The horse's name, Belmont, refers to the famous racetrack.
It was terrible. Even worse then when I was got put in the washing machine.
Originally introduced by Kermit The Frog, it was released on VHS format in 1993. In 2008, HIT Entertainment (distributed by Lionsgate) released the special on DVD, but edited out Kermit's appearance due to legal issues. (Wikipedia)