The arena, built as a new home for the Lightning, was necessary because of the lack of a major league-sized arena in the Tampa Bay Area. The largest existing arenas in the region that were best shaped for hockey were Bayfront Arena in St. Petersburg, the Expo Hall at the Florida State Fairgrounds in Tampa, and the USF Sun Dome on the campus of the University of South Florida in Tampa. However, all of these were either too small for an NHL team to use long term, as their capacities were only 5,800 for Bayfront Arena and 10,425 for the Expo Hall, or would need to undergo extensive renovations to make space for hockey in the case of the Sun Dome (which after renovations would then only have an estimated capacity in the mid-7,000s for hockey, making it too small as well).

The building opened in 1996 and was originally known as the Ice Palace. In August 2002, the building's naming rights were sold to the St. Petersburg Times, which became the Tampa Bay Times in January 2012; accordingly, the arena was known as the St. Pete Times Forum (2002–2012) and Tampa Bay Times Forum (2012–2014). In September 2014, the arena was renamed Amalie Arena when the naming rights were transferred to Amalie Oil Company.

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