Pegasus sign atop the Magnolia Building

The red neon Pegasus sign was first mounted atop the Magnolia Building (now the Magnolia Hotel) in 1934 and was restored and reinstalled in 1999 after being removed in the late 1990s. The flying horse has long been a recognizable symbol of downtown Dallas and appears frequently in local quips and photo captions. Residents and visitors commonly joke about Pegasus 'watching over' the city and use the sign as a landmark in humorous directions and commentary.