(CNN) Combining the very best thoroughbreds horses with a touch of glitz and glamor, the Pegasus World Cup is an event like no other.

Masterminded by the Stronach Group, the Florida spectacle has only been in existence for two years but was crowned the world's richest race in 2017.

This year, the lucrative event is evolving to include a turf-race in addition to the original dirt-track contest, turning the day into a Championship invitational series which hopes to attract a more international field.

"We have two horses coming in from Ireland, one horse from Mexico and a horse from Japan," Tim Rivto, COO of The Stronach Group, told CNN Sport.

"We are encouraged by that. It's just about evolving. I think when we look back in 20 years, it's going to look very different from what it looked like in the beginning."

The Pegasus World Cup will include a turf-race in 2019.

Snoop Dog and Post Malone

What also makes the Pegasus World Cup unique is its partnership with the world of entertainment.

World renowned musicians have played at the iconic Gulfstream Park in the past, as the event bids to attract a new audience to the sport.

Previous Pegasus World Cup guests have included rapper Post Malone and Ludacris and joining the illustrious list this year will be the legendary Snoop Dogg and top DJ Mark Ronson.

Belinda Stronach , chairman and president of the Stronach Goup, believes horse racing is the last great sport to evolve and considers itself a model that other events should follow.

"It's been a commitment from the company to make sure there is an investment in entertainment," Rivto said.

"To drive it into a new age and drive new people to racing -- not necessarily to be gamblers in the beginning but to get a great experience."

Snoop Dogg has been announced as a headline act in 2019.

In 2017, UFC star Conor McGregor starred in series of four promotional films to promote the Pegasus World Cup.

Popular entertainment and a new audience have also been an important factor for racing juggernaut Coolmore

The stables are entering Magic Wand into the new turf-race and have realized the potential windfall of such an event.

"We're competing with so many sports, like NFL and the NBA," Coolmore's head of sales Charlie O'Connor told CNN Sport.

"The Stronach family doing great in bringing these big names in and putting on big entertainment. They put on a super show and we were only too happy to support."

The organizers are acutely aware of balancing the new injection of popular culture with honoring the traditions of the sport -- the engine room of the industry.

"There is a balance and as long as you know you're attacking both those fronts than I think you'll be more successful than just trying to reinvigorate the sport with the new customers," said Rivto.

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Money talks

Last year's $16 million prize purse will now be split between the two Grade 1 races.

The purse for the new Turf Invitational will be $7 million -- with $3 million awarded to the winner. Meanwhile, the winner of the traditional Invitational will get $4 million from a $9 million purse.

Owners have paid $500,000 to secure a spot in the race, with those entering a horse in the Pegasus World Cup Invitational being given preference to purchase a spot in the new Turf addition.

Arrogate won the 2017 edition of the lucrative event.

With so much money on the line, owners are taking the races seriously despite many considering it to be at the end of the racing calendar.

"In the future, I can see us pinpointing a horse early on and training them up for it. It's an important race due to the amount of money at stake," said O'Connor.

The event has enjoyed two years of thoroughbred racing and boasts an illustrious list of champions. Past winners include Arrogate and 2017 Horse of the Year Gun Runner.

Photos: The Racing Post's Edward Whitaker shares his favorite images Supermoon – Multi award-winning snapper Edward Whitaker earned horse racing's photograph of the year award with this stunning image of a rare blue supermoon in Lambourn, Berkshire in January 2018. "I knew a spot where the angle was just right," he says. Here he talks CNN Sport through seven of his favorite images. Hide Caption 1 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images French fancy – Whitaker's image of French horse Arazi pulling off a stunning last-to-first victory in the 1991 Breeder's Cup at Churchill Downs made his name. "He went through the field like it was 'National Velvet' or some ridiculous film like that. I got this image of jockey Pat Valenzuela screaming his head off against the spires of Churchill Downs. My lot were blown away, it was a big breakthrough." Hide Caption 2 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images Shower time – Another picture that has defined his career is this shot of the great stallion Danehill being hosed down at Coolmore Stud in Ireland in 2003. "I just love the whole effect, how the water is reacting over the horse. He turns his neck so it was almost like a massage to him, and you can see how much he's enjoying it. I had to shoot it on a slow shutter speed and there's a real sense of movement in the water, and the light is just lovely."

Hide Caption 3 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images Kaleidoscopic – This color-filled image of Churchill Downs is another Whitaker favorite. "I knew there was this fire exit up to a door that opened onto the roof so I went up there and caught this great dawn. There was a cold front coming in, so I knew there would be some very dramatic reds and yellows in the sky. And now they light up the iconic spires with purple light, so the colors are unbelievable. It's so American and over the top." Hide Caption 4 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images Chantilly face – Horses break from the stalls in front of the Great Stables at Chantilly, France in 2016. "I love this shot because of the light and the horse rearing at the start. It's just a dramatic picture. That one horse going up gives it great strength." Hide Caption 5 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images Lucky horseshoe – Whitaker's luck was in with this picture from Cheltenham last January when he discovered the flying horseshoe. It was part of his portfolio that won an eighth photographer of the year award. "It was a remote picture from under the fence shooting into a clear blue sky. It was a nice picture anyway but the fact the shoe fell off and pointed upright was just unique. I'd never seen anything like it. That's why photography is so exciting." Hide Caption 6 of 7 Photos: The Racing Post's Edward Whitaker shares his favorite images Scared stiff – Whitaker conquered his fears and rode up in the TV crane to capture this image of the city of Chester and the racecourse. "This is the scariest picture I've ever taken. You go up on this wobbly plank with a safety harness clipped to a metal frame. I was absolutely terrified but the view was amazing, the light was just right and I got this great scene of Chester with the action on the racecourse." Hide Caption 7 of 7

This year's favorite for the dirt-race is reigning Breeders' Cup Classic champion Accelerate.