The arena was opened in 1994 to replace Kiel Auditorium, where the Saint Louis University college basketball team had played, which was torn down in December 1992. The Blues had played in the St. Louis Arena prior to moving into Kiel Center in 1994; however, they would not play in the arena until January 1995 due to the lockout that delayed the start of the 1994–95 season. The first professional sports match was played by the St. Louis Ambush, an indoor soccer team. The building is currently known as Enterprise Center, after naming rights were sold in May 2018 to Enterprise Holdings. The Kiel name still exists on the adjoining parking structure and the building cornerstone. Signs for the nearby MetroLink stop have been changed to read "Civic Center", since the building has been renamed four times in its history.

The Opera House portion of the building was not razed when the original Auditorium was but remained closed since 1992, as members of Civic Progress, Inc., who promised to pay for the renovation of the Opera House, reneged on that promise, while opposing all outside efforts to achieve that renovation. In June 2009, the St. Louis Board of Aldermen voted 25–1 to subsidize the renovation and reopening of the Opera House under the direction of its new owners, Sports Capital Partners (who also own the Blues). The subsidies were funded by municipal bonds and state/federal historic tax credits. On July 12, 2010, it was announced that the name of the opera house would be changed to the Peabody Opera House, named after the company Peabody Energy. On October 1, 2011, the Peabody Opera House opened for the first time since the $79 million renovation. It is now known as the Stifel Theatre after naming rights were purchased by the locally-based investment bank.

Through its history, the arena has been known as Kiel Center until 2000, Savvis Center from 2000 to 2006, Scottrade Center from 2006 to 2018, and Enterprise Center since July 2018. For Blues games, Tom Calhoun serves as public address announcer and Jeremy Boyer is the arena organist. National anthems are performed by a rotating group of local singers and musicians. Previous anthem singer Charles Glenn retired in 2018 due to health concerns and a relocation to San Diego, but he has returned to St. Louis to sing on multiple occasions including the 2019 Stanley Cup run. Two Building Operations/Ice Technicians, Jim Schmuke and Dave Grimes have been employed there since August 1994.

The largest crowd to attend an event at the arena was 22,612, which happened twice during the 2007 Missouri Valley Conference Men's Basketball Tournament. The largest non-sporting event crowd was for a Bon Jovi concert in May 2011 as part of the Bon Jovi Live Tour, with 20,648 in attendance.

A three-phase renovation of the arena began in 2017 and was completed in 2019, with all building works being done in the hockey offseason to minimize schedule disruption. The first phase was largely composed of engineering upgrades (new lighting, sound, HVAC, and ice plant), improved IT infrastructure including free Wi-Fi for patrons, and rebuilt dressing rooms, as well as a new scoreboard and replacement of some lower-tier seating on the west end (where the Blues shoot twice) with "theater boxes". Phase two saw the replacement of all upper-tier seats, along with "theater boxes" being added to the east end, and a rebuilt lower-tier concourse with new club areas for premium ticketholders as well as a beer garden opening onto 14th Street. The third and final phase included the replacement of lower-tier seats and renovations to private boxes.

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