The race was first run on October 16, 1998, as the First Lady Stakes at a distance of 1+3⁄16 miles and was sponsored by Vinery Farm located in Lexington.
In 2000, Perfect Sting ran second in this race but went on to win that year's inaugural edition of the Breeders' Cup Filly & Mare Turf.
[4] In 2005, Intercontinental won this race and the ensuing Breeders' Cup and was crowned US Champion Female Turf Horse.
The 2015 winner Tepin went on to defeat the males in the Breeders' Cup Mile and also was crowned US Champion Female Turf Horse.
The British bred Uni was the most recent winner to claim the Breeders' Cup Mile after winning this event in 2019.