Hi Paul,
It was built during the USSR era as a permanent circus arena, I suppose during the seventies -at a time when Moscow decided on substantial construction projects in Chisinau, Moldova. As with many of these large structures during that time, it was all done in a hurry. Some years after the collapse of the USSR, it was found that the foundations were compromised to such an extent that repairs were out of the question....and it has been standing empty since then. When I posted this picture on flickr some years ago, many Moldovans in-and outside the country reacted saying...I remember my childhood years visiting this magical place!
Cheers, Peter