KEY POINTS:
Many Melbourne bookmakers have slashed Princess Coup's A$2.5 million ($2.9 million) Caulfield Cup price from $26 to $10 after her $2 million Kelt Capital Stakes victory at Hastings on Saturday.
Some agencies had the mare as tight as $17 on Friday after a rush of money last week for the New Zealander, but some were still betting $26 just before Saturday's Group One 2040m feature.
The rush to back Princess Coup before she ran on Saturday prompted one bookmaker to remark late on Friday: "Is this race in New Zealand already over?"
Maldivian at $5.50 sits at the top of a very confused Caulfield Cup market, in which a number of early well-backed hopefuls have slid alarmingly in favour after sub-standard racing performances.
The most notable is Tawqeet, last year's winner, who has been racing 10 lengths or worse below his best and who finished last in the A$500,000 Turnbull Stakes at Flemington on Saturday.
Bookmakers will write any price you like about him now.
Last week's favourite Eskimo Queen retains second favouritism at $8, despite finishing eighth in the Turnbull, a run that was judged by many to be disappointing.
However, the performance may have been circumstantial.
Flemington, despite its A$12 million recent track upgrade, was not racing fairly on Saturday.
Horses on the rail had no chance and after one or two races, jockeys were heading to the centre of the wide course proper.
To improve from the back, Eskimo Queen had to go around the field from the 800m and on the home corner was the widest horse - close to 10-horse widths wider than the inside runners.
The job was hopeless from that point and rider Craig Newitt did not punish her in the final stages, during which she probably made up a couple of lengths on those in front.
The 2400m Caulfield Cup, on October 20, will be a different type of race.
Princess Coup shares the third $10 line in betting with Maybe Better, Devil Moon and Douro Valley.
Devil Moon won Saturday's Turnbull and the word in Melbourne last night is that instead of heading to Caulfield, the connections are almost certain to pay the A$110,000 late entry fee and run in the Cox Plate.
Stablemates Efficient and Zipping are expected to take the same route.
Trainer Mark Walker has done a marvellous job of managing Princess Coup last season and this preparation.
Quarantine protocols have yet to be announced by MAF for horses returning to New Zealand from Australia, so Princess Coup heads to Melbourne with no certainty about when she could return home.
Walker can be guaranteed to do the right thing by the mare, who would, anyway, almost certainly be spelled after a campaign that included a Caulfield Cup and possibly a Melbourne Cup. Saturday's win saw Princess Coup come in from $51 to $26 for the Melbourne Cup.
Third-placed Magic Cape secured a magical passage through the body of the field approaching the home turn in the Kelt and kept coming at the leaders in the closing strides.
"I thought he was going to win at the 200m," said rider Patrick Holmes.
"He didn't quite sprint from that point like I thought he would, instead he put in a staying type of finish."
Trainer Shaune Ritchie said he was likely to set Magic Cape for the 2400m Hong Kong Bowl in December.
Mandela, who was less than threequarters of a length from the winner in fifth place, is almost certain to miss the Melbourne Cup and head to the same Hong Kong race.
Sam Kelt said on Friday his sole wish for the day's racing - the success of which was already guaranteed - was to see 14,000 people enjoying themselves.
The sights and sounds around the marquees lining the home straight outside the running rail assured that.
The overall atmosphere at Hastings on Saturday was electric from race one.
It even got to one of the biggest winners on the day, Noel Harris.
"When I was charging down the outside on Princess Coup the noise coming from the partygoers was unbelievable.
"I wanted to jump off and go and join them."
That would have been costly.
