The arena was opened on 17 September 1963, with a game between the national basketball teams of Israel and Yugoslavia, in which the latter won, by a score of 69–64.

In its early years, the arena held a capacity of 5,000 spectators, with just concrete stands, without any seats, and a roof.

Further renovations through the years 2005–2007 modernized the arena further, added commercial facilities, and increased its capacity to 10,383 with permanent seating, 10,823 for basketball games, and 5,941 for concerts.

The arena was also used to host one of the group stages of EuroBasket 2017, and the 2020–21 FIBA Europe Cup Final Four.

The arena has hosted various musical acts, such as: Teen Angels, Lali, Scorpions, Paul Anka, Take That, Rod Stewart, Neil Sedaka, Cyndi Lauper, LMFAO, Westlife, Five, Philipp Kirkorov, Juan Luis Guerra, Natalia Oreiro, Alicia Keys, Charles Aznavour, Sean Paul, and Julio and Enrique Iglesias.