The arena is a multi-use facility accommodating national events, concerts, hockey, rodeo, trade shows, and even graduations.

It was built in 1991 and is the home arena of the Red Deer Rebels hockey team.

Various notable artists have performed here, including Snoop Dogg, Mötley Crüe, Nickelback, Hilary Duff, Elton John, Bryan Adams, Billy Talent, Skillet, Rush, Trooper, Hedley and most recent the band Aqua It was the primary site for the 1995 World Junior Ice Hockey Championships, the 2004 and 2012 Scotties Tournament of Hearts and Game 7 of the 2007 Super Series.

[7] A replay was scheduled for August 2022, but it was decided that the tournament would once again be held exclusively in Edmonton.

[8] After the expiration of a previous sponsorship with ENMAX, Red Deer-based Peavey Mart acquired the naming rights to the Centrium in July 2021 under a five-year deal.