Founded in 1895 as a rowing club, Regatas later developed other sports activities, such as rugby union, field hockey, football and tennis.

Most inhabitants of Bella Vista at the time had French origins; one of them, Enrique Goubat, is credited as being the founding father of the club.

Regatas' best performance ever was during the 2002 championship, when the team reached the finals but was later defeated by San Isidro Club.

[3] Regatas has achieved more success in the rugby sevens version of the game, winning the provincial tournament in 1985.

The club's underaged teams have also earned some success since the 1990s, winning the Under-19 title in 1999 and finishing second in the 2008 Under-22 championship.