HOLLYWOOD PARK : Grand Canyon Opens a Chasm : Futurity: Colt wins $1-million race by 6 1/2 lengths, breaking the mile record for 2-year-olds and raising Lukas’ hopes for the Kentucky Derby.

Wayne Lukas has been disappointed before by precocious 2-year-old colts who fostered dreams of a Triple Crown and then faded away.

Capote, Houston, Stalwart, Saratoga Six--their names bring back memories of Lukas predicting greatness. For one reason or another, none came close to realizing full potential.

Now there is the massive bay, Grand Canyon, whose victory in the $1-million Hollywood Futurity on Sunday was as good a race as a 2-year-old can run.

In beating lightly raced Farma Way by 6 1/2 lengths with the fastest mile ever run by a 2-year-old, Grand Canyon established himself as the favorite for the 1990 Kentucky Derby, although he might not be champion of his division this year.

Grand Canyon lost his most important race last month at Gulfstream Park, finishing second to Rhythm in the Breeders’ Cup Juvenile. The Lukas colt lost a bit of ground that day, while the winner slipped through inside to win by two lengths. But that might have been enough to ensure the Eclipse Award for Rhythm.

Lukas hopes not. “I’ve never had a horse improve like he has over a period of three or four races,” Lukas said.

Grand Canyon lost three of his first four starts before winning the Norfolk Stakes at Santa Anita Oct. 15. Since then, the Breeders’ Cup has been his only false step.

Even Lukas was in awe of Grand Canyon’s 1:33 in the Futurity.

The time not only shattered Snow Chief’s Futurity record of 1:34 1/5, set in 1985, it brushed the Hollywood mark of 1:32 3/5, set by Greinton.

“It would have taken some kind of horse to go by this guy today,” Lukas said.

The other eight runners never really had a chance. Grand Canyon, favored at 4-5 under Angel Cordero, raced near the pace under through the first half mile, took the lead at the head of the stretch and increased his lead with every stride.

Now the expectations await.

“It’s the nature of the game,” said Lukas, who paid $825,000 for Grand Canyon as a yearling. “This colt gives you a lot of reasons to get excited, but we know a lot can happen along the way.

“Fortunately for him, the best thing he’s got going is his attitude,” he said. “You could see he was on the muscle, ready to go out there. But he didn’t use himself up worrying about it. He saved his energy for the race. That kind of disposition makes a big difference in a young horse.”

Grand Canyon came into the Futurity off a 10-length victory in the Kentucky Jockey Club Stakes at Churchill Downs on Nov. 25. Cordero rode him for the first time that day, replacing Chris McCarron, who was riding Pay the Butler in the Japan Cup.

McCarron left for Japan thinking he would get the mount back on Grand Canyon if the colt came back in the Futurity. Lukas, however, decided Cordero fit his horse.

“It was strictly my call,” said Lukas, who owns Grand Canyon in partnership with William T. Young of Lexington, proprietor of Overbrook Farm.

“It might have been a case of Angel getting lucky and being there when Grand Canyon got it all together. But I thought the colt responded real well to Cordero’s more aggressive style.”

Grand Canyon’s opposition in the Futurity included the filly Dominant Dancer; the Ron McAnally-trained entry of Silver Ending and Single Dawn; and the Prevue Stakes winner Individualist I.

As expected, fast but inexperienced longshot Phantom X. broke quickly and took the early lead. But he was bearing out badly. McCarron, who picked up the mount on Phantom X., gave his colt a shout to focus his attention.

“When I did that, he really took off,” McCarron said. “But at least he straightened out.”

Grand Canyon settled smoothly for Cordero, who knew he had to be close to the pace on a track that had been favoring frontrunners all afternoon.

“The best thing about this horse is he obeys whatever you ask him to do,” Cordero said.

“You take a little hold, he comes back to you. You ask for run, and he moves right now. He’s the kind of horse you want to be riding in big races.”

As Grand Canyon gradually accelerated to the lead, the other contenders were forced to play catch-up.

“I knew that winner would be tough to beat,” said Ray Sibille, who rode Farma Way. “I think finishing second to him looks all right, and my colt figures to do nothing but get better. It was only his third race.”

Gary Stevens, who rode third-place Silver Ending, also was pleased with his colt despite getting beat by nine lengths.

“Sprinting really isn’t his game,” said Stevens of Silver Ending. “And the way the winner ran, the race turned into a sprint. I still like my colt’s chances when they start going farther.”

Elikos, a one-time claimer who went off at 109-1, closed from last place to fourth, earning $67,500. Individualist I was fifth, followed by Single Dawn, Talented Pirate, Dominant Dancer and Phantom X.

Dominant Dancer was the subject of controversy earlier this month when she was scratched from the Dec. 3 Starlet Stakes by the track veterinarian. The chestnut filly came back one week later to work a blistering six furlongs, prompting her owners to put up a $50,000 late fee to run in the Futurity. They did not get their money’s worth.

“She never ran a step,” said her rider, Eddie Delahoussaye. “She’s too smart to hurt herself. She never took a bad step, but she just never got into the bit.”

Lukas said that Grand Canyon will not run again until mid-March. But the colt will not be on vacation.

“I’ve had pro athletes like Magic Johnson tell me that the toughest thing for them to do is stop cold and then get back into condition from scratch,” Lukas said. “The same holds true for horses.

“We’ll keep him at the track and keep up his muscle tone, then along about March start looking for a race. Of course, a lot can happen between now and then. We’ll just have to hold our breath until next spring.”