Henty Machinery Field Days organisers have left the door open for hosting other events at their site during the rest of the year, after adding a country music concert to this year's event.
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Phegan said it showed the Field Days organisers were investigating the possibility of a future music festival event.
"It's a magnificent venue out there that's been purpose built and it only gets used for that three or four days a year, so I think the committee might be putting their toe in the water to try and do a festival on the other end of the year," he said.
"There's music everywhere and country music festivals and they do very well and there's not really an immediate one here and we've got a regional population of well over a quarter of a million people, so I think it's a no-brainer.
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"I just cant see how it would possibly fail, they've got the area and they've got the infrastructure already there and that's the major consideration for all these other people considering putting festivals on and Henty already has it.
"They've put their toe in the water in a big way by getting Adam and Brooke, these guys are A graders and I hope it does well for them and it just continues on and just grows."
Field Days chief executive Belinda Anderson said the group had intended to host a live music event in March, which fell through "due to a lot of reasons".
She said a music concert could become a possible annual event.
"We felt that this would be a good way to work out if that's a way we want to go in the future with an extra event at another time of the year," she said.
"We're always looking to do different things at the site here at other times of the year, because the site has great facilities and so utilising it at other times of year would certainly be an attractive option for us."
Ms Anderson said she envisaged a more family orientated event, rather than a big music festival or agricultural event.
"Because we've got such a wide space, we'd be able to have markets and the music and all sorts of different things," she said.
"But steering more towards families than agriculture, which we do well already, or just straight music, so there's lots of options available to us.
"None of that is being discussed at the moment simply because we're focusing on September."
Ms Anderson said it was always an option for other event organisers to hire the Field Days site.
"Nothing's happened in the last couple of years, but we have had caravan clubs hire the site, we've had many years ago they had vintage machinery rally, we have people hire the site for a weekend for a retreat type thing ... so there's a variety of different uses for the site," she said.
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