The facility opened in 1966 as University Arena but gained the nickname "The Pit" due to its innovative subterranean design, with its playing floor 37 feet (11 m) below street level.

The Pit has frequently hosted NCAA basketball tournament games, including the 1983 Final Four, which featured North Carolina State's upset win over Houston.

Before construction of The Pit, Lobo basketball teams played at Johnson Gymnasium, a 7,800-seat multi-purpose gym on the University of New Mexico main campus.

In 1962, UNM hired Bob King as head basketball coach, and he immediately transformed the Lobos into a winning program, reaching the finals of the National Invitation Tournament in his second season.

[5] The design allowed the foundation to rest directly on earth, eliminating the need for a steel structure to support the concrete, resulting in tremendous cost savings.

In 1992, the University of New Mexico recognized the coach who made construction of The Pit possible, naming the playing surface Bob King Court in his honor.

[14] Basketball writer John Feinstein once likened the experience of a visiting team in The Pit to "watching Roman gladiators emerging into a wall of sound.

[16] This is impressed upon visiting teams with posters in the locker room providing information on the warning signs of altitude sickness and urging victims to seek immediate medical attention.

[21] The renovation added 60,000 square feet (5,600 m2) of new space, with new amenities such as forty luxury suites and 365 club seats, digital signage and video boards, expanded concourses, additional restrooms and concession stands, a new ticket office and Lobo store, interactive kiosks, and a UNM Lettermen's Lounge.

[6] Project architect John Pate of Molzen-Corbin in Albuquerque recognized the need to tread gently in designing changes to preserve the historic character of the building.

[17] The building facade was transformed from simple red brick to a high-rise look with a 56-foot (17 m) glass tower, lit from within and supported by a steel superstructure.

[22] Extensive glasswork encases the street level, adding light and providing views of the Sandia Mountains to the east and picturesque Southwest sunsets to the west.

The building also achieves high environmental standards, with water efficiencies and heating and cooling processes designed to minimize energy loss, while 95 percent of all waste materials from the renovation were recycled.

[17][22] In 2006, prior to the renovation, UNM dedicated the Rudy Davalos Basketball Center, named after the then-departing athletics director, located adjacent to the south end of The Pit.

[25] The recent renovations integrated the Davalos Center with The Pit, allowing players to move seamlessly between the two facilities for practice, games, and training.

[9] On December 1, 2014, the University of New Mexico announced that naming rights to the arena had been purchased by Albuquerque-based pizza chain WisePies for $5 million over 10 years.

[32] Flanagan's teams won six Mountain West Conference titles and made eight appearances in the NCAA Women's basketball tournament, reaching the Sweet Sixteen in 2003.

The Lobos under Flanagan also made five appearances in the post-season Women's National Invitation Tournament, including a 7–3 record in games at The Pit in 1999–2001 and 2010.

[42] In recent years it has been the Albuquerque home of WWE and is the site of the Professional Bull Riders Ty Murray Invitational, part of the Unleash the Beast Series.