The Palacio de los Deportes was constructed specifically for the basketball tournament during the 1968 Summer Olympics.

The dome consists of hyperbolic paraboloids of tubular aluminum covered with waterproof copper-sheathed plywood and supported by huge steel arches.

It has three floors, which house complete facilities for athletes, judges, officials, organizers, as well as services for radio, television and the press.

Earlier, the facility had acquired the derisive nickname of "Palacio de los rebotes" (Palace of Reverberations) due to the way sound bounced around and echoed in it, a major problem for music concerts scheduled at the arena, and a drawback even for sports events.

On December 6, 1997, it hosted the NBA's regular season game between the Houston Rockets and the Dallas Mavericks, which ended with a 108–106 score.