Gatewood could finish only seventh behind French runner Shahwardi in the Group Two Herbert Power Stakes at Caulfield.
John Gosden's charge was sent off favourite for the two-mile event as he made his Australian debut in the hands of Corey Brown.
However, he enjoyed little luck in running and eventually finished out of the frame behind the Alain de Royer-Dupre-trained winner.
Kerrin McEvoy sat at the rear of the field on the six-year-old before powering down the straight to win by a length - his first victory in three years.
Racing Victoria general manager Greg Carpenter will announce a Melbourne Cup penalty for the horse on Monday, with connections hoping he can move up the order and make it into the 24-runner event next month.
McEvoy believes he would have a chance in the November 6 feature, adding: "Obviously it's a step up in grade again but he has travelled over well and he'd be some sort of chance in a Melbourne Cup."
Update:
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