Gai Waterhouse will bid to win the Festival Stakes for just the second time when she starts Frespanol, the early favourite for the Rosehill feature.

Frespanol, who beat subsequent Group One Emirates Stakes placegetter Rock Sturdy at Randwick two starts ago, will be joined in Saturday's race by stablemate Pheidon in a bid to give Tulloch Lodge its first win in the 1500m event since Rabbuka six years ago.

The five-year-old heads betting at $4.60, ahead of It's Somewhat who resumes for Godolphin.

Queensland mare Tinto and the Hawkes Racing-trained Ninth Legion are the only other runners at single-figure odds.

Veteran trainer Fred Cowell will start $17 chance Mighty Lucky, 23 years after he won the Festival Stakes with Top Comedian.

Last year's winner I'm Imposing returns to defend his title in an attempt to become the first horse to win the race back-to-back since This Manshood in 2002-03.

The Festival Stakes is one of three black-type races at Rosehill along with the ATC Cup (2000m) in which the Chris Waller-trained Telepathic dominates betting.

The Peter and Paul Snowden training partnership appears to have a stranglehold on the Listed Starlight Stakes (1100m) with favourite Dublin Lass and second elect That's A Good Idea.