Complex sentence: The Pegasus Stakes is an American Grade III race for Thoroughbred racehorses held annually in October at Meadowlands Racetrack in East Rutherford, New Jersey.
Split into simpler sentences: The Pegasus Stakes is an American Grade III race for Thoroughbred race horses usually held at Meadowlands Racetrack in October each year. The Meadowlands is in East Rutherford, New Jersey.