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I am glad to report that over the last few years the post-frat crowd of NYC millennials has started treating it as more of an NYC late spring festival, and less of an ersatz Kentucky Derby event. The guys have moved to a proper preppy style, blue blazers and seersucker pants or chinos, and away from the "crazy" suits of years gone by
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Women's fashion is closer to festival style than Derby style (plenty of fascinators still, but they are on the wane) festival with a preppy NYC edge, more Lilly than Anthropology. Best look is floppy sun hat, good shades, nice clutch, and cute sundress or romper and shoes you can (mostly) walk in, especially on grass. The midriff trend has moved to a thin line, just below where an Empire waist would hit. It looks great on nearly everyone.
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My best advice would be to skip the long dresses and totally flat sandals, because some of the millennials new to Belmont have not yet learned to pace themselves, and aren't well acquainted enough with the effects of day drinking bourbon. Have fun, don't bet what you can't afford to lose, and then you can consider all wagers as entertainment budget - cheaper than a day at Yankee Stadium and you don't have to watch baseball.