The arena was built on the site of an airport named "Hellinikon International Airport".
The Olympic Airlines’ Aircraft repair hangar of the Old Athens Airport was converted to the Basketball Arena to save on the construction costs.
The Hellinikon Olympic Indoor Arena is a part of the Hellinikon Olympic Complex and a multi-use indoor venue for sports. It is located in Hellinikon, Athens, Greece and was built for hosting the 2004 Summer Olympics along with the Summer Paralympics. The arena was officially opened on 30th July 2004. It was built by Michaniki and EllisDon Construction Corporation. The construction work was completed in May 2004 at the cost of around 49 million Euros (as of 2003). It is also called the National Athletic Center Hellinikon "Makis Liougas". During the Summer Olympic Games, only 12,500 and 10,700 seats were available to the public for the Basketball and Handball tournaments, respectively.
Greek Basket League teams Panionios, Panellinios and AEK Athens have used the stadium as their home ground.
The arena has also hosted the Wheelchair Rugby event of 2004 Summer Paralympics.
The stadium hosted the Basketball preliminary games of the 2004 Olympics along with the Handball finals.