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The $293.5 million state of the art stadium officially opened in February 2020 with a series of events, including a community day, a concert featuring Sir Elton John (29 February) and the first North Queensland Cowboy’s home game (13 March).
 
With its proximity to the city, the new purpose built stadium formed part of the Townsville City Deal signed in December 2016, and was considered an important component of a wider urban renewal initiative in the region.
 
On 12 December 2019, the stadium officially became known as Queensland Country Bank Stadium after the Townsville based company became the inaugural naming rights partner.

The stadium was a joint project of the Queensland Government, Australian Government and Townsville City Council, supported by the National Rugby League and the North Queensland Cowboys.