British racing's shop window Royal Ascot 'needs more prize money'
There is still £17.5 million ($22.1 million) on offer over the five days that span a heady mix of top-class racing, the very height of fashion and the patronage of the Royal Family, headed by King Charles III and Queen Camilla.
The prize money, though, pales in comparison to international racing festivals elsewhere.
"Royal Ascot is very much the shop window internationally for British racing," Redvers told AFP by phone.
"Ascot has eyes on it across the globe and is the place to be seen even if you are not a dyed in the wool racing fan.
"However, you can only trade on the glamour, history and tradition for so long and you have to progress in prize money to keep on attracting the US, Japanese and Australian runners."
William Woodhams, CEO of the world's oldest bookmakers Fitzdares, says Ascot should take a lead from tennis' grasscourt Grand Slam event Wimbledon.
"(Royal Ascot) is a wonderful spectacle for tourists and sits close to Wimbledon so many Americans come over for the month and enjoy them both," he told AFP.
"Sadly the calibre of Japanese raiders hasn't quite materialised and it would be nice to have a few Aussie superstars attend.
"Ascot needs to start making the trip more worthwhile for international horses.
"With UK racing in decline but international racing growing, it needs to be more like Wimbledon."
'Best free publicity'
Prize money may not be rising fast enough but one thing that has been reassuring for racing is the level of interest and passion displayed by the King and Queen.
There had been fears that with the death of Queen Elizabeth II, a successful owner/breeder and passionate racegoer, the King would be less enthusiastic.
However, Charles' display of emotion when his Desert Hero won the King George V Stakes last year -- he wiped away a tear and then knocked over the trophy when he went to receive it -- demonstrated that 'The Sport of Kings' is embedded in him as much as it was in his mother.
Desert Hero edged out Qatar Racing's Valiant King.
"We have never been so glad to finish second in a race, a real head-bobbing finish," said Redvers.
"It was wonderful to see how (the King and Queen) have embraced the sport and are so present.
"It was very much (the late Queen's) passion and he stepped back as it was her garden. Now it is very much their garden.
"The King and Queen's passion is enormously important for the sport.
"They realise how important the week is, the history, the competition, and its usefulness in terms of soft diplomacy."
Woodhams, who like Redvers is seen as one of the most original thinkers in the sport, says it is crucial to keep an eye on the long-term future regarding the Royal Family.
"It's critical the industry courts Prince William," said Woodhams, who came into the industry on the back of six years with luxury goods firm LVMH.
"The King's racing manager (John Warren) has a talented son (Jake) who might be the key to keeping the House of Windsor engaged.
"It's the best free publicity a sport can get."
One thing the King and Queen will miss this year is a flying dismount from legend Frankie Dettori -- 'Mr Ascot' to many and with 81 Royal Ascot winners to his credit.
The exuberant Italian will be back from the United States where he is riding -- having revised his decision to retire last year -- but principally for his daughter Ella's wedding.
"We do not need Frankie for racing to survive," said Redvers.
"Of course he is a wonderful asset to the sport and a great ambassador too.
"I think the long goodbye will continue -- and he may be back next year at Ascot -- as he is riding as well as ever."