 The new track was opened in 1956 and in 1960 the first Armstrong 500 production car race was held at the circuit.Extensive damage resulted from the running of the 1962 Armstrong 500, and, with the circuit owners unable to finance repairs, the circuit was closed and the race was moved to the Mount Panorama Circuit at Bathurst in New South Wales, to eventually become known as the Bathurst 1000.The circuit reopened in October 1967 and hosted the Phillip Island 500K endurance race, a round of the Australian Manufacturers' Championship, from 1971 to 1977.