Kris Lees didn't win the Melbourne Cup but there is no way he is going to be a loser out of the race.

Lees had the second favourite, Lucia Valentina, in Tuesday's $6.2 million race but the mare couldn't reproduce the form she showed in her Caulfield Cup placing.

Instead, Lees could only marvel as Protectionist careered away for one of the easiest Cup wins of the modern era.

And Lees will now be the envy of every Australian racehorse trainer because Protectionist will join his Newcastle stable.

Newcastle-based syndicators Australian Bloodstock bought the Andreas Wohler-trained Protectionist earlier this year with his former owners retaining a share until Tuesday's race.

Lees trains for Australian Bloodstock and said it was exciting to be getting the horse.

"What a dominant win. I've never seen a win like it," Lees said.

"I'm very happy for the blokes involved. They put a lot of work in, they're not afraid to back themselves and they got a result like that today."

Lees said Lucia Valentina didn't stay the 3200m after settling in the second half of the field.

"Kerrin (McEvoy) said she got caught in a lot of traffic when she needed to be going forward and that took some gas out of her," Lees said.