First staged 36 years ago in 1989, the PGA Tour recognizes the event as one of the five senior major golf championships.

Following the 2006 edition, it moved to the high desert of central Oregon for four years, to the Crosswater Club in Sunriver, south of Bend.

The lengthy course sits on 600 acres (2.4 km2) of woodlands and preserved wetlands along the Deschutes River, at an average elevation of 4,170 feet (1,270 m) above sea level.

Following the 2010 event, Birmingham, Alabama–based Regions Financial Corporation announced in August that it was taking over sponsorship of the tournament.

It moved from Shoal Creek to the nearby Greystone Golf and Country Club in 2016, and is held on the recently renovated Founders Course.