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The club was founded on September 27, 1923, by a group of enthusiastic rowers and swimmers. The first president was Dr. José Chapo. At the beginning, the Regatas had few members and a large beach over the Río Paraná coast. The institution was expanding itself developing activities such as rowing, swimming and sailing ship.

Some of the most relevants sailors of that time were Antonio Leconte, the Miholvisevich Brothers, Fages and Ismael Condado, all of them representing Regatas in diverse competitions. Other clubs that also participated were Club de Regatas de Resistencia (Chaco), Club Náutico de Formosa (Formosa), Náutico de Monte Caseros (Corrientes), Náutico de Eldorado (Misiones), Rowing Club de Posadas and the Paraguayan clubs Deportivo de Puerto Sajonia and Mbigua.

During the 70's, Regatas incorporated a lot of new members, who came attracted by its beach where they could spend long periods of time during Summertime. The club received also funds from the Government used to build a roofed stadium, Estadio José Jorge Conte, which was able for the practice of basketball and volleyball and had a capacity of 2,600 seats.

In 2008, Regatas won the Liga Sudamericana defeating Flamengo 3–2 (in matches won) in the final.