To expand its business strategy, Crypto.com is placing sports bets. It recently disclosed a large investment in the remodeling of the Crypto.com Arena.
Despite recently letting go of a significant portion of its personnel, Crypto.com is still counting on growing its brand even as the crypto winter threatens to bankrupt other crypto enterprises.
In order to completely rebuild the Crypto.com Arena and Xbox Plaza facilities at LA LIVE, AEG Sports and Crypto.com unveiled a nine-figure investment plan on August 22.
According to official sources, the reconstruction is anticipated to take two years, with the arena remaining open for the entire process.
Dan Beckerman, president, and chief executive officer of AEG, expressed his pride in the contribution that Crypto.com Arena has made since it first opened and said that’s why the two companies continue to invest hundreds of millions of dollars to make sure the arena is regarded as a cutting-edge 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.”
The upgrades, according to Lee Zeidman, president of Crypto.com Arena, Microsoft Theatre, and LA LIVE, will give fans additional ways to enjoy their favorite sporting and musical events. He also mentioned that the team will have new commercial opportunities as a result of this initiative.
The Future Is Bright
For elite members and VIP visitors, the arena will offer a multi-level Tunnel Club with “new hospitality spaces and an exclusive viewing experience.”
The Chairman’s Club will also be expanded to provide VIP visitors with improved experiences and privileges in the “most private and coveted location” at Crypto.com. In order to improve visibility and advertising to fans, the exchange also plans to construct two significant LED screens and conspicuous ribbon boards on the upper and lower bowl seats.
The original architects of the stadium, Dan Meis and Ron Turner, who have spent the last 20 years enhancing sports venues, will be in charge of the project.
The goal of Crypto.com has long been to bring the worlds of crypto and sports closer together. Due to its financial decisions, it now frequently participates in high-profile sporting events, including those for baseball, Formula 1, soccer, basketball, and even e-sports.
Even if the crypto winter is having a severe impact, the exchange has also had some success, receiving regulatory permissions in a number of nations, including the UK, South Korea, Italy, Cyprus, Singapore, and Dubai, to mention a few.