The 85,000 square foot building was opened in November 2022 on the site of Fairfield's former on campus arena, Alumni Hall.

With the opening of Mahoney Arena, the men's Stags basketball team played all its home games on campus for the first time in 2022-23 since the 1999-2000 season, instead of the larger Total Mortgage Arena in nearby Bridgeport.

[2] The arena's $51 million construction was fully funded by donors and is named after former university trustee Leo Mahoney, whose three children attended Fairfield.

The playing court is named after former basketball coach and university athletic director George Bisacca, which was carried over from Alumni Hall.

Fairfield guard Deon Perry hit a 70-foot buzzer beater to beat the Marist Red Foxes on February 6, 2025.