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The Arena was officially opened on 13 and 14 August 2001, immediately setting a new benchmark in the art of stadium construction. European governing body UEFA assigned the multifunctional Arena to the highest-possible five-star category, commenting: "This venue more than fulfils the necessary criteria, and might even qualify as a 'Six-star stadium'."

“This stadium is a pilot project for the whole world”, praised FIFA President Joseph S. Blatter. The Champions League Final was staged here on 27 May 2004. The €191 FIFA World Cup Stadium Gelsenkirchen project was entirely financed by private capital, at no cost whatsoever to the public purse.

FIFA paid an official visit to Gelsenkirchen in 2002 for the ceremonial unveiling of the Official Emblem. The "Celebrating Faces of Football“ were projected onto a fifteen-foot high wall of water in the centre of the pitch.

The Arena, lauded by former minister-president Wolfgang Clement as “football’s crowning glory,” can justifiably claim to be the most modern in Europe thanks to an array of ground-breaking technical facilities set to revolutionise standards in stadium design, including a removable playing surface, giant video cube, a retractable roof and electronic admission controls.

By early 2005, the Arena had staged more than 150 events and attracted over eight million spectators. Schalke 04, who celebrated their centenary in 2004, play their home games here.

Financing:
€122.5m credit from a bank consortium, €6.4m loan from a developer, €40m equity capital from the proprietor company, €10m investment by the city of Gelsenkirchen, €5.1m 'Fan capital', €1.7m Emscher-Lippe-Energie.