Roth and Rosen co-owned the establishment until 1986 when St. Elmo was sold to local entrepreneurs Stephen "Steve" Huse (founder of Noble Roman's) and Jeff Dunaway for US$2.5 million.

In commemoration of the restaurant's 100th anniversary in 2002, exterior renovations were undertaken, including the installation of an awning, façade lighting, and decorative brick pavers.

[8] Joey Chestnut has remained undefeated since the inaugural competition[9] and holds the world record for consuming 18 lb 9.6 oz (8.44 kg) of the restaurant's shrimp cocktail in eight minutes at the 2018 contest.

[16] Le Méridien Indianapolis Hotel is sited immediately north of St. Elmo, across a small service drive (formerly W. Chesapeake St.).

According to reporting by Indianapolis Monthly, the restaurant orders four tons of horseradish,[17] 48,600 pounds of shrimp, and 3,800 gallons of sauce for more than 100,000 servings of the popular dish each year.

Besides steak, other notable dishes include locally-sourced Amish chicken, king crab mac 'n' cheese, and wedge salad.

[20] The restaurant's signature cocktail and most popular beverage, the Elmo Cola, consists of Maker's Mark bourbon infused with Luxardo cherries and Madagascar vanilla beans served alongside a classic bottle of Coca-Cola.

[23] Due to its distinctive dishes and longevity, the restaurant has been featured in numerous publications, including Esquire,[24] Forbes,[23] The New York Times,[25] Reader's Digest,[26] Smithsonian,[27] Travel + Leisure,[28] and USA Today.

[36] The restaurant is a popular eatery for visiting celebrities,[19][37] reportedly a favorite of Peyton Manning,[38][29] Jim Nantz,[39] and Simon Pagenaud.