Open to horses age three and older, it is contested on dirt over a distance of six furlongs and currently offers a purse of $350,000.
Raced in early October, prior to 1989 it was run during the track's spring meeting.
Founded in 1831 with the name from the local Phoenix Hotel, it is the oldest thoroughbred horse race in North America though it has not been run continuously.
[2] Hosted by the Kentucky Association racetrack in Lexington until 1930, the event was restarted at Keeneland Race Course in 1937.
As a result of these changes, Keeneland maintains separate sets of track records.