It was named after Lawrence Joel, an Army medic from Winston-Salem who was awarded the Medal of Honor in 1967 for action in Vietnam on November 8, 1965.

The memorial was designed by James Ford in New York, and includes the poem "The Fallen" engraved on an interior wall.

Since 2003, the LJVM has hosted the North Carolina High School Athletic Association (NCHSAA) Western Regional Basketball Tournaments.

The run ended with a loss to Michigan State in the championship game The Harlem Globetrotters have played in the Coliseum as well.

[7] On May 20, 2013, the Winston-Salem city council approved the sale of the Joel Coliseum to Wake Forest University for $8 million.

[8] Wake Forest University completed the purchase of Lawrence Joel Veterans Memorial Coliseum and the surrounding 33 acres on August 1, 2013.

Wake Forest has made numerous upgrades to the coliseum, including LED court lighting, which improved energy costs, and a 1,400-foot center hung display monitor at mid-court.