In 1896, members of the Shoshone Nation entered into an agreement with the US Government and ceded land which includes the Big Horn Spring. In commemoration of this event, the "Gift of the Waters: Historical Indian Pageant," was written. It was first presented at the Hot Springs State Park in 1925. This Pageant continues today, and is produced every year on the first Saturday and Sunday in August.

Local Native Americans participate and dance in this moving and colorful presentation. All are invited to watch this free performance which is located on the lush grounds in front of the Big Spring. The Town of Thermopolis has embraced this event and "Pageant Weekend" has become a favorite destination for locals and visitors. Besides the Pageant, other activities include the Pageant parade, Craft Fair, 5/10K Pageant Run, Tours, and Cowboy Church Services.