Newcastle Melbourne Cup what's on: publicans prepare for one of the busiest days in business for the race that stops the nation

At The Prince of Merewether Hotel, owners Ty and Julianne Burford have stocked up on bubbly - ordering an extra 15 cases - just in case.

"We're all running around like blue-arsed flies at the moment, it's one of the most stressful days of the year I reckon," Mr Burford said.

"There's a lot of work that goes into it, we've had all the chefs in since 7am busily prepping, it's very nerve-wracking but once it kicks off for the day it's fine.

"My parents used to own a brewery, so I've been doing this since I was 18 and I'm now 47.

"I've done quite a lot of them and you get just as nervous every Melbourne Cup eve, you really want it to be a special day."

While Nup to the Cup events have risen in popularity in recent years, there are still plenty of punters keen to pull up a stump for the big race.

And, in its first year free of COVID-19 restrictions, Mr Burford said there's definitely an appetite to get out and about.

"Judging on current bookings I would say people are even more keen as they've had it off for a couple of years," he said.

"We just try and replicate being at the cup really, it's just a special day.

"Everyone gets pretty loose pretty quickly, but as long as when they walk in they're wowed with how we've themed the place, we're happy."

This year's race is worth a whopping $4.4 million to the winning owners, and just like last year, the field is expected to be dominated by locally-trained horses.

It marks the 162^nd running of the race, with a field of 24 local and international horses sprinting more than 3200m for a share of $8.8 million in prize money when it all kicks off at 3pm.

First run in 1861 under the banner of the Victorian Turf Club and won by Archer, who beat the favourite Mormon by six lengths - the prize back then was $1420 pounds and the trophy a gold watch.

This year's clear favourite is English thoroughbred Deauville Legend, who won the Great Voltigeur Stakes over 2,385m at York in August.

Coming in a close second is Irish-bred Without A Fight, owned by vice-president and prime minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum.

It's not just the horses that draw thousands to watch the race each year, it's the fascinators, fashion and atmosphere.

At the Lambton Park Hotel, there will be a prize for best fascinator, and duty manager Ashley Needham said she expects it to be a cracking day.

"110 per cent, it's one of those things that will always be popular," she said.

"We've put on more staff to make sure we can accommodate all the people in the venue, we've got more staff in the kitchen and meals that are completely different from last year.

"Last year it was still a decent event, even though people were wearing masks they still wanted to get out as much as they could - now it's settled down there's so many options it's almost overwhelming, but we're in for a good night regardless."

At Flemington, crowds will be able to watch the big race in 'normal' numbers for the first time in three years.

The last time it was fully open in 2019, 81,458 people headed to the track.

There are plenty of Melbourne Cup Day events on across Newcastle, with a three-course lunch at Customs House, a VIP private lawn party at Honeysuckle Hotel on the mezzanine overlooking the harbour and a four-course lunch at Noah's on the Beach.

Nova Cruises is hosting a Melbourne Cup Cocktail Cruise with canapes, live entertainment and on-board sweeps.

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