It is a part of the Clube de Regatas do Flamengo multi-sports club family.

The club's full name is Basquetebol do Clube de Regatas do Flamengo.

Brazil's senior national team's all time legend, Oscar Schmidt, played with Flamengo between 1999 and 2003, and is one of the most important players in the club's history.

When the Rio de Janeiro State Championship was again won in 1933, the team was still undefeated.

Flamengo Basketball professional team later played their home matches at HSBC Arena.

Its formal name, Ginásio Gilberto Cardoso, honors a former Clube de Regatas do Flamengo president.

For the 2007 Pan American Games, the gym was remodeled, with new central air conditioning, an added four-sided scoreboard, a new sound system, a dome which allows natural lighting during the day, new comfortable seating, and adaptions to all international requirements.

In December 2007, the arena started being operated by GL Events, who also operates the nearby Riocentro Convention Center and the Riocentro Sports Complex, and started hosting music concerts from a various hand of artists.

The arena also started to receive Flamengo Basketball team in 2009, for the playoff's games of NBB League, and is the home of the team to the 09–10 season Flamengo has also used the Ginásio Álvaro Vieira Lima as a home arena.

[7] As a part of the arena's opening events, there was the Basketball Tournament International Women Aquece River, held from 15 to 17, January 2016, and the International Championship of Wheelchair Rugby Rio Aquece, held from 29 to 31 January 2016.

[citation needed] Note: Flags indicate national team eligibility at FIBA-sanctioned events.