The concourse areas contain hockey jerseys from every Minnesota high school on the walls, reflecting the "State of Hockey." Surrounding the arena at all four corners are "crow's nests." One features an organ and is played during Wild games. The second features a lighthouse that houses a foghorn that is blasted when the team takes the ice before games, for all Wild goals, and after a victory. The third is used for the Wild's drum line. The fourth provides an additional stage for various uses.

The arena opened on September 29, 2000. It was built on the site of the demolished St. Paul Civic Center. The push for a new arena in Saint Paul grew after the National Hockey League's Minnesota North Stars moved to Dallas. Saint Paul courted the Hartford Whalers and Winnipeg Jets under Mayor Norm Coleman, but the Civic Center was an obstacle to both deals.

In order to get an NHL expansion team, Saint Paul needed to build a new arena. After several failed attempts to get funding, the state funded the project in April 1998. It gave Saint Paul a no-interest loan of $65 million for the $130 million project, though it forgave $17 million of that in exchange for having high school sports championships played at the arena.

The Minnesota Wild played their first game at the arena on October 11, 2000, against the Philadelphia Flyers. It was a 3–3 tie. Peter White scored the first goal in the arena while Darby Hendrickson scored the first goal for the Wild. The Wild's first win at the arena came on October 18, 2000, when they defeated the Tampa Bay Lightning 6–5. Not until April 14, 2003, did the Wild play a playoff game at the arena. In that game, the Wild suffered a 3–0 loss to the Colorado Avalanche. On April 21, 2003, the Wild won their first playoff game 3–2 on an overtime game-winner by Richard Park.

In 2004, ESPN named the Xcel Center the best overall sports venue in the U.S. The 10 millionth person passed through its gates on July 3, 2007.

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