The seventh annual event will run until September 6.
It promises to be a week of fun on and off the slopes for about 600 gay men and women from around the world.
The week opened with a red carpet-style party at the Novotel Queenstown Lakeside Hotel on Saturday.
Organiser Mike Sanford said the first day on the slopes was hampered by bad weather at Coronet Peak.
The day was topped off with a cowboy-themed dinner at the Lone Star Restaurant, he said.
The Remakables skifield will play host to today's dash for cash and tubing.
Party-goers will be skydiving, bungy jumping, sailing or jet-boating, followed by a dinner theatre show at the Skyline Gondola tomorrow.
There will be a break from the slopes with a Big Gay Out sightseeing trip around the district, including lunch at a winery, on Thursday.
Apres-ski drinks, or Fag Tag, will be held in the Gallery Bar at the Novotel every night from 5pm.
The week will end with White Out 09 on Saturday at the Novotel.
International DJs, including Sydney's Miss Kitty Glitter, will be a feature of the closing party.
