The renovations are privately financed and will cost nine figures, according to reports.
LOS ANGELES (CNS) -- Crypto.com Arena will undergo comprehensive renovations over the next two years, officials announced Monday.
The renovations for the home of the Lakers, Clippers, Kings and Sparks include a new "City View Terrace'' featuring dining and entertainment with a view of the downtown Los Angeles skyline, a "Tunnel Club'' with event-level viewing and a backstage window for VIP guests, and the arena's first-ever main concourse suites.
Dan Beckerman, president and CEO of AEG -- which owns the arena -- said that the renovations will allow Crypto.com Arena to continue to deliver the best experience possible.
"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,'' Beckerman said. "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 renovations are privately financed and will cost nine figures, according to Sports Business Journal.
The project, to be conducted in phases, is expected to be completed by fall 2024, though some parts may be ready by the 2022-23 NBA and NHL seasons.
Other upgrades include a "Chairman's Club'' for select season ticket members and VIP guests, two new LED screens, new food and beverage menus at the Impact Sports Bar & Grill on the main concourse, a redesign of dining areas in the Yaamava' and Lexus Clubs, and a refresh of the Premium and Suite Level Entrances and concourses and the Kings, Lakers and Sparks' locker rooms.
The project will also include an expansion of Xbox Plaza at L.A. Live.
Michelle Kajiwara, senior vice president of premium and events business at Crypto.com Arena, said the renovation "represents an exciting opportunity that will allow us to reimagine the premium experience for our guests with the creation of new premium inventory inside of our building.''
"We look forward to bringing even more value and unforgettable fan experiences to both our new and existing premium members as we embark on this project and the next phase of Crypto.com Arena*s incredible legacy together,'' Kajiwara said.
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