-opposition's best moves ahead of the 2022 state election.