Meydan is the ultimate venue in horseracing. The racecourse was inaugurated on March 27, 2010 and occupies the place formerly known as the Nad Al Sheba racecourse. Its grandstand, spanning 1.5 km, can accommodate up to 60,000 spectators and its parking lot capacity is close to 9,000 cars. The racing season starts early November every year and runs through the end of March, featuring, among others, the International Dubai World Cup Carnival, with a prize purse of US$40 million. The season concludes with the richest one day race in the world, the Dubai World Cup. The winners share over US$26 million in cash and prizes. Off season Meydan hosts concerts by famous artists. Names like Santana, Elton John and Lady Gaga have given fantastic performances in front of their fans at the racecourse.