The Fair Grounds Stakes is a Grade III American Thoroughbred horse race for four-year-olds and older run over a distance of about 1+1⁄8 miles (9 furlongs) on the turf annually in mid-February at the Fair Grounds Race Course in New Orleans, Louisiana.
The event was inaugurated on 21 February 1988 as the featured tenth race called the Fair Grounds Budweiser Breeders' Cup with sponsorship from Budweiser and the Breeders' Cup with handicap conditions for three-year-olds and older at the distance of about one and one-eighth miles.
Top Guest had previously won the Stockholm Cup International as a three-year-old.
[3] That same year, 2006, the event was moved to Louisiana Downs due to the after effects of Hurricane Katrina which damaged the Fair Grounds racetrack.
The event has been held in mid-February since 2010 as is part of Louisiana Derby Preview Day at the New Orleans racetrack.