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The biggest fault with Pioneerof the Nile is that he has rendered Saturday’s $200,000 San Felipe Stakes at Santa Anita little more than an exhibition.

There were seven horses entered for the Grade 2 San Felipe Stakes on Wednesday, but at least two - He’s Really Big and New Bay - are likely to defect to Sunday’s Pasadena Stakes on turf, and two more were also candidates to be withdrawn as of Thursday morning: Feisty Suances and Kelly Leak.

The longshots Jeranimo and Shafted are expected to challenge Pioneerof the Nile, who is considered California’s leading hope for the Kentucky Derby.

If Pioneerof the Nile’s wins in the Grade 1 CashCall Futurity at Hollywood Park in December and the Grade 2 Robert Lewis Stakes here in February did not do enough to impress rival horsemen, or bettors, there is always trainer Bob Baffert.

“He looks cherry,” Baffert said.

Owned by Zayat Stables, Pioneerof the Nile has earned his status by displaying an impressive stretch run that suggests he should thrive at longer distances as the year progresses.

The San Felipe is run over 1 1/16 miles, and is the final major prep for the $750,000 Santa Anita Derby on April 4. In the Santa Anita Derby, Pioneerof the Nile will face The Pamplemousse, who has two graded stakes wins this year.

“We need a race for him, and we need to get him going for the big showdown,” Baffert said of a meeting with The Pamplemousse.

Through the winter, Baffert said that Pioneerof the Nile has “matured.”

“He’s quieter and getting smarter,” Baffert said. “At Hollywood, he got hot going to the gate. Now, he seems like he handles it pretty well.”

Baffert tested Pioneerof the Nile’s coolness when the Empire Maker colt was schooled during the Santa Anita Handicap program last Saturday. The day drew a crowd of more than 31,000.

“He handled the crowd,” Baffert said.

In his two recent wins, Pioneerof the Nile has chased a modest pace and closed from three or four lengths behind the leaders to reach the front in the final furlong. He won the CashCall Futurity by a nose and the Robert Lewis by a half-length.

The form of both races has held up. I Want Revenge, second in the CashCall and third in the Lewis, was an emphatic winner of the Grade 3 Gotham Stakes at Aqueduct last weekend, and is considered the leading contender for the Wood Memorial there on April 4. Papa Clem, the runner-up in the Lewis, will start in Saturday’s Louisiana Derby at Fair Grounds.

There is nothing of that caliber in the San Felipe field, among the expected scratches or the horses likely to run.

Trainer Rafael Becerra said that He’s Really Big will skip the San Felipe. Kelly Leak is more likely for the WinStar Derby or Santa Anita Derby, trainer Mike Machowsky said.

“I’m probably not running,” Machowsky said.

New Bay has been entered for Sunday’s Pasadena Stakes. Trainer Richard Mandella considers New Bay to be a promising 3-year-old but is not as committed to the Santa Anita Derby preps as some trainers.

“I’ve entered back for Sunday, and that race might be easier to bring him along,” Mandella said. “I’d run Saturday if Baffert scratched. I’d do it for him, if I could.”

Feisty Suances was “50-50″ for the San Felipe on Thursday, according to trainer Darrell Vienna.

A win by Jeranimo or Shafted would be a shock.

Jeranimo is making his stakes debut after finishing second in an allowance race on Feb. 26 in his third start.

“Obviously we lack on the seasoning scale, but he keeps moving forward,” trainer Mike Pender said.

Shafted, trained by Mark Casse, was eighth in the Robert Lewis Stakes after winning an allowance race over 1 1/16 miles here on Jan. 2.

They pose a threat to Pioneerof the Nile in the sense that they will be lined up alongside of him in the starting gate. Baffert, for one, is already focusing on the future.

“This is when it’s starting to heat up,” Baffert said. “It’s fun to be in this position.”

Madeo defeated Sky Cape by two lengths to win Thursdays $64,200 Kings Highway Purse at Santa Anita.

Ridden by Hall of Fame jockey Mike Smith, Madeo covered one mile on the turf in 1:34.22 and paid $8.80, $4.40 and $3.40.

Sky Cape, ridden by Smiths girlfriend Chantal Sutherland, returned $9 and $5.60. Safety Zone was another half-length back in third and paid $5.80 to show.

Madeo had been pulled up by Smith after taking a bad step in the San Fernando Stakes on Jan. 17.

We were so happy that Mike was aboard to pull him up and he was OK, trainer John Shirreffs said. We had vets go over him carefully at the barn and do X-rays. Everything looked good.

After competing in Grade 1 or Grade 2 races in his six previous starts, Thursdays allowance race was a decided drop down for Madeo, although he faced a talented field that included four horses with victories in Grade 1 or 2 races.

Mast Track, winner of the Hollywood Gold Cup in June, faded to sixth.

The victory, worth $37,800, increased Madeos career earnings to $385,715, with four wins in 11 starts for owners Jerry and Ann Moss.

Ruby Walsh rode his fifth winner of the Cheltenham Festival on Thursday when he took Big Bucks to victory in the World Hurdle.

The 6-1 third favorite stalked the pack throughout the 3-mile race before surging to the front at the last hurdle, when the 6-year-old overcame a heavy landing to stay ahead of Punchestowns and win by about two lengths.

This horse has a huge engine, its just getting it out of him at times, said Walsh, who has 22 career wins at Britains most prestigious hurdles meet. Its a cracking horse this.

The 7-2 second favorite Punchestowns finished second, with 25-1 shot Powerstation in third. Pre-race favorite Kasbah Bliss, last years runner-up with Christophe Pieux on board again, appeared well-placed throughout but could not find a late surge and finished fourth.

On Wednesday, Walsh become the first jockey in 10 years to win three races in a single day at Cheltenham. The 29-year-old Irishman is the most successful current rider at the festival, one ahead of Tony McCoy.