When it opened on October 15, 1983, it was known as the Olympic Saddledome as it would host the indoor ice events for the 1988 Winter Olympics. This was the first major arena in North America capable of hosting ice hockey matches on the international standard size ice sheet. In its first NHL game, the Flames lost 4-3 to the Edmonton Oilers.
The building underwent a major renovation in the summer of 1995, during which time luxury boxes were added and about a thousand seats were removed in the lower bowl on the north, west, and south sides. This forced the Hitmen to play some early-season home games at the nearby Stampede Corral and the Flames to open the season with an extended road trip. The building was renamed the Canadian Airlines Saddledome when the Calgary-based airline became the building's sponsor in July 1996. This was controversial among many Calgarians who opposed the facility losing the "Olympic" name, and who were also opposed to the decision to cover the Dome's massive roof with the Canadian Airlines logo. In 2000, another company, Pengrowth Management Ltd., took over sponsorship of the complex when Canadian Airlines was acquired by Air Canada and the facility was renamed the Pengrowth Saddledome. Unlike Canadian, Pengrowth chose not to put its logo on the roof of the facility.
