A new AUS$5 million race, the King Charles III Stakes (G1), celebrating both the King's ascension to the throne and reflecting the huge prize money available at the Sydney Everest carnival, has been announced by Racing New South Wales.
The inaugural King Charles III Stakes will be run at Royal Randwick over 1,600 meters (one mile) at weight-for-age conditions Oct. 14 alongside the TAB Everest, the second-richest race in the world and the richest race on turf, whose prize money will increase to AUS$20m.
Additional prize money and new races will mean a further AUS$12 million in purses will be available throughout Australia's richest carnival.
Racing NSW chairman Russell Balding said: "The King Charles III Stakes creates a new level of excitement for the Sydney Everest carnival, with a feature open-age mile race boosting an already mouthwatering Everest meeting.
"It is befitting for Royal Randwick to have a feature race in spring named in honor of His Majesty to complement the Queen Elizabeth II Stakes in autumn, with Royal Randwick being Australia's only royal racecourse."
The NSW minister for gaming and racing, David Harris, said: "Racing makes a significant contribution to the NSW economy. Last year, more than 46,000 people attended The Everest at Royal Randwick and spent money at restaurants, pubs, and hotels across the city.
"The increased prize money for the Everest and the addition of the King Charles III race will create an even bigger and better event this year, with positive flow-on effects for the 50,000 people directly and indirectly employed in the NSW racing industry."
