Shortly after, ownership was given to the Massachusetts Convention Center Authority (MCCA) who in turn began working on plans to renovate and expand the facility.

MGM Springfield began operating the venue on behalf of the MCCA in July 2017 in advance of its casino/hotel/retail development opening the next year.

In 2005, the venue was renamed when Massachusetts Mutual Life Insurance Company entered into a 15-year naming rights agreement for the arena and convention center.

In the fall of 2003, the renovation project was publicly announced and demolition of the bank sitting next to the building, along with the facility's plaza and exhibit hall began.

New amenities to the arena include a bar and lounge, clubroom, an executive suite, new larger restrooms, and 11 newly refurbished concession stands.

It connects both the convention center and arena to add an additional 19,000 sq ft (1,800 m2) of floor space.

The center was also where The Mountie (Jacques Rougeau) defeated Bret "Hitman" Hart for the WWF Intercontinental Championship on January 17, 1992.

He would lose the title two days later to Rowdy Roddy Piper at the Knickerbocker Arena in Albany, New York at the Royal Rumble.

The Falcons won the Northeast Division Championship in the 2012–13 and 2013–14 seasons while serving as the AHL affiliate of the Columbus Blue Jackets.

The UMass Minutemen basketball team, formerly under head coach and Springfield native Derek Kellogg, has used the building for a home game since 2010.

The Armor received their first Eastern Division Championship during the 2011–2012 season under its new head coach Bob MacKinnon.