The Racquet Club of Memphis is home to the annual men's indoor professional tournament in February, as well as a women's tournament at the same time.
The ATP has designed a tier of "500" events to complement its nine "1000" events, which award more points for each champion. At the top of the prestige list are the four Grand Slam Tournaments (U.S. Open, Wimbledon, Australian Open, French Open) and the ATP World Tour Finals.
The designation is a coup for Memphis and the Racquet Club because it is a comparatively small venue.
Other "500" cities include Rotterdam, Dubai, Acapulco, Barcelona, Washington, Beijing, Tokyo, Basel, and Valencia.