[5][3] Commissioned by the Tasmanian Government and the Glenorchy City Council, the DEC served as the home arena for the Hobart Devils in the NBL from 1989 until 1996, when the team's licence was revoked.

[9][10][11][12][13] As the largest enclosed multipurpose venue in Tasmania, the DEC has hosted many Australian and international musical acts, including Kylie Minogue, Bob Dylan, Carole King, The Corrs, James Brown, Leonard Cohen, Tina Turner, Blondie and The Beach Boys.

Despite Tasmania's small population, it is still a viable destination for musicians touring Australia (whom would often play at smaller venues or theatres); the island was also showing promise in basketball, exemplified by Launceston Casino City winning the NBL championship in 1981.

The Hobart Devils, initially based at the 1,800-seat Kingborough Sports Centre, experienced relative success in the mid-1980s, solidifying the case for a larger, purpose-built arena as the franchise's influence expanded.

The Derwent Entertainment Centre was handed over to the Glenorchy City Council on 14 March 1989, becoming the largest capacity indoor venue on the island, accommodating 4,875 patrons, fully seated, or 6,925 general admission.

The prisoner, who was serving a jail sentence for fatally injuring his mother, reportedly committed the act while Bob Dylan's One More Cup of Coffee (Valley Below) played in the background.

[22] In June 1995, Brisbane Bullets coach Bruce Palmer lodged a formal complaint about a lack of security at the DEC, following an incident in which he and others on the bench were pelted with objects after the visiting team defeated the Devils 107–105.

[27][28] In 2002, Tasmanian Liberal Party leader Bob Cheek launched his election campaign at the DEC, opening the event with the Hunters and Collectors song "Holy Grail".

In October 2018, the Glenorchy City Council unanimously rejected an unsolicited offer for the DEC from the Southern Huskies consortium, led by Hobart Chargers president David Bartlett and former player Justin Hickey, deeming it inadequate for a significant public asset.

[12] In June 2019, it was reported that the National Basketball League were interested in purchasing the DEC from the City of Glenorchy in order to base a new Tasmanian NBL franchise out of a refurbished stadium.

[49][50][51] In January 2023, NBL CEO Larry Kestelman publicly suggested that expanding the arena's capacity would bring economic benefits, more jobs, and be cost-effective compared to the $375 million required for an AFL stadium at Macquarie Point in the Hobart City Centre.

[17] Incoming NBL CEO David Stevenson also weighed in on Kestelman's comments, noting if approved by the Tasmanian Government, the project could increase venue capacity to over 6,000 for JackJumpers games and over 10,000 for standing concerts.