Boats of all sizes competed in the same race, but in separate classes and with different handicaps.
Children and adults, mostly from Queenstown and Wanaka, took part.
Club commodore Merv Aoake said several families competed, with the generations pitted against each other.
With light winds, sailing conditions were good.
It was the first time in 26 years the club had hosted a Christmas regatta.
The regatta ends today.
Hundreds also enjoyed the Lake Hayes Christmas Triathlon yesterday afternoon.
Participants, in junior (15-18 years), open (19-39 years) and veteran (40+ years) categories, chose between a 750m swim or a 4km paddle in kayaks, followed by a 20km bike race and a 5km off-road run.
A duathlon version was also available as an open competition, in which a 1.5km run was followed by a 20km bike ride and rounded off with another 5km run.
Teams also competed in both the triathlon and the duathlon.
With Lake Hayes shimmering in the sun, the atmosphere among the spectators was of a relaxed holiday mood.
The triathlon was established in 1983, and is part of the Salomon Southern Tri Series.
