The stadium was first opened in 1913 and takes its name from World War I pilot Pier Luigi Penzo [it] (1896–1928).

[1] It is the second-oldest continually used stadium in Italy (the oldest being Genoa's Stadio Luigi Ferraris).

Originally constructed from wood, the stadium was largely upgraded with a concrete main stand in the 1920s and further improvements were made in the decades that followed.

Due to the club's decline the stadium was only partially reinstated, and the capacity was reduced to just over 5,000[1] and then increased again to 15,000 in 1998.

Situated on the far eastern edge of Venice, the stadium is notable as it is easily accessible by boat.