This issue is a variant of Wonder Woman (DC, 1942 series) #250. There exist further variants.
This issue is called a "250th Anniversary Special" on the splash page.
Orana first appeared in Wonder Woman (DC, 1942 series) #98, which featured the first contest of the Earth-One Wonder Woman. Orana had issues with Princess Diana back then as well, complaining Queen Hippolyte would unfairly favor the Princess in the games.
Diana notes that her tiara and her lasso are the symbols for which the tournament is held, and removes them for the duration of the games.
In this version of the games, four days are dedicated to one element each: Earth (Combat), Air (Wind-Gliding), Water (Endurance), Fire (a Falling Meteor Race).
It is noted that the gods created the rules of the Tournament, eons ago.
As Diana bequeaths the lasso and tiara, she asks that Orana use them "well, and with compassion," a line also used in the Wonder Woman tv pilot starring Lynda Carter.
Diana notes that the Wonder Woman costume is based on the American flag, as the ideals of the United States most closely resemble those of the Amazons.