It also directly supplies 780 jobs in Ballarat. 

The figures came from the 'Sovereign Hill Economic Impact Study' by Ernst & Young, the first such study since 1997. 

Sovereign Hill chief executive officer Jeremy Johnson said the impact was above what they had imagined. 

"We did a study back in 1997, which revealed the economic footprint was around $50 million, so to come up with four or five times that amount was a real surprise to us," he said. 

"On reflection, we probably shouldn't be (surprised) because we have a very large role to play driving cultural and heritage tourism into the region."   

The report also split the four parts of the Sovereign Hill group (the outdoor museum itself, the Gold Museum, Blood on the Southern Cross and Narmbool Farm), and found that Blood on the Southern Cross was integral to the operation. 

"In addition to contributing $13.3 million to the Ballarat economy (and Victorian economy) and providing a rare and important driver of overnight regional visitation, BOSC has been at the heart of the (Sovereign Hill Museums Association)'s financial viability since it was first introduced in 1993," the report stated. 

Regional Development Minister Jaala Pulford congratulated Mr Johnson and his team on the result. 

"Ballarat residents have always known how important Sovereign Hill is for regional Victoria," she said. 

"But with this release of this report today now we know the just extraordinary numbers of employment, literally hundreds of millions of dollars of contribution to the local economy and an ability to withstand significant economic challenges." 

Admission numbers have been stable since 2006, which Mr Johnson put down to the slowing down of the global economy from 2008 onwards. 

Mr Johnson said their work to attract visitors from Asia was paying off, with about one third of Chinese visitors to Victoria coming to Sovereign Hill. 

He also said they would keep looking at events to increase visitor numbers. 

"With programs like Christmas in July, that's a domestic one, we've gone from 22,000 visitors in Ballarat in July to 65,000 last year," he said. 

He also said the increase in employment on-site had supported the large economic impact number, which could not be compared to a recent figure. 

"At Sovereign Hill we have 380 jobs on site, and then another 50 or so in catering," he said. 

"(Looking at all the people working here) you start to think to yourself I get what this report is talking about."