Verizon Center becomes Capital One Arena

As of today, the Verizon Center in Washington, D.C., is the Capital One Arena.

Monumental Sports and Entertainment (MSE), the venue’s owner, announced Wednesday that McLean-based Capital One Financial Corp.  will become the new naming rights partner for the facility, which hosts more than 220 concerts, shows and events a year attended by 3 million visitors.

The arena also is home to the Washington Capitals, Washington Mystics, Washington Valor, Washington Wizards and Georgetown men’s basketball team.

MSE, which also owns the basketball and hockey teams, said the name change takes effect immediately.  New signage and a branding shift will come in the fall.

While Monument did not disclose the terms of the deals in a press release, the Washington Business Journal reported that the deal is worth about $100 million over 10 years.

“The partnership of these two prominent local companies underscores their deep commitment to the continued economic growth and development of Washington, D.C., where they are both headquartered, and where Monumental employs 4,000 full and part-time employees and vendors,” MSE said in a statement.

“Capital One is one of the most influential local businesses in our region over the last two decades, so we couldn’t be more pleased to partner with another homegrown company to create more incredible memories for sports fans, music fans, families and friends all across our region,” Ted Leonsis, founder, majority owner and CEO of MSE, said in a statement.

The company also announced $40 million in upgrades.

Capital One Arena is one of a few privately-owned arenas in the country. Throughout its ownership, MSE said it has made more than $100 million in investments.  “The announcement today of this new investment is a further down payment on that commitment,” the company said. 

This summer MSE also plans to move to a new point of sale system. It would be a first step toward faster lines and additional payment options for fans, the company said. For instance, Capital One cardholders would get automated discounts on food, beverage and merchandise.

In 2016, Billboard Magazine ranked the arena eighth in the nation and 13th worldwide among top-grossing venues with a capacity of more than 15,000.  According to reports from the DowntownDC Business Improvement District, the arena has been responsible for redevelopment estimated at $9.2 billion within a seven-block radius and has created more than 58,407 jobs since it broke ground in October 1995.

In the coming months, Capital One Arena will host some of the biggest tours in the world including Bruno Mars, Ed Sheeran, Guns n’ Roses, Andrea Boccelli and Jay-Z.

It also will host the A-10 men’s basketball tournament in March 2018 and the East regionals of the 2019 NCAA men’s basketball tournament.