The former Staples Center, now known as the Crypto.com Arena, will benefit from renovations, which are expected to be completed in 2024. Through its partnership, the cryptocurrency exchange hopes to reaffirm the iconic venue’s global reputation.
The Crypto.com Arena is set to get a makeover in 2024
Formerly known as the Staples Center, the Crypto.com Arena, which was built more than 20 years ago, will get a makeover
The legacy continues✨ Take an inside look at the new https://t.co/mht717OBXs Arena and step into the future pic.twitter.com/P9zIUSD1Xg
– Crypto.com Arena (@cryptocomarena) August 22, 2022
The venue is home to three NBA basketball teams: the Lakers and Clippers men’s teams, and the Sparks women’s team. It is also the home of the Los Angeles Kings hockey team.
The exact cost of the renovations has not been disclosed, except that it is known to be a “nine-figure investment”. Some people may be surprised at the decision when the cryptocurrency exchange has resorted to layoffs, but the reality is that it needs to be put into context.
The true owner of the venue is Anschutz Entertainment Group (AEG), so the cost of the work falls on that company. Crypto.com is really just sponsoring through a 20-year name agreement. Of course, it would also make sense for this partnership to participate in the renovations.
Dan Beckerman, AEG’s CEO, expressed his pride in the history of the venue:
Crypto.com Arena is part of the fabric of Los Angeles, and we are incredibly proud of the role it continues to play in creating some of the most memorable moments in sports and entertainment. […] The investment in these renovations demonstrates AEG’s, the Lakers’ and the Kings’ ongoing commitment to providing the best experiences for all of our fans, partners, artists and teams. “
An extensive renovation plan
The project has brought in the venue’s two original architects, Dan Meis and Ron Turner, to carry out the work.
The work will include a redesign of the outdoor terrace and dining areas, a redesigned lobby and more comfortable VIP areas. For example, a multi-level tunnel will provide a backstage view of the players and performers as they enter.
The legacy continues✨ take an inside look at the new @cryptocomarena and step into the future pic.twitter.com/my9LgSvwPY
– Crypto.com (@cryptocom) August 22, 2022
Kris Marszalek, CEO of Crypto.com also spoke about the new project:
We are at the beginning of our long-term partnership and are delighted to support AEG’s investment […], demonstrating our shared commitment to ensuring Crypto.com Arena maintains its status as a global icon. “
The venue will remain open during the construction period and should not disrupt the flow of events, which should continue to bring new users into the ecosystem.
