It is run at the Curragh over a distance of 6 furlongs (1,207 metres), and it is scheduled to take place each year in late June or early July.
The event's registered title honours Balanchine, a successful filly whose victories included the Irish Derby in 1994.
It reverted to its former name in 2009, and from this point its sponsored title was the Ballygallon Stud Stakes.
[citation needed] The Balanchine Stakes was promoted to Group 3 status in 2011.
It is now sponsored by Airlie Stud, and it is held on the second day of the Curragh's three-day Irish Derby Festival meeting, as part of the supporting card to the Group 1 Pretty Polly Stakes.