The inaugural running of the event was on 31 August 1986, as the '''Chicago-Budweiser Breeders' Cup Handicap''', the seventh event on the card for
Budweiser-Arlington Million Day and was won by Lazer Show who was ridden by
US Hall of Fame jockey
Pat Day in a time of 1:21. Lazer Show would win the event again the following year. In 2007, the race was moved to a synthetic surface when Arlington Park switched its main track from dirt to an all-weather course. The Chicago Handicap was switched back to dirt in 2017, when it was moved to
Churchill Downs in
Louisville, Kentucky. Arlington Park was cutting back on its stakes races in order to boost overnight race purses, and Churchill Downs, which is owned by the same company, picked up both the Chicago Handicap and the
Matron Stakes. In 2018 the event returned to Arlington Park with Princess La Quinta winning the race. The event was not held in 1988, 1998, 1999 and 2015. In 2020 due to the
COVID-19 pandemic in the United States, Arlington Park did not schedule the event in its shortened meeting. In 2021 the event was scheduled as a stakes allowance event, hence the event was changed to the
Chicago Stakes. In 2022, the event was moved to
Churchill Downs after the closure of
Arlington Park in
Arlington Heights, Illinois. Also the conditions of the event were changed so that only mares four years old or older could enter. In 2023 the event was moved to Ellis Park after Churchill Downs closed their spring meeting earlier due to a spate of injuries. In 2025 the event was upgraded to Grade II by the
Thoroughbred Owners and Breeders Association. == Records ==