Market Square Arena was a storied indoor arena located at 300 East Market Street in downtown Indianapolis, Indiana. Completed in 1974 at a cost of $23 million, it served for 25 years as the beating heart of professional sports and live entertainment in the city, seating up to 16,530 fans for basketball events.
The arena was the long-time home of the Indiana Pacers through both their ABA and NBA years, and also hosted the Indianapolis Racers of the WHA — the team whose roster once included a teenage Wayne Gretzky. Beyond sports, Market Square Arena etched itself permanently into pop-culture history as the site of Elvis Presley’s final concert performance on June 26, 1977. The venue closed in October 1999 when the Pacers moved to Conseco Fieldhouse, and was spectacularly imploded on July 8, 2001 — collapsing in just 12 seconds.
Stats at a Glance
- Location: 300 East Market Street, Indianapolis, Indiana
- Opened: September 15, 1974
- Closed: October 24, 1999
- Demolished: July 8, 2001
- Capacity (Basketball): 16,530
- Capacity (Ice Hockey): 15,993
- Primary Tenant: Indiana Pacers (ABA/NBA, 1974–1999)
- Construction Cost: $23 million
History and Tenants
Market Square Arena opened on September 15, 1974, with a Glen Campbell concert, and quickly became one of the busiest multipurpose venues in the Midwest. The Indiana Pacers called it home from the building’s first day through the team’s final ABA season and all of their early NBA years. The Indianapolis Racers of the World Hockey Association shared the building from 1974 until the franchise folded in 1978, during which time a 17-year-old Wayne Gretzky made his professional debut on the ice there.
The arena also hosted major events beyond its regular tenants, including the 1980 NCAA Men’s Basketball Final Four and basketball competitions during the 1987 Pan American Games held in Indianapolis. Michael Jordan played one of his most celebrated comeback games at Market Square Arena on March 19, 1995, returning to the floor after his first retirement.
Elvis, Closure, and Demolition
The single most historically resonant moment in Market Square Arena’s life came on June 26, 1977, when Elvis Presley performed what would prove to be the final concert of his career inside its walls. Presley died less than two months later, on August 16, 1977, cementing that Indianapolis show as a defining piece of rock-and-roll history. A small memorial to Elvis was later placed on the parking lot that replaced the building.
After the Indiana Pacers departed for the new Conseco Fieldhouse ahead of the 1999–2000 NBA season, Market Square Arena sat vacant. The city imploded the structure on July 8, 2001, in a controlled demolition that reduced the 16,530-seat arena to rubble in approximately 12 seconds. The site was converted to surface parking and remains part of the evolving downtown Indianapolis landscape.
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Market Square Arena FAQs
When did Market Square Arena open and close?
Market Square Arena opened on September 15, 1974, and officially closed on October 24, 1999, after the Indiana Pacers relocated to Conseco Fieldhouse.
Why is Market Square Arena historically significant?
The arena hosted Elvis Presley’s final concert on June 26, 1977, and also witnessed Wayne Gretzky’s professional debut and Michael Jordan’s 1995 comeback game, making it one of the most event-rich venues in American sports and entertainment history.
When was Market Square Arena demolished?
Market Square Arena was demolished on July 8, 2001, in a controlled implosion that leveled the entire structure in about 12 seconds. The site was subsequently converted to a parking lot in downtown Indianapolis.
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Photo: Bob Hall / CC BY-SA 2.0, via Wikimedia Commons.