The Darren Weir-trained horse, jockeyed by Ballarat’s Michele Payne stormed home in the straight to beat home Max Dynamite by a length. Ms Payne was crowned the first female jockey to win the race while it was Mr Weir’s first Melbourne Cup victory. Ballarat mayor John Philips said he was thrilled by the win and hoped to hold a civic reception on the streets of Ballarat for the winners in the coming weeks. Cr Philips said he believed a major reason behind Prince of Penance claiming the Melbourne Cup victory was the state-of-the-art uphill training track the city possessed.

“Our uphill training track is unique in itself, there are not many of them around the world,” he said.

Ballarat Turf Club chief executive Lachlan McKenzie said it was the "biggest thrill" he has experienced in his career in the industry. He said while Mr Weir had already put Ballarat on the international map, this win only reinforced the talent which comes out of regional equine centres like Ballarat.

"The Ballarat connection from the jockey, to the owner and to trainer should not be lost on anyone," Mr McKenzie said.

The win followed news that Matt Cumani – part of the famous equine family, which includes global horse trainer Luca and TV personality Francesca – will establish a racing stable at the grounds of Sportsbet Ballarat which was welcomed by many in the industry.

The City’s chief executive Anthony Schinck said the win was a “sensational” outcome for Ballarat. He predicted it would attract a surge of interest in the equine precinct and demand for Darren Weir as a trainer.

"We already have Cumani in Ballarat which is a great,” he said. “This highlights how incredible our training facilities are on a world stage and what we can offer trainers and racing horse owners.”