There aren't many racehorses that make punters cheer by not winning races, but then there aren't many horses like venerable warrior Red Cadeaux.

The nine-year-old English stayer took second place in the $4 million Queen Elizabeth Stakes on Saturday, adding to an extraordinary record of three second places in three Melbourne Cups.

Running second best hasn't hurt the chestnut champion's earnings: he's the highest earning English racehorse in history.

And it hasn't hurt his appeal to the crowd either.

When favourite Criterion stormed to a two-and-a-half length win in the Queen Elizabeth, it was hard to tell if the crowd was roaring for him or Red Cadeaux coming in behind, sprinting like a youngster and well clear of the rest of the field.

Red Cadeaux was never the shortest in the betting but as a sentimental favourite, nothing came near.

Saturday's program in The Championships had some of the richest races in NSW - the Queen Elizabeth Stakes and the $1.6 million Sydney Cup.

It was another veteran and crowd favourite - jockey Jimmy Cassidy - who won the 3200m grind of the Sydney Cup.

Cassidy took the Chris Waller-trained Grand Marshal to a half-a-head win in the second-biggest event of the day.

A week earlier, 52-year-old "Pumper" had watched the races from home after no one booked him for a ride.

Twenty-nine years after winning his first Sydney Cup, Cassidy was ecstatic and proud at his effort.

"It's magic. It was unfortunate I couldn't get a ride last Saturday," he said.

"I love it that much it was a little bit hurtful."

Pumper wasn't exactly scornful of some of the younger jockeys now getting regular rides around the world but indicated he's not about to step down from racing any time soon.

"I don't think I'll be seeing them win Sydney Cups when they're 52," he said.

"The book's not going to be written yet because I haven't finished riding.

"There's a bit of fight in the old dog yet."

Ed Dunlop, Red Cadeaux's always gentlemanly English trainer, hid well any frustration at being bridesmaid yet again, though after three seconds in the Melbourne Cup, he's had the practice.

"He was unlucky," Dunlop said, pointing out that Red Cadeaux was stopped twice by other horses during the race.

The pride showed through in the horse's sprint down the final straight on the heavy Randwick track.

"He's not that slow is he?" he said.

The Queen Elizabeth was the best finish the Australian Turf Club and Racing NSW could have wanted for The Championships, the two-week, near-$20 million carnival conceived as Sydney's answer to the Melbourne Cup.

After rain forced the rescheduling of last Saturday's race to Easter Monday and cut attendance numbers to just 11,500, nearly 24,000 people flocked into Randwick on Saturday - much closer to the hoped-for 25,000.

NSW racing minister Troy Grant told AAP the state government was considering representations from the racing industry about changing the tax taken from gambling turnover in NSW.

Mr Grant said the three racing codes of thoroughbreds, greyhounds and harness racing contributed $3 billion to the state's economy and changes to taxation would be evaluated.

Tax in Victoria is less than half that of NSW and the NSW industry has argued it needs tax parity to be competitive.

"It's something we'll consider," Mr Grant said.