The arena was built in 1966 for $6.4 million by Bob Breitbard, a local football player who played for the San Diego State Aztecs.

[9] At 77 feet tall, the arena was built six years before the current 30 foot maximum height restriction was put into place by the State Coastal Commission in the Midway-Pacific Highway Community Plan.

In April 2007 the leasing rights holder Arena Group 2000 cancelled the remainder of the contract due to non-payment by iPayOne.

[21][22] The arena seats 12,000 for indoor football, 12,920 for ice hockey, indoor soccer and box lacrosse, 14,500 for basketball and tennis, 5,450 for amphitheater concerts and stage shows, 8,900–14,800 for arena concerts, 13,000 for ice shows and the circus, and 16,100 for boxing and mixed martial arts.

The San Diego State Aztecs men's basketball team join the Gulls on a part-time basis soon afterwards; they played home games at the arena off-and-on to supplement their on-campus, much smaller venue, Peterson Gymnasium.

On October 14, 1967, an NBA expansion team, the San Diego Rockets, became the arena's first professional basketball tenant when they played their season opener and first game in franchise history against the St. Louis Hawks, narrowly losing 98–99.

Dr. Leonard Bloom (President and CEO of the United States Capital Corporation) paid a $1 million expansion fee to the league to start the team.

The Conquistadors (or "Q's" as they were commonly known locally), played at Peterson Gymnasium on the campus of San Diego State University from 1972 until 1974 as a result of the feud.

In 1975, the ABA, facing mounting financial difficulties, was rumored to be discussing a merger with the NBA and the San Diego franchise was not to be included.

[28] The San Diego Aviators of WTT relocated from New York City prior to the 2014 season and began playing their home matches in the arena.

[29] On December 29, 2014, the Aviators announced that the team would move its home matches to Omni La Costa Resort & Spa in nearby Carlsbad for the 2015 season.

The game was moved to San Diego due to the Kiss' home arena, the Honda Center in Anaheim hosting the Ringling Brothers and Barnum and Bailey Circus that weekend.

[36][37] In November 2018, the Indoor Football League (IFL) announced an expansion team for the 2019 season called the San Diego Strike Force.

They played there again July 28, 1987, as part of their Strange Behaviour World Tour; also that night American all-female band The Bangles joined them on stage to sing their hit "If She Knew What She Wants".

The German heavy metal rock group The Scorpions performed there during their 1984 World Wide live tour.

The shows were recorded and later released on VHS and DVD, entitled Live Shit: Binge & Purge on November 23, 1993.

Diana Ross was scheduled to perform during her Return to Love Tour on August 2, 2000, but the show was cancelled, due to low ticket sales.

Tina Turner was scheduled to perform during her Twenty Four Seven Tour on December 2, 2000, with Joe Cocker as her opening act, but the show was canceled.

Eric Clapton performed at the venue on March 15, 2007, with special guests JJ Cale, Doyle Bramhall II, Derek Trucks, and Robert Cray.

Sheryl Crow, Bob Dylan, and Willie Nelson played a date there in September 2017 as part of their Outlaw Music Festival tour.

Tyler, The Creator performed at the venue on February 2, 2018, as part of a run of headlining North American tour in support of his recently released album Flower Boy.

Lana Del Rey performed at the venue on February 15, 2018, as part of her LA to the Moon Tour, with support from Kali Uchis.

Tame Impala played the first of their The Slow Rush tour concerts there on March 9, 2020, just prior to the shutdown due to the Coronavirus pandemic.

Bad Bunny brought his El Ultimo Tour Del Mundo to Pechanga on February 23, 2022, selling out the arena.

A Request For Proposals (RFP) was issued, and in August 2020 Mayor Kevin Faulconer announced that the city had chosen a developer to convert the arena and its surrounding 48 acres into an entertainment district.

The proposed plan would include a new sports arena, thousands of housing units, and retail and park space.

[47] In a November 2020 election, the city's voters removed a pre-existing height limit of 30 feet on structures in the area, giving developers more flexibility.

[48] However, in June 2021 the California Department of Housing and Community Development (HCD) notified the city that the plan violated the state's recently modified Surplus Land Act, which mandates that local governments must offer surplus land first to developers who will reserve 25% of housing units for low-income families.

If the state HCD approves that condition, the city will issue a new RFP to a state-approved list of affordable housing developers.

[51] In 2023, Stan Kroenke joined the Midway Rising group as a majority investor, bringing a massive boost as he had previously redeveloped the former Hollywood Park Racetrack in Inglewood.