Megan Gale with Sheikh Mohammed bin Rashid al Maktoum, who had another disappointing Cup campaign. Credit:Lucas Dawson His United Arab Emirates airline provides the prizemoney and the best marquee, he has spent roughly $1 billion building a racing empire to win the Cup and he has come up short, again, with his sole ride in the race Hartnell, coming in 20th in a field of 23. And because his racing operation, Godolphin, is kind enough to lodge its financial accounts with our corporate regulator, we know that last year – when the sheikh managed to get five runners in the race – it reported a loss of more than $91 million. Up from a loss of $55.7 million the prior year. Accumulated losses have now topped $614 million, but the accounts assure us that "the company is a for-profit entity and primarily involved in thoroughbred horse breeding and racing". These losses top Nathan Tinkler's big punt on the sport. Luckily the sheikh has deeper pockets.

Jennifer Hawkins with Richard Umbers, taking a break from the store. Credit:Melissa Singer But the red ink has reached a stage where the company admitted that its "ability to continue as a going concern is dependent upon the continued financial support of its ultimate shareholder", Sheikh Mohammed. The biggest line item was a $70 million writedown in the value of its "biological assets", which means thoroughbreds that were not good for much besides the glue factory. Owner Lloyd Williams greets Rekindling after winning the 2017 Melbourne Cup. Credit:Chris Hopkins The biggest problem appears to be its stallions, which were slashed in value by more than $65 million – yes, they were dud studs.

And it is a big deal for Godolphin. "Rendering of services" generated $27 million in revenue last year – easily beating the group's race winnings, which came to $19.7 million. Bill Shorten and his wife Chloe at the Birdcage. Credit:AAP The bunker Speaking of rendering services, Myer boss Richard Umbers and his future chairman Gary Hounsell, loaded up their marquee with plenty of protection in case those bullies from Premier Investments, Mark McInnes and Solomon Lew, tried to gatecrash the party. Goldman Sachs local boss and Myer adviser Christian Johnston was among the invitees, and retiring Myer director Anne Brennan was also on hand to beef-up board representation in the marquee in place of departing chairman Paul McClintock.

Illustration: John Shakespeare Angus McNoughton, the boss of Myer landlord Vicinity, was also spotted with the glamour crowd. The moment of the day at Myer was provided when another high-flyer, who is used to dealing with the slings and arrows of misfortune, former postie Ahmed Fahour, got into a huddle with Umbers and Hounsell. Oh, to hear the contents of that conversation. Lew didn't spoil the party, of course, he took to lobbing grenades from afar with a press release launched 24 minutes after the race start.

It stated that Premier's veteran director, Arnold Bloch Leibler partner, Henry Lanzer, "never approached Gary Hounsell to take the role of chairman at Premier Investments". Lloyd Williams also denied he had approached Hounsell to ride any of his starters in the Melbourne Cup – not recently anyway. But CBD did wonder what Lew was up to while Myer was making the most of its big day. Your columnist was told the billionaire was doing exactly what he does most days of the year, visiting some of Premier's many stores. On Tuesday he was checking out stores in Eastland, Doncaster and Knox – and possibly some Myer stores in the vicinity for good measure.

Bet central While Myer had all the intrigue, Tabcorp chairwoman Paula Dwyer hosted a gaggle of politicians under the wagering giant's big top – which beats waiting in the office for the latest outcome of its legal battle with the competition regulator over the big merger with Tatts. Labor leader Bill Shorten could not have been more relaxed as he wandered his way through the James Boags, Tabcorp and Myer marquees. Joining him at Tabcorp were Sports Minister Greg Hunt, Defence Minister Marise Payne and MP Tim Wilson. Not to worry, Labor had a strong local presence with Victorian Premier Daniel Andrews, gaming minister Marlene Kairouz trying to be nice to any Irishmen in the vicinity, and an elated Victorian racing minister Martin Pakula squeezing past CBD after backing his first winner on the track.

While the merger with Harry Boon's Tatts drags on, Tabcorp still managed to ensure there was a flavour of its future partner at the marquee, with Tatts veteran board member and Ardent Leisure agitator Kevin Seymour in attendance. Tatts former chief number cruncher, Ray Gunston, also showed up wearing his AFL hat. The Emirates tent seemed unusually quiet with Gina Rinehart staying away after last year's tumble, and Qantas boss Alan Joyce was huddling in the marquee with his usual suspects. Bubble trouble? You don't go to the Melbourne Cup for a dose of reality – not to the Birdcage, in any case. Bryan Fry, the local MD of champagne house Mumm, described to CBD the moment their grand idea for this year's big race crystallised in their minds: "Why don't we actually put a yacht into the birdcage?"

And so they did, after getting permission from Mumm HQ in Reims. It is a world away from the household debt grind that ensured that RBA governor Philip Lowe kept interest on hold again on Tuesday. Not that Mumm and its champagne cohorts are not feeling some of the chill. "People are drinking less, but better," Fry said. Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au