In October 1988, the arena was the site of the Inaugural Congress of Sąjūdis, the Reform movement which led Lithuania in achieving independence from the Soviet Union.

It was also the site of the public funeral of 13 Lithuanians killed by Soviet troops at the Vilnius Television Tower during the January Events of 1991.

In August 2015, Lithuania's Chief Rabbi Chaim Burshtein was dismissed by the Lithuanian Jews after he made a public statement opposing the conversion of the arena into a convention center.

[4] News plans for transforming the Palace of Concerts and Sports into a modern convention center were announced in December 2019.

However, more than 50,000 signatures have been collected against the plan and a descendant of people buried in the cemetery sued the owners of the venue at the Vilnius District Court to halt the works.