THE Sydney autumn carnival and its multimillion-dollar pay-days are over: now for the downturn.

Take the Gosford Race Club, which parted with $348,000 in prizemoney in atrocious conditions yesterday. The Gosford Guineas field of nine carved up $250,000 and trainer Stephen Farley's emerging star, Sincero, took home $162,500 of that for first place. But the financial bottom line for the club was a disaster.

''I've no doubt the day has cost the club $100,000 in lost revenue,'' GRC chief James Heddo said. ''As a mid-week race club that usually conducts Thursday afternoon meetings for the industry, we have limited opportunities to generate revenue through gate takings, bar and food sales. Our two biggest days are our New Year's Eve meeting and Anzac Day - they are are two days to make a good bit of money and put it back into the industry.''

Despite the horrendous conditions, a crowd of 3200, littered with young people, watched the eight-race card, highlighted by Sincero ploughing through the bog to win.

Sincero blew out from $2.50 to $5 in the betting but the three-year-old had five lengths to spare on the unbeaten Happy Patrick. ''I don't know how good he is,'' Farley said. ''We haven't got to the bottom of him.''

The $8000 yearling purchase has won seven from 10 starts and his large team of owners has knocked back a $1.1 million offer from Hong Kong.

For jockey Chris O'Brien, the association with Sincero has stretched to nine rides for all seven wins.

''When he got a bit of footing over the back, he just picked up the bridle and it was over,'' O'Brien said. ''There was still plenty there on the line - he is like one of those cocky boxers that bounces around the ring.''

The Gosford Guineas meeting was due to be run nine days ago but was washed out. Farley was eyeing it off and had Saturday's Hawkesbury Guineas pencilled in as a final lead-up to the Scone Guineas on May 14.

''We've had to change plans,'' Farley said. ''Hawkesbury is out; he'll trial at Randwick before heading to Scone.