With a seating capacity of up to 14,000 for concerts,[3] CFG Bank Arena is owned by the City of Baltimore and managed by the Oak View Group, a global sports and entertainment company.

The venue has been home to several Baltimore-based sports teams, most notably the Baltimore Bullets (now Washington Wizards) of the NBA from 1963 to 1973.

A cornerstone to the Arena was laid in 1961 with a vault that included messages from then-U.S. President John F. Kennedy, then-Maryland governor J. Millard Tawes, and then-Baltimore Mayor J. Harold Grady.

The financially troubled Clippers ceased operations in mid-season, 1974–75, when the professional Baltimore Blades (the relocated Michigan Stags) of the World Hockey Association (WHA) moved into the market/arena.

On November 12, 1962, the Arena hosted a boxing match between Joey Giardello and Johnny Morris attended by 6,000 fans.

On April 3, 1965, defending WWWF champion Bruno Sammartino defeated Gene Kiniski in a return title match.

On April 12, 1966, Dr. Martin Luther King Jr. gave a speech, "Race and the Church", before a gathering of Methodist clergy at the Baltimore Civic Center.

On June 13, 1970, The Jimi Hendrix Experience played the Civic Center with a last-minute decision to visit from New York and sold out.

Bon Jovi performed to a sold-out Arena crowd during their Slippery When Wet Tour on December 29, 1986.

This performance is notable, because lead guitarist Mark St. John makes his live debut with the band, after being temporarily replaced by Bruce Kulick for the first two months of the tour due to contracting reactive arthritis.

Notable players include Gary Gait, Tom Gravante (head Men's Lacrosse coach at Mount St. Mary's University) and Hugh Donovan.

The Arena was a frequent venue for Jim Crockett Promotions (NWA) and World Championship Wrestling (WCW).

The Arena has also been a staple on the PBR's Built Ford Tough Series bull riding tour.

In July 2004, the Arena was host to the US debut of Japanese rock band L'Arc-en-Ciel, as part of the anime and east Asian culture convention Otakon.

On November 20, 2009, Bruce Springsteen & The E Street Band performed at the Arena, recreating the entirety of their landmark album Born to Run; it was their first tour stop in Baltimore since 1973.

Several country-pop music acts have made tour stops at the Arena, including Carrie Underwood and George Strait.

It hosted the season 23 premiere of WWE Monday Night Raw on September 8, 2014, and ended the same WWE Raw season on September 7, 2015, with the main event being a six-man tag team match between John Cena and the Prime Time Players vs. Seth Rollins and The New Day.

On September 30, 2011, the NHL's Washington Capitals played a preseason game against the Nashville Predators in a 2–0 loss at the Arena.

The Colonial Athletic Association announced they would be moving their men's basketball tournament to the Arena in 2014 under a three-year contract after a 24-year run at the Richmond Coliseum.

In still more recent years, the Arena continues holding events such as Stevie Wonder (April 2015), Prince (May 2015), the Eagles (July 2015), and Garth Brooks (five sold-out concerts in January 2016).

[22] The arena reopened in February 2023 after a year long renovation and once again hosted the 2023 CIAA men's and women's basketball tournament.

The Maryland Stadium Authority had started soliciting proposals for a feasibility study on building an Arena in downtown Baltimore, due on November 1, 2004.

Notably the proposed new Arena would seat only 15,000 to 16,000 people; the study assumed that Baltimore would never be successful in attracting a major pro team in the future; however, city officials were still open to this idea.

[26] Conceivably, the new arena could be successful in attracting a minor-league hockey team, bringing more than 200 new jobs and generating up to $1 million in additional tax revenue.

This proposal included the following features in addition to the larger Arena: Streuver Brothers Eccles & Rouse: A well known Baltimore-based developer.

[29] On July 8, 2009, ArenaDigest.com reported that Baltimore City officials had postponed their plans for constructing a new arena, due in part to the struggling economy, and the officials' decision split between building either an 18,500-seat Arena for a possible NBA or NHL franchise, or constructing a mid-size facility for concerts, family events, and minor league sports.

[30] However, on November 12, 2010, with the recession rebounding, Mayor Stephanie Rawlings-Blake announced that city officials were considering new sites for a new arena.

[33] However, the Cordish proposal was scrapped when Maryland Governor Larry Hogan cancelled the Red Line project, which was a dire need for the arena.

[35] On June 23, 2021, it was announced that Oak View Group, in association with the Thirty Five Ventures, the investment company of NBA player Kevin Durant and his agent and business partner, Rich Kleiman entered negotiations to invest $200 million into renovating the Royal Farms Arena.

[36] On November 24, 2021, the Board of Estimates approved the arrangement with a one-year renovation project beginning in February 2022.