Situated between Winnipeg Stadium and Polo Park, the new arena opened its doors for the 1955–56 hockey season and, in its original configuration, had a seating capacity of approximately 9,500.

The ceremonial opening face-off was conducted by Warriors Hockey Club president J. D. Perrin Sr. before a sell-out crowd (including standing room) of 9,671, a then-record for the league.

On September 6, 1972, the Winnipeg Arena found itself in the international spotlight when it hosted the third game of the Summit Series between Canada and the Soviet Union.

[7] In 1979, the Jets were one of four teams admitted into the National Hockey League following the demise of the WHA, which necessitated a major expansion to the arena to meet the NHL's minimum capacity.

That same year, a painting of Queen Elizabeth II was commissioned for the arena by Francis Lawrence Jobin, the Lieutenant Governor of Manitoba.

[citation needed] During the 1980s, a tradition known as the "White Out" was initiated in which boisterous and sometimes raucous fans dressed in all-white during playoff games to create an intimidating environment for opposing teams.

It was a big blow for the city, but the arena was not without a tenant for long, as the Manitoba Moose of the International Hockey League moved in the next season.

With the support of lively crowds reminiscent of the former Jets days, the host Canadian team advanced to the gold medal game, but lost to Russia in overtime.

The arena's last official event was an American Hockey League game between the Manitoba Moose and Utah Grizzlies played before a capacity crowd on November 4, 2004.

Several former Jets players, including Bobby Hull and Teemu Selänne, were present for a special ceremony as the banners hanging from the rafters were lowered before the game.

The vacant site was purchased by the Ontario Teachers' Pension Plan for $3.6 million and used as a parking lot for Canad Inns Stadium across the street until construction of new retail and office space began in 2011.