The deal was for five years and includes improvements the arena such as the installation of escalators to improve access in the upper box and general admission areas, and the construction of a parking lot that can accommodate up to 2,000 cars.
Additional improvements were made in 2012, including the renovation of the Red Gate entrance and the Green Gate side facade, and the replacement of Upper Box level seats, thus increasing its seating capacity.
It annually hosts every PBA Basketball Championship, NCAA Basketball Championship, as well as the University Athletic Association of the Philippines Basketball and Volleyball championships.
The facility has also hosted the 1975 Thrilla in Manila, 1978 FIBA World Championship, the 2007 Philippines World Pool Championship and the 2017 SEABA Championship.
The major changes include the renovation of the lower box area, replacement of seats for the patron and lower box sections, and installation of a four-sided center hung scoreboard.