AEG Spending Big On Upgrades To Crypto.com Arena, L.A. Live Plaza
AEG, the owner of Crypto.com Arena and L.A. Live Plaza, wants to spend hundreds of millions of dollars updating the sports and entertainment venue in downtown Los Angeles.
"The investment in these renovations demonstrates the ongoing commitment of AEG, the Lakers and the Kings to deliver the best experiences for all of our fans, partners, artists and teams," AEG President and CEO Dan Beckerman said in a statement.
AEG will renovate Crypto.com Arena's City View Terrace, expand on existing premium spaces in the arena and add new ones, install LED screens and so-called ribbon boards that would run around the interior of the venue, and improve dining options in the venue.
L.A. Live will also receive some refreshes, including the addition of two outdoor marquees.
Though an exact amount was not disclosed, AEG did indicate that the cost of the upgrades would be in the nine-figure range.
The makeover is expected to be complete in fall 2024.
Last year, AEG and Crypto.com announced a $700M naming rights deal that would rechristen the Staples Center as Crypto.com Arena. The arena is home to the Los Angeles Lakers and the Sparks, as well as the hockey team the Los Angeles Kings and, for now, the Clippers. The Clippers are building a new arena in Inglewood not far from SoFi Stadium.
AEG is making another big investment in the LA complex, with plans to add 800 rooms to the existing stock already at the site in the J.W. Marriott and Ritz-Carlton hotels. The new addition would rise 40 stories tall.