The construction of Panaad started in August 1997 during the term of Gov. Lito Coscolluela. It was finished in April 1998 and opened the following month to host the Centennial Palarong Pambansa. Aside from the football field, the stadium features a rubberized track. After the construction of the stadium, the Panaad Stadium and the surrounding area was made part of a park which became the permanent main venue of the Panaad sa Negros Festival.
Renovation
In 2007, the Provincial Government has earmarked P2.2 million for the repair of the oval, which has played host to two National Palaro meets, the now-defunct national Batang Pinoy meet, and many school-based athletic events since it opened in May 1998. The decade-old stadium was considered to host the semifinal matches of the 2010 AFF Suzuki Cup between the Philippines and Indonesia, but was disqualified for not satisfying the standards of the ASEAN Football Federation. Despite the minor improvements, Panaad hosted a match between the Philippines national football team and Mongolia in the 2012 AFC Challenge Cup qualification on February 9, 2011 with an attendance of 20,000 people, filling the grandstand, bleachers, and standing room areas. In early 2016, it was reported that the provincial government of Negros Occidental is planning to increase the seating capacity of the Panaad Stadium in Bacolod if it wins its bid for the hosting of the 2017 Palarong Pambansa. This is in line with the recent FIFA and AFC stadium requirement of at least 30,000 seats in order to host an international football tournament. The Negros Occidental chapter of the United Architects Association of the Philippines has made an initial survey and came up with a P200 million budget to refurbish Panaad. A PHP200 million budget could build another roofed grandstand on the opposite side of the field and seats behind the two goals to increase the capacity to 32,000. The stadium was refurbished for the hosting of the home matches of Ceres Negros F.C. at the 2016 AFC Cup. Fiber glass seats on the main grandstand for VIPs and the media tribune were installed. Media venues within the sports venue were also renovated particularly the press box, VIP rooms, press conference room, and the media working room. A VIP lounge and a new air conditioning system were also installed. By February 2016, the Negros Occidental Football Association were improving the floodlight illumination of the stadium. By December 2019, the stadium will be renovated for the upcoming Palarong Pambansa in 2021.
The Panaad Park and Stadium has been the permanent home of the Panaad sa Negros Festival, an annual festival held every April. Panaad is the Hiligaynon word for "vow" or "promise"; the festival has religious significance, serving as a form of thanksgiving to the Divine Providence. The festival is participated by the 13 cities and 19 towns of Negros Occidental. The facility also serves as the home venue for Ceres Negros F.C., a Filipino football club which plays in the Philippines Football League. Ceres Negros plays their league and AFC Cup matches in the stadium. The Panaad Stadium has also hosted matches of the Philippines men's and women's national football team such as the men's competition at the 2005 Southeast Asian Games and the 1999 AFC Women's Championship.
