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Leeds Council said the biggest benefit of the new arena is the employment boost brought to Leeds- through construction jobs, event staffing and the new investment that could be attracted to the city.
On the construction front, at least 200 jobs have been created or safeguarded for Leeds residents and 90 apprentices have worked on building the arena.
The £60m arena is bringing with it jobs, international events and an expected big boost to the Leeds economy, according to the council leader.
Leeds City Council leader Cllr Keith Wakefield said: “We want Leeds to be the best city in the UK and delivering this hugely-imaginative and highly-ambitious project on time and on budget in an incredibly-challenging economy demonstrates without doubt that we mean business."
Leeds Arena was formally handed over to its operators SMG today.
With a 13,500 capacity, it's the first arena in the UK to have a fan-shaped auditorium.