Quicken Loans Arena Quicken Loans Arena ( commonly The Q ) , is a multi - purpose arena , in downtown Cleveland , Ohio , United States . Until August 2005 , it was known as Gund Arena , named for Gordon Gund , a former owner of the Cleveland Cavaliers basketball team , after he paid for the naming rights . The building is the home of the Cleveland Cavaliers of the National Basketball Association ( NBA ) , the Lake Erie Monsters of the American Hockey League ( AHL ) , the Cleveland Gladiators of the Arena Football League ( AFL ) , the Mid - American Conference ( MAC ) Basketball Tournaments , and the Cleveland Crush of the Lingerie Football League ( LFL ) . History . The arena is built on the site of the former Central Market , a fruit and vegetable market that dated back to 1856 . It replaced the Coliseum at Richfield , which was located between Cleveland and Akron . Part of the Gateway Project to revitalize downtown Cleveland , the arena and sibling Progressive Field were paid for with a sin tax on alcohol and tobacco . Design and operations . The Q seats 20 , 562 for basketball , including 2 , 000 in the club seats , and 92 luxury suite s . It is owned by the Gateway Economic Development Corporation , which leases it to the Cavaliers . In 2005 , Cavaliers majority owner Dan Gilbert ( owner of Quicken Loans ) renovated the arena , installing new seats , state of the art scoreboard s , video systems , sound systems , arena graphics , signage , security , locker rooms , and suite upgrades , all of which were in place for the start of the Cavaliers 2005 – 2006 season , except for the seats , which were replaced a few sections at a time . In October 2009 , the Cleveland Cavaliers announced that award - winning chef Michael Symon would contribute menu items to be prepared by foodservice firm Aramark at the Q . Two existing restaurants were renamed after Symon ' s bar - bistros Bar Symon and The B - Spot , and some of his signature dishes were made available as suite catering offerings . Team sports . In addition to its professional sports tenants , The Q has been home to the Mid - American Conference ( MAC ) men ' s basketball tournament since 2000 and the MAC women ' s basketball tournament since 2001 . " MAC Madness " , as it is known , has become a strong draw for the arena . The men ' s semifinal and championship games routinely draw 10 , 000 - 15 , 000 attendees . On May 16 , 2006 , the then - inactive Utah Grizzlies franchise of the American Hockey League announced that it would move to the Quicken Loans Arena . On January 25 , 2007 , the team name was announced as the Lake Erie Monsters . It began play in the 2007 – 2008 season . On October 16 , 2007 , the Las Vegas Gladiators of the Arena Football League announced that they would move to Quicken Loans Arena . On December 6 , 2010 , the Lingerie Football League announced that Quicken Loans Arena would be the home of the Cleveland Crush for the 2011 – 12 season . The arena was the home of the now - defunct Cleveland Lumberjacks of the IHL , the Cleveland Barons of the AHL , and the Cleveland Rockers of the WNBA . Notable events . The arena was opened with a concert by Billy Joel on October 17 , 1994 . The Cavaliers played the first regular season game in the arena a few weeks later , a loss to the Houston Rockets , on November 8 , 1994 . Major national events held at the facility include the 1997 NBA All - Star Game , the 2000 United States Figure Skating Championships , the 2007 NCAA Women ' s Final Four and the 2009 United States Figure Skating Championships . It also hosted games 3 and 4 of the 2007 NBA Finals . WWF Summerslam ( 1996 ) took place at the Gund Arena , headlined by Shawn Michaels Vs . Vader for the WWE Championship and The Undertaker & Mankind in the first ever Boiler Room Brawl The Dixie Chicks were scheduled to perform during their Top of the World Tour on June 1 , 2003 , with Joan Osborne as their opening act , but the show was cancelled , due to illness of lead vocalist Natalie Maines . The arena played host to the politically motivated Vote for Change Tour on October 2 , 2004 , featuring performances by Bright Eyes , R . E . M . and Bruce Springsteen & The E Street Band ( with special guest John Fogerty ) . On October 29 , 2008 , LeBron James gathered almost 20 , 000 people at the arena for a viewing of Democratic presidential nominee Barack Obama ' s 30 - minute " American Stories , American Solutions " television advertisement . It was shown on a large screen above the stage , where Jay - Z later held a free concert . The arena hosted games in the second and third rounds of the 2011 NCAA Men ' s Division I Basketball Tournament on March 18 and March 20 , 2011 . Included in the field were the Ohio State Buckeyes , which have historically had a large following in NE Ohio . It was also the site of Canadian rock band Rush ' s concert DVD shoot for their 2010 – 2011 Time Machine Tour , due to Cleveland being the first U . S . city to give the band radio airplay in the early 70s .