For a total of 17 years, with a six-year gap from 1999 to 2004, the event was staged at the Newport Centre until 2014, when it was switched to the Motorpoint Arena in Cardiff.
Since 2014, the tournament has become one of a handful of tournaments to adopt the flat 128-man format, with all players arriving on day one and battling it out over seven rounds for the right to be crowned the champion.
The £310,000 event has notably provided maiden ranking titles and major breakthroughs for the likes of Ken Doherty, Mark Williams, Mark Selby, Ali Carter and the late Paul Hunter.
John Higgins and Ronnie O'Sullivan are the only players to win the tournament four times and there have been six maximum 147 breaks.
O'Sullivan is the defending champion after reeling off seven straight frames from 5-2 down to secure a 9-5 victory over Neil Robertson in the 2016 Final.