It is located on Wellington Street near the site of the former Perth Entertainment Centre, and was officially opened on 10 November 2012.

[12] The tender for the project was won by Western Australian construction consortium BGC, and work commenced on the site in June 2007.

The arena was jointly designed by architectural firms Ashton Raggatt McDougall and Cameron Chisholm Nicol.

The venue has a retractable roof, 36 luxury appointed corporate suites, a 680-bay underground car park, 5 dedicated function spaces, and touring trucks can drive directly onto the arena floor.

Auditor General Colin Murphy reported in 2010 that "the initial estimates of the cost and opening date for the Arena were unrealistic and made before the project was well understood or defined.

On 25 October 2023, Irish folk-rock band The Corrs performed at the arena as part of their 2023 tour of Australasia and Southeast Asia.

[23] The arena has, of course, hosted larger crowds since that time, with the current record being 13,615 set during the Wildcats 101–83 win to the Tasmania Jackjumpers on 19 December 2021 during Round 3 of the 2021–22 NBL Season.

[24][25] On 2 January 2019, a record crowd of 14,064 attended the venue for the 2019 Hopman Cup match between United States and Switzerland.

[31] Netball was first played at the arena on 27 April 2013, when home team the West Coast Fever lost 49–58 to the Melbourne Vixens in the ANZ Championship.

The Fever has continued to play occasional matches at the venue over the years, sharing fixtures with the smaller HBF Stadium.