The 15,500-seat arena was completed in 2013 and replaced the Bob Devaney Sports Center as the home of Nebraska's men's and women's basketball teams.

The arena serves as the primary large-scale entertainment venue in Lincoln and annually hosts Nebraska School Activities Association state basketball tournament games.

[8] The Pershing Center, then the largest entertainment venue in Lincoln, had a listed capacity of just 4,526 and was considered inadequate to meet the logistical demands of modern concerts.

[13] A decade after the arena's opening, the JPA said the tax had generated $202 million in revenue, far more than expected, and as a result it was ahead of schedule in its bond repayments.

Development of the arena was made difficult given the space constraints of the site, between two railway lines which could not be relocated until after construction was scheduled to begin.

The arena was therefore constructed "inside out" with interior concrete work largely performed prior to the erection of the steel superstructure, which was assembled as more of the site became available.

[21] Nebraska's men's program has ranked in the national top twenty-five in attendance each year it has played at Pinnacle Bank Arena.

[25] It has since hosted hundreds of bands and artists, including the Eagles, Paul McCartney, Billy Joel, Elton John, Metallica, Twenty One Pilots, Jay-Z, Cher, Katy Perry, Lorde, Fleetwood Mac, Kenny Chesney, Snoop Dogg, Blake Shelton, Lil' Wayne, Carrie Underwood, Justin Bieber, KISS, Iron Maiden, Kendrick Lamar, P!nk, and Morgan Wallen.