Crypto.com Arena: The Lakers Hall will soon be renovated! To stick to the new standards, the Crypto.com Arena will be renovated by AEG, the owner of the room. A renovation that was already in the small papers of the company, since the takeover of the naming of the room by Crypto.com, last November. If the amount of the operation has not been disclosed, it exceeds 100 million dollars.
The Los Angeles arena is getting a second life!
The one now called Crypto.com Arena is therefore getting a makeover. Emerging from the ground in October 1999, the room which hosts the NBA teams of the Los Angeles Clippers and the Los Angeles Lakers, the WNBA team of the Los Angeles Sparks, or the Los Angeles Kings (ice hockey) is sometimes described as dilapidated by the observers.
It is for this reason in particular, but also to continue to offer a colorful experience that the room will be renovated. If no global amount is filtered, it is a 9-digit estimated transaction. But in reality, if the investment is colossal, it will not be directly supported by Crypto.com.
To finance the work, AEG Sports, which remains the owner of the hall, should use part of the financial windfall put on the table by Crypto.com to afford the naming of the hall a few months ago. Anyway, Dan Beckerman, CEO of AEG is delighted with this second youth offered to the flagship room of the city of Angels:
"Since opening, we've invested hundreds of millions of dollars to ensure the venue remains state-of-the-art, while consistently creating a world-class event and fan experience. The investment in these renovations demonstrates the continued commitment of AEG, the Lakers, and the Kings to providing the best experiences for all of our fans, partners, artists, and teams."
To carry out the operation, AEG called on Dan Meis and Ron Turner, the two architects who designed the room. The renovation will largely focus on VIP areas and accessibility.
The renovation plan provides in particular for the opening of a Tunnel Club which will increase the capacity to welcome VIPs by offering them an exclusive experience. The Chairman's Club, considered to be the most select area of the arena, will also treat itself to a refreshment.
The renovation could take 2 years. The room will nevertheless remain available to host the meetings of the 4 usual franchises. In a one-minute video posted on social networks, Crypto.com already gives a preview of the final delivery.
Crypto.com: A business model based on sports sponsorship!
The acquisition of the naming of the room, formerly known as Staples Center, had caused a lot of ink to flow. A few months ago, the room changed its name to Crypto.com Arena.
A sponsorship operation at an astronomical cost: 700 million dollars for a 20-year naming. For Crypto.com, the NBA is today a privileged playground. A land that offers him a lot of visibility. The entity had also concluded a deal with the Philadelphia Sixers team to display its brand on the jersey of Joël Embiid's teammates.
The platform is also widely involved in Formula 1 after having established partnerships with teams, GPs, and even the organization Liberty Media, holder of the rights to Formula 1.
Thus, Crypto.com is today the partner of the Aston Martin team. The platform also negotiated last February, the naming of the Miami GP for a period of 9 years.
Crypto.com is also involved in football. The platform has notably become an official sponsor of the next World Cup which will take place in Qatar next November. In addition to partnerships with clubs like Paris Saint Germain. Note that Crypto.com is also involved in the field of combat sports through a partnership with the UFC.
This strategy allows Crypto.com, founded in 2016, to have nearly 50 million users worldwide. And by digging into certain surveys, this strategy of omnipresence in the sports field takes on a certain form of logic. Indeed, it seems that there are many similarities between the sports-loving public and cryptophiles.
READ MORE: Canada Leads The Way For Crypto.com!
Crypto.com resists the bear market!
Despite the announcement of the dismissal of several employees, Crypto.com seems to continue with its development strategy.
The current wave of regulation around digital assets allows the exchange to officially open up to new markets. Recently, Crypto.com got approval from the FCA to offer its services in the UK. A new victory that joins the already long list of recent weeks (Cyprus, Singapore, South Korea, and Italy).
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