Gai Waterhouse queen of the Melbourne Cup at last

UPDATE: GAI Waterhouse may be celebrating her historic Melbourne Cup triumph but that didn't stop her rising at 3.30am today for track work.

GAI Waterhouse may be celebrating her historic Melbourne Cup triumph but that didn't stop her rising at 3.30am today for track work.

Just hours after partying with 200 revellers in the city, Waterhouse returned to her Flemington stables where she again saluted her champion horse Fiorente.

"This horse's ticked every box. He's the model of consistency," Waterhouse said outside her Flemington stables this morning.

"He's never put a foot wrong. He's just always been like that.

Trainer Gai Waterhouse was full of praise for her champion Fiorente this morning. Photo: Getty Images

Waterhouse said she had been urged to consider taking Fiorente to Royal Ascot in the wake of yesterday's win.

"It has gone through my mind. Interesting question wouldn't it be, to go back to the country he (Fiorente) was born in," she said.

"I wouldn't take him there if I didn't think he could win."

She described winning the cup as "delightful."

"There's no other word for it. It's just completely satisfying from a trainers point of view. It's a real ride."

Waterhouse briefly spoke about the pressure she felt on the day adding:

"I did say to my husband yesterday morning, 'Gosh, I hope I win this cup. I don't think I can face everyone if I don't'."

Fiorente relaxes in his stable during this morning. Photo: Getty Images

Waterhouse celebrated her first Cup win at The French Brassiere in the nondescript Malthouse Lane last night - after a costume change and a quick kip.

Among the revellers who joined her were Fiorente's numerous owners, each sporting caps bearing the horse's name, and champion jockey Damien Oliver.

The coveted Melbourne Cup also attended the bash, garnering almost as much attention as the star jockey and trainer when it arrived in a white minivan.

Oliver gushed to a pack of waiting media about his winning ride, which came so soon after his return from racing exile, as "beyond (his) wildest dreams".

Gai's the Cup queen at last

All an overwhelmed Waterhouse could muster when she made her entrance just before 8pm was: "I'm so excited".

She happily posed for happy snaps and signed autographs, dressed in a black fur jacket, yellow pants and flat shoes in place of the teal dress and fascinator she had worn at Flemington Racecourse.

When asked if the long-awaited win felt as good as she had always imagined, her already broad smile widened.

"Everyone stops and watches (the Melbourne Cup), all over the world. You tell me any other sport that does that," she said.

Waterhouse emulated the success of her legendary father, Tommy Smith, when race favourite Fiorente won the $6 million Cup a year after running second.

Gai Waterhouse talks with majority owner Andrew Roberts at the Fiorente Melbourne Cup after party at The French Brasserie

Smith won the race that stops the nation twice in a stellar career.

But until a little after 3pm yesterday, his daughter had pretty much done everything in racing bar that.

A crowd of 104,169 watched in brilliant spring sunshine as Hall of Fame jockey Damien Oliver steered the $7 fancy past the post, ahead of outsider Red Cadeaux and foreign raider Mount Athos, to his own third Cup triumph.

Waterhouse held the famous trophy aloft, and held back tears, as she made the acceptance speech she had waited all her life to deliver.

The former model and actor heaped praise on Oliver, the connections, husband Robbie, and the horse.

"Damien, you steered him an absolute treat. It was an absolute pleasure to watch," she said.

Oliver, banned from the track for 10 of the past 12 months for breaking the rules with an illegal bet on a horse he was racing against, dedicated the latest chapter of his rollercoaster career to Waterhouse and his own wife and children.

Gai Waterhouse shows off the trophy at the Fiorente Melbourne Cup after party at The French Brasserie

"To Gai Waterhouse, we all know what a trailblazer she has been in racing. And I couldn't be happier to be sharing in her first Melbourne Cup," he said.

"She has done so much for racing and she deserves it so much. So congratulations, Gai.

"To my family who have been right with me my whole career … thanks for being with me all the way."

Waterhouse, who began her career in 1992, had taken second place in the Cup three times but yesterday became the first female trainer to win since Sheila Laxon in 2001.

A throng of fans filled Flemington to witness the 153rd Melbourne Cup and the writing of a new page in Australian sporting history.

Nine international horses and 13 group one winners with a winning bounty of more than $38 million between them were among the field of 24 runners.

But it was five-year-old brown stallion Fiorente that won the hearts and minds of fans and punters.

On a sadder note, Cup runner Verema, who dropped out of the race in distress about the halfway mark, was put down.

Damien Oliver celebrates after the Melbourne Cup victory. Picture: George Salpigtidis

The horse was said to have snapped its cannon bone - a large bone in the lower leg - and Victoria Racing Club stewards confirmed it was euthanised.

Earlier, on the lawns of Flemington, people from all walks of life came together to celebrate all that is great about the sport of kings.

In the VIP Birdcage, celebrities and VIPs rubbed shoulders, sipping French champagne, eating expensive canapés, dining on fine food, and dancing to international DJs between races.

And at homes, schools and workplaces the nation over people gathered around a TV, radio, laptop or smartphone to enjoy a special Aussie tradition.

Former Spice Girl Geri Halliwell, model Kate Upton, tennis aces Rod Laver and Lleyton Hewitt and international DJ Roger Sanchez were among the famous faces in the crowd.

Trainer Gai Waterhouse jockey Damien Oliver after Fiorente won the Cup.

Victoria Cross winner Corporal Benjamin Roberts-Smith, Premier Denis Napthine, Lord Mayor Robert Doyle, former cricket captain Ricky Ponting, and actor Danielle Spencer were also on the VIP guest list for the day.

Three people were arrested for drunkenness, but Superintendent Rod Wilson said he "couldn't be happier" with the crowd behaviour overall.

Eighty-six people were evicted from the course for being intoxicated, smuggling in alcohol, or not having the right ticket.

Those lucky enough to get into Flemington did so in style, tipping their hats and raising their glasses to Melbourne's big day out. More than 78,000 people were on course by noon.