SOFMC was developed and is operated by RG Properties Ltd., a Vancouver-based development/entertainment company with commercial, recreational and entertainment facilities throughout British Columbia.

The arena is primarily used for ice hockey and is also used for concerts and other special events such as figure skating, curling, plays, trade shows and conferences.

Shaw Communications has a television studio on the main floor and Regroove Solutions Inc] (formerly itgroove Professional Services) shares office space with the arena and Victoria Royals personnel.

It occupies the site of the former Victoria Memorial Arena as its successor facility.

The first event to be held at the new arena was a Rod Stewart concert, one in which Stewart and his performers came out on stage in hardhats and orange safety vests, poking fun at the fact the arena wasn't totally completed at the time.