The stadium is named after Eládio de Barros Carvalho, who was Náutico's president fourteen times.

During the 1970s, the Náutico board of directors started a project to build a new 80,000 spectators stadium at Guabiraba neighborhood, to replace the outdated Estádio dos Aflitos.

During the early years of the 1980s, the architect Hélvio Polito developed a project to increase the stadium maximum capacity to 25,000 spectators with the construction of new bleachers.

In August of that year, a preliminary study about the technical viability of the stadium expansion and modernization was approved by the club's estate board.

The stadium's attendance record currently stands at 28,022, set on December 4, 1997, when Náutico beat América Mineiro 1–0.