The owners cited the struggling Alaskan economy, and sagging ticket sales among the reasons for the club's financial downfall.

The 1990–91 season ended with the Aces winning the Senior Men's Open National Championship held in Fairbanks.

The Aces joined the Pacific Northwest Hockey League (PNHL) for the 1991–92 season, playing six of their home games at the Sullivan Arena in Anchorage and eight at the Central Peninsula Sports Center in Soldotna.

The Aces also won their second championship in the USA Hockey Senior Men's Open National Tournament with a 5–0 run highlighted by the 6–0 rout of the Fresno Falcons.

The Aces won the deciding fifth game 5–3 and advanced to the Taylor Cup finals, but were defeated by the San Diego Gulls.

The Aces additionally signed five former NHL players, including defenseman Jim Paek, goaltender Scott Bailey, wingers Todd Harkins and Daniel Goneau, and center Clayton Beddoes.

After a 10–18–4 season start, Aces' owner, Mike Cusack, fired Goring and Lou Corletto, who served the franchise as Vice President of Business Operations.

The club's owner, Cusack, accepted a $1.862 million bid from Duncan Harrison, owner of Alaskan Automotive Distributing in Anchorage, but U.S. Bankruptcy Court judge Donald MacDonald converted the Aces' bankruptcy case to Chapter 7, which allowed him to reject the Harrison bid.

The team gained national prominence in 2004 when it signed New Jersey Devils all-star and Alaska-born Scott Gomez during that season's NHL lockout.

[4] The Aces' 2006 triple overtime win against the Las Vegas Wranglers was at the time the third-longest game in ECHL history, concluding after 113 minutes, 30 seconds.

Mike Scott received the ECHL Kelly Cup MVP award after the Aces' 4–3 win over the Gladiators in game five of the series.

They were in the Kelly Cup Finals for the first time since their championship season in 2006, but they lost in seven games to the South Carolina Stingrays.

[5] In 2014–15 the Aces defended their Kelly Cup championship playing in the Pacific Division of the ECHL's Western Conference,[6] but failed to make the playoffs for the first time since the team's WCHL days.

The Aces were the northernmost and westernmost team in the ECHL, located 2,731 miles (4,395 km) from their closest geographical rival, the Idaho Steelheads.

[7] In 2017, co-owner Jerry Mackie stated that the ownership was considering ceasing operation upon the completion of the 2016–17 season due to the mounting financial losses, the recent sagging Alaskan economy, the aforementioned high travel costs and dwindling attendance.

[9] On April 8, 2017, the Aces played their final game in a 3–2 loss to the Idaho Steelheads in front of a sold out Sullivan Arena.