As the crypto winter threatens to drive multiple cryptocurrency companies into bankruptcy, CryptoCom is still betting on expanding its brand despite recently laying off an important part of its workforce.
On August 22, AEG Sports and Crypto.com announced a nine-figure investment plan to comprehensively renovate the Crypto.com Arena and Xbox Plaza facilities at LA LIVE.
Per official information, the renovation is expected to last two years, with the arena fully operational throughout all phases.
Render of the future Crypto.com Arena. Image: Crypto.com via Twitter
CryptoCom and AEG Expect to Build a State-of-the-Art Stadium
AEG President and CEO Dan Beckerman remarked his pride in the role Crypto.com Arena has played since its opening, saying that’s why the two companies continue to invest hundreds of millions of dollars to ensure the arena itself is considered a state-of-the-art stadium.
“Since its opening, we have invested hundreds of millions of dollars to ensure that the venue remains state-of-the-art, while consistently creating a world-class event and fan experience. 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.”
Lee Zeidman, president of Crypto.com Arena, Microsoft Theatre, and LA LIVE, said the renovations will provide new ways to experience their favorite sports and music events. He also noted that this project will bring new business opportunities to the team.
“In addition to creating new and refreshed hospitality options and spaces on multiple levels throughout the arena, nearly all public and backstage areas of Crypto.com Arena will be included in this transformative project. When the wide-ranging renovations are completed, guests, players and fans of the Kings, Lakers and Sparks, and performers coming to Crypto.com Arena and L.A. LIVE will all experience new offerings.”
The New Cypto.Com Arena Will Have VIP Members in Mind
The arena will have a multi-level Tunnel Club that will feature “new hospitality spaces and an exclusive viewing experience” for select members and VIP guests.
In addition, they will expand the Chairman’s Club to offer enhanced experiences and benefits to VIP guests in Crypto.com’s “most private and coveted location.” The exchange also expects to install two major LED screens and visible ribbon boards on the upper and lower bowl seats to provide better visibility and advertising to fans.
The project will be overseen by the stadium’s original architects, Dan Meis and Ron Turner, who have spent the past 20 years improving sports stadiums.
Crypto.com’s efforts to bridge the gap between the cryptocurrency industry and the sports industry are long-standing. Its business moves have earned it an important place in high-profile events in various sports disciplines such as Baseball, Formula 1, Soccer, Basketball and even e-sports.
And even though the crypto winter is hitting hard, the exchange has also scored a few victories, with regulatory approvals in UK, South Korea, Italy, Cyprus, Singapore and Dubai to name a few countries.
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