Red Cadeaux presented with bridle ahead of Emirates Melbourne Cup

A special presentation was made to the popular Red Cadeaux as the Melbourne Cup Carnival was officially launched on Monday.

The Victoria Racing Club awarded Robin Trevor-Jones with a special head collar tagged "Australia's Red Cadeaux" in honour of his achievements in the race that stops a nation.

He will set a new record for an international horse when he lines up at Flemington for a fifth time but the experience isn't wearing thin for either Trevor-Jones or Red Cadeaux.

"This race just seems to get hold of you," Trevor-Jones told www.racing.com.

"I think about it every day. I know he's the right horse that could win it, it's a very special race. At the moment the horse is absolutely spot on.

"He does seem to love Australia."

Trevor Jones is always astounded with the support Ed Dunlop's globetrotter gets.

"It's massive isn't it, it's heart warming," he said. "It's amazing what the Australian people do for this horse. It's great."

There are 42 horses left vying for spots in the 24-horse field for the Melbourne Cup after the latest round of acceptances.

The notable withdrawals included Rising Romance, Hauraki, Set Square, Gallante, Magicool and last year's winner Protectionist while 11 internationally-trained horses remain in the mix.

Connections of The United States face a nervous wait to see if he will make the final field but that possibility has moved closer after he was handed a 2.5kg penalty for his win in the Moonee Valley Cup which came in a course record time.

"The United States finished too powerfully for Prince of Penzance in the Moonee Valley Gold Cup and in doing so established a new course record for the 2,500-metre journey of 2:34:43," Racing Victoria's chief handicapper Greg Carpenter said in a Racing Victoria statement.

"He carried 1kg less than Prince of Penzance on Saturday and the 2.5kg penalty takes him to 52.5kg, 0.5kg less than that horse is handicapped with in the Melbourne Cup."

The Chris Waller trained Preferment is guaranteed a spot and jockey Hugh Bowman thinks it's best chance of wining the Cup.

"He's beautifully weighted he's two-from-two at the course and even though he hasn't been tested over 3200m every indication would suggest he'd like it," he said.

This year's Carnival will be the first since legendary trainer and 'Cup King' Bart Cummings passed away in August and the VRC also announced it will recognise his contribution to the Melbourne Cup.

Before the race, Cummings' son Anthony and grandson James will carry the trophy through a guard of honour who will be wearing the colours of each of Bart's 12 winners.