It was officially opened with a performance of Swan Lake by the Russian State Ballet of Siberia. It is the largest theatre in Ireland and is designed to present theatrical productions that were previously unable to visit Ireland. The acoustic, theatre technical systems, structural and building services designs were by Arup. Chartered Land were the developers and funders of the theatre and Harry Crosbie is the lease holder.
The theatre complements the larger 14,000-capacity concert venue The O2, which is located across the River Liffey to the north.
The building was opened as the Grand Canal Theatre, but was renamed during March 2012 as part of a naming rights agreement with Bord Gáis worth a reported €4.5 million. It will have this name until 2018 at least. Bord Gáis is Irish for Gas Board.