The arena was built for $1.5 million, by the Stock Yard company, principally to host the International Livestock Exhibition. The arena replaced Dexter Park, a horse-racing track that had stood on the site for over 50 years, prior to its destruction by fire on April 18, 1934. The completion of the Amphitheatre ushered in an era where Chicago reigned as a convention capital. In an era before air conditioning and space for the press and broadcast media were commonplace, the International Amphitheatre was among the first arenas to be equipped with these innovations.

The arena, which seated 9,000, was the first home of the Chicago Packers of the NBA during 1961–62, before changing their name to the Chicago Zephyrs and moving to the Chicago Coliseum for their second season. It was also the home of the Chicago Bulls during their inaugural season of 1966–67; they also played only one game in the Chicago Coliseum, a playoff game in their first season, as no other arena was available for a game versus the St. Louis Hawks. Afterwards, the Bulls then moved permanently to Chicago Stadium, where they remained until 1994, when they moved to their current home court at the United Center.

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