The arena, which opened in 1981, was originally built to accommodate the New York Nets basketball team that relocated to New Jersey. In 1982, the Colorado Rockies hockey team joined the Nets in the new building and became known as the New Jersey Devils. The Nets and Devils were joined by the Seton Hall Pirates men's collegiate basketball program in 1985.

In 2007, the Prudential Center opened in nearby Newark, to where the Devils relocated. Seton Hall, whose campus in South Orange is closer to Newark than East Rutherford, followed and moved their basketball games there. The Nets remained at the Meadowlands for three more seasons before moving to Newark, where they played two seasons before departing New Jersey for Barclays Center in Brooklyn. The men's basketball team from Fordham University played four home games during the 2010–11 season at the arena.

Following the departure of all three of its major tenants, the arena continued to host occasional non-sporting events, such as touring shows and concerts, and other local events. The state-owned facility reported losses for 2013, and was projected to have $8.5 million in losses for 2015. On January 15, 2015, the New Jersey Sports and Exposition Authority (NJSEA) voted to shut down Izod Center, and have Prudential Center acquire hosting rights to events scheduled for the arena over the next two years in a $2 million deal.[

🏟️