Excitement is building for the running of the 152nd Emirates Melbourne Cup in front of a huge crowd including special guests Their Royal Highnesses, The Prince of Wales and The Duchess of Cornwall.

Over 15,000 people have already flocked to Flemington Racecourse by train – with thousands more arriving by road, sea and air – with just a few short hours until the race that stops a nation.

The Birdcage will soon be bursting with celebrities including Emirates guest Mischa Barton, VRC International Style Ambassador Philip Treacey OBE, and the stunning Rose Byrne in the Lexus Birdcage marquee.

Cloudy skies are forecast to clear this afternoon, with the Bureau of Meteorology predicting a high of 26 degrees.

This year the VRC and Myer are celebrating 50 remarkable years of Fashions on the Field competition and the stakes will be high with a place up for grabs today in Crown Oaks Day’s Women’s Racewear National Final.

The invitation only Design Award, which was established in 2005 and has since become a favourite on Emirates Melbourne Cup Day, will showcase 41 of Australia’s most loved and respected racewear designers.

The Victoria Racing Club expects the crowd at Flemington to reach 100,000 in time for the spectacular Emirates Melbourne Cup at 3pm.

Americain remains favourite for the Emirates Melbourne Cup at $6.20 with the TAB, followed closely by Red Cadeaux ($7.70), Dunaden ($7.90) and Mount Athos ($9.80).