Green’s Dictionary of Slang

1. the vagina.

1709

N. Ward Compleat and Humorous Account of Remarkable Clubs (1756) 107: If her Mate has but Time to give her a Tavern Treat, and wants not the Courage [...] to attack her Watering Place, which she has not Sense or Modesty enough to value.

2. (also watering-house) any place where alcohol is available.

1781		Proceedings Old Bailey 25 Apr. 245/1: We returned back to a watering-house; I fancy it was the sign of the Coach and Horses; it is an house the waggons and carts stop at.
1797		M. Robinson Walsingham IV 8: So, dash my wig, but I bought a tandem [...] sported an old girl of fashion, on the wrong side of forty, and kicked up a breeze at all the watering places.
1848		‘Ned Buntline’ Mysteries and Miseries of N.Y. I 59: A dingy-looking, two-story frame house, which has been long known as a ‘watering-place’ and ‘dance house’ for thieves and pickpockets.
1882		Nat. Police Gaz. (NY) 15 July 2/1: Many watering-place hotel keepers will ‘go broke’ this summer .
1900		Bulletin (Sydney) 21 July 11/4: A bagman distilled poison into her ear, and the poison worked so that she eloped with him to a convenient watering-place much used for that purpose.

3. (US) a restaurant or similar place of entertainment for public drinking favoured by the rich.

1885		Bulletin (Sydney) 24 Oct. 5/2: An Australian on a holiday trip writes to us from Trouville, [...] the fashionably-crowded French watering-place.
1938		Flash! (Wash., D.C.) 21 Feb. 11/1: watering places — The most popular eat, drink and dine places along any stem, usually catering especially to satiation of the thirst.