The arena was completed in 1995 at a cost of C$160 million in private financing to replace the aging Pacific Coliseum as the main venue for events in Vancouver and to serve as the home arena to the Vancouver Canucks of the National Hockey League and the Vancouver Grizzlies of the National Basketball Association. It was originally named General Motors Place as part of a sponsorship arrangement with General Motors Canada, and was commonly known as "GM Place" or "The Garage". The arena was also briefly home to the Vancouver Ravens of the National Lacrosse League from 2002 to 2004. The operations of the team have since been suspended although attempts were made to revive the team in 2007 and again in 2008.

The employees of the arena belong to a trade union. In 2007, they chose to change their union affiliation from UNITE HERE – Local 40 to the Christian Labour Association of Canada. After many months of struggle, the British Columbia Labour Relations Board declared the employees choice of a new union. The employee group includes hosts, housekeeping, security and various event staff at the venue. UNITE-HERE local 40 still represented food service workers in the arena, employed by Aramark. Another union protest began in 2009 when GM Place concession workers, cooks and event staff protested their payment.

The arena's event technical employees are provided through Riggit Services Inc. In the same year, the arena also received a new suspended scoreboard, which at the time was the largest in the NHL. It was temporarily renamed "Canada Hockey Place" for a two-week period during the 2010 Winter Olympics due to Olympics regulations regarding corporate sponsorship of event sites.

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