The water slide is set to bring large crowds to the area, with thousands expected to descend on the suburb for the day.

With drawcards such as the annual billy cart derby and an influx of new businesses, it seems a rejuvenation is on the horizon for the once bustling suburb.

Port Kembla Chamber of Commerce past president Ian Fulford said the town was buzzing in the wake of the news.

"Shopkeepers are planning an all-day affair and are looking to take advantage of the event," he said.

"The water slide is going to attract a lot of people from outside the region and there will be a significant economic overflow for Port Kembla and Wollongong."

The water slide will run down Military Road between Church and Allen Streets.

This is parallel to Wentworth Street and will hopefully link sliders to businesses on the street.

"Port Kembla will be putting on a good face and will provide the resources visitors expect", Mr Fulford said.

"The chamber of commerce met on Wednesday night and are planning a number of activities for the day to ensure this opportunity is not missed.

"For the last three years, we have been working on the social aspects and getting rid of the more unsavoury parts of Port Kembla.

"Now we have [Sydney] investors eager to put [money] into Port Kembla and a lot more businesses are popping up.

"At the end of the day, it is up to merchants and traders to make the most of this opportunity," Mr Fulford said.

Red Point Artists Association (RPAA) president Dulcie Dal Molin also plans to capitalise on the exposure linked to the event.

"Nothing promotes your business more than people being outside on the street and this will be outstanding exposure to all businesses in Port Kembla," she said.

Although no plans have yet been set, the RPAA, located on Wentworth Street, is in talks with the chamber and will open its gates on March 21 to offer more to visitors.