Before construction of The Pit,
Lobo basketball teams played at
Johnson Gymnasium, a 7,800-seat multi-purpose gym on the University of New Mexico main campus. Lobo basketball was unsuccessful at the time that Johnson Gym opened, and it was rarely more than half-full for games. In 1962, UNM hired
Bob King as head basketball coach, and he immediately transformed the Lobos into a winning program, reaching the finals of the
National Invitation Tournament in his second season. Attendance at Lobo home games doubled, tickets were soon selling out, and plans for a larger arena began to take shape. University administrators wanted a much larger facility while providing fans an unobstructed view from any seat. The arena originally had a seating capacity of 14,831 and cost a mere $1.4 million to build, about a fifth the cost of comparable facilities built at the time. The design allowed the foundation to rest directly on earth, eliminating the need for a steel structure to support the concrete, resulting in tremendous cost savings. The Pit opened on December 1, 1966, with New Mexico defeating
Abilene Christian College, 62–53. The building was officially named University Arena, but students were already calling it "The Pit" by the time it opened, and the nickname stuck. The Lobos have enjoyed extraordinary success playing at The Pit, winning over 80 percent of their games there and mounting home winning streaks of over 20 games four times, with the longest streak of 41 straight wins in 1996–98.
Atmosphere and reputation The Lobos have been among the nation's attendance leaders since The Pit opened. They have averaged over 15,400 fans per game at The Pit since 1966. They finished in the top five nationally in attendance 16 times in their first 20 years at The Pit, finishing second five times, and they were in the top ten all but one season through 2002. Recent renovations have decreased the seating capacity of The Pit, but the Lobos have continued to rank in the top 25 every season. The Pit is known as one of the loudest venues in college basketball. During the
1998–99 season, the
St. Petersburg Times conducted a study of decibel levels at collegiate basketball arenas. The Lobo game in The Pit against
Arizona registered the loudest at 118 decibels, comparable to a
turbofan aircraft at takeoff power. Noise levels up to 125 decibels have been measured, close to the pain threshold for the human ear. Basketball writer
John Feinstein once likened the experience of a visiting team in The Pit to "watching Roman gladiators emerging into a wall of sound." Further contributing to the intimidating environment for visitors is its near-mile-high
elevation, where the court is around above
sea level. This is impressed upon visiting teams with posters in the locker room providing information on the warning signs of altitude sickness and urging victims to seek immediate medical attention. In addition, the tunnel leading from the locker rooms down to the playing floor has a message painted on the wall stating, "Welcome to the legendary Pit, a mile high and louder than..." The Pit has garnered high praise from sports publications, announcers, and opposing coaches. In 1999,
Sports Illustrated listed The Pit as 13th in its feature on the Top 20 Sporting Venues of the 20th Century, ahead of such locations as
Daytona Speedway,
Notre Dame Stadium, and the
Rose Bowl.
Rick Majerus, whose 5–11 record against the Lobos at The Pit ties him with
Don Haskins for most wins by a visiting coach, praised the intensity and dedication of Lobo fans and their knowledge of the game, and
Steve Fisher has echoed those sentiments. The renovation added of new space, with new amenities such as forty luxury suites and 365 club seats, digital signage and video boards, expanded concourses, additional restrooms and concession stands, a new ticket office and Lobo store, interactive kiosks, and a UNM Lettermen's Lounge. New locker rooms for both men's and women's squads were added, as well as an upgraded strength and conditioning center and training facilities. The upgrade reduced seating capacity to 15,411, trading some seating for greater comfort and amenities. "We're building a little jewel box around the building," said Pate. "We want the Pit to be seen as an urban destination ... an attractive, up-to-date building with better access for everyone." The building also achieves high environmental standards, with water efficiencies and heating and cooling processes designed to minimize energy loss, while 95 percent of all waste materials from the renovation were recycled. The recent renovations integrated the Davalos Center with The Pit, allowing players to move seamlessly between the two facilities for practice, games, and training. On April 27, 2017, UNM asked WisePies to relinquish the naming rights, per the terms of the agreement, and WisePies agreed to do so. UNM hoped to get a more lucrative deal. On May 3, 2017, UNM announced a $10 million naming rights agreement with Dreamstyle Remodeling, a local Albuquerque construction business, covering both The Pit and the UNM football stadium. The official name of the facilities became Dreamstyle Arena and
Dreamstyle Stadium. On September 18, 2020, UNM announced that the naming deal had been discontinued and removed all exterior Dreamstyle signage from the arena and
Dreamstyle Stadium "while the two sides are trying to resolve the [naming rights] issue." On February 26, 2026, UNM announced that Albuquerque-based
Nusenda Credit Union had purchased the naming rights for ten years worth $1.74 million each year. The arena's formal name was changed to "The Pit - Powered by Nusenda." ==The Lobos at The Pit ==