Centennial Bank Stadium, home of the Arkansas State Red Wolves has been the site of football for nearly four decades. By the mid 1970s the football program was playing at a new stadium, built at a cost of $2.5 million. The Red Wolves played their first game at ASU Stadium on September 28, 1974 against Louisiana Tech.

The stadium originally had a seating capacity of 16,000. The only main expansion of the stadium occurred before the 1991 season. When Arkansas State moved to the Division 1-A level, the stadium was expanded to seat over 30,000. The grandstand was double decked on the east side and seats were added in the north endzone. The most recent additions to the stadium occurred in 2001 and 2002 when a new video/scoreboard was added in the south endzone and luxury suites were added. Prior to the 2006 season, the natural grass playing field was replaced with Fieldturf. Originally known as ASU Stadium it was renamed Liberty Bank Stadium in 2012 and is currently known as Centennial Bank Stadium. In August 2014 Arkansas State announced plans to overhaul the press box on the west side of the stadium. The $5 million project will rebuild this area to not only include the press box, but also include 42 loge boxes, 20 luxury suites, 300 club seats and enhance the concourses with updated restrooms and concession areas.