Gai Waterhouse has come up empty with her first United States runner Pornichet failing in the inaugural Belmont Derby.

Pornichet, who will come to Australia later this year, over-raced with blinkers on and eventually weakened after leading early.

The $US1.25 million ($A1.35 million) race was won by Mr Speaker from Irish contender Adelaide.

Waterhouse bought Pornichet during her recent visit to Europe and after he ran third in a Group One race in France in May.

The trainer hopes he will eventually be a Melbourne Cup contender but that might not be until 2015.

Waterhouse won her first Cup with Fiorente last year and has the early 2014 favourite, The Offer, who made an appearance at Rosehill on Saturday in a pleasing exhibition gallop.

Cafe Society, third in a Listed race at Royal Ascot, will run at Goodwood later this month before he comes to Australia with the Cup in mind.

Waterhouse bought Cafe Society at the Goffs Sale in London just days before his Ascot third.