The Galway Plate, which was first run in 1869, as always features on Day Three of the Festival and today's renewal has an increased jackpot of £300,000.
The Plate, sponsored by Tote Ireland, becomes an evening event for the first time.
Coney Island - one of a quintet of horses owned by JP McManus - gets the vote.
Trained by Eddie Harty, Coney Island proved an exciting novice, and a few years ago was prominent in the Gold Cup betting.
Coney Island was last seen when finishing sixth in the Ryanair Gold Cup at the Cheltenham Festival, and today's trip and going should suit.
The British-trained pair Modus and Regal Encore also form part of the McManus assault on the race he last won in 2013 with Carlingford Castle.
Auvergnat, the winner of the £100,000 Paddy Power Chase at Leopardstown, and Drumcliff, making his debut for Aidan Howard, complete the team.
Champion trainer Willie Mullins runs a trio. Stable jockey Paul Townend has opted for the former Ulster pointer Yorkhill, which has become somewhat enigmatic in recent efforts.
Trainer Gordon Elliott has five engaged including Ravenhill, owned by the Ravenhill Syndicate containing several Ulster-based owners. The locally-bred horse won a Templepatrick point to point prior to his sale to the trainer.
Peter Fahey is keeping his fingers crossed the popular Peregrine Run can extend his remarkable winning sequence.
The nine-year-old is unbeaten in five starts since falling in the Topham Chase at Aintree in April.
Fahey said: "It's the type of race that you have to stay. He ran in it last year, he didn't perform, but the ground went soft on him - we shouldn't have run him.
"He won't run unless the ground is safe - but you're not going to get good to firm ground, or anything like it, in Galway.
"Looking down through it, I think he'd have a great chance. He's in great form, he's improved from each race, and even from his last run over hurdles he's improved again.
"I couldn't be any happier with him going into it."
Black Corton, trained by British Champion trainer Paul Nicholls, could supply the danger to the selection despite top weight.
SELECTIONS: 5.10 Diamond Hill 5.40 West Coast Time 6.10 Buttons and Bows 6.45 Formal Order 7.20 Coney Island 8.00 Leagan Gaeilge 8.30 Eight and Bob