The racetrack closed in 1995 and the arena in 2002; the facility was demolished in 2005, and is currently being redeveloped for a variety of uses, including dormitory housing for the University of Nebraska Omaha and the Aksarben Village development.

The Knights began operations in 1959 in the IHL, and later moved to the now-defunct CHL, with teams affiliated with the NHL's Montreal Canadiens, New York Rangers, and both the Calgary and Atlanta Flames.

Punters came to the track from all around the Great Plains, as pari-mutuel betting was illegal in many of Nebraska's neighboring states such as Iowa, Missouri and Kansas.

A portion of the property was sold to First Data Resources under the agreement that FDR would donate part of the land to the University of Nebraska Omaha (UNO) for its Aksarben Campus to build a new College of Information and Technology.

[5] After the remaining buildings and grandstand were torn down in early 2005, a proposal was put forth to create a mixed-use development called Aksarben Village.