The aim of this study was to evaluate the livestock production potential of Panicum maximum cv. Gatton cultivated under dry-land conditions and grazed at various stocking rates after various periods of re-growth. Treatments included a high stocking rate, fast rotation treatment (A), a medium stocking rate, medium rotation treatment (B) and a low stocking rate, long rotation treatment (C). The initial availability of dry matter differed between treatments and was lowest for treatment A and highest for treatment C. The same trend was observed for terminal availability of dry matter. The initial leaf:stern ratio did not differ between treatments A and B, but was lower for treatment C. The terminal ratio did not differ between treatments A and C but was higher for treatment B. Pasture height differed between treatments and was lowest for treatment A and highest for treatment C both at the beginning and end of the period. The sheep subject to treatment C had the highest average daily gain and there was no difference between treatments A and B. Although treatment B resulted in the best individual performance, the highest stocking rate yielded the highest livestock production per ha.