Capital One Arena

Capital One Arena
Company type	Private
Industry	Sports and entertainment venue
Founded	1997-12-02
Headquarters	Washington, D.C., United States
Owner	Monumental Sports & Entertainment
Website	www.capitalonearena.com

Capital One Arena is a prominent indoor arena situated in Washington, D.C., specifically within the Chinatown area of the Penn Quarter district. The venue is constructed above the Gallery Place stop on the Washington Metro rapid transit system. It officially opened its doors on December 2, 1997, originally named the MCI Center. Following the acquisition of MCI by Verizon Communications in 2006, the arena was rebranded as the Verizon Center, before adopting its current name, Capital One Arena, in 2017.

Owned and managed by Monumental Sports & Entertainment, the arena serves as the home venue for the Washington Capitals (NHL), the Washington Wizards (NBA), and the Georgetown University men's basketball team. From 1998 until 2018, it also hosted the Washington Mystics (WNBA) prior to their relocation to CareFirst Arena in southeast Washington starting with the 2019 season. The development and operation of the arena have proven financially lucrative for its investors.

The establishment of the arena played a significant role in accelerating gentrification within its vicinity, resulting in a steep decline of the neighborhood’s Asian-American residents. Once home to over 3,000 members of the local Chinese-American community before construction commenced, their numbers dwindled to roughly 300 by 2023. Many small, locally owned businesses were supplanted by national retail chains during this transformation.

History

The site where Capital One Arena now stands—bounded by 6th and 7th Streets and F and G Streets—was historically occupied by residential properties and small commercial enterprises. By the 1960s, this area experienced urban decline typical of eastern Downtown Washington. In 1973, amid construction of the Gallery Place Metro station beneath it, the District government acquired this land for redevelopment purposes. In 1979, Capital Landmark Associates was chosen to develop a mixed-use complex featuring retail spaces, offices, residential units, and a hotel. Although most existing structures were demolished by 1985, progress halted and the project was ultimately abandoned in 1992.

Prior to the arena’s opening, both the Capitals and Wizards (then known as the Bullets) played at USAir Arena located in Landover, Maryland. Attendance figures were disappointing due to inconvenient location and outdated amenities. In December 1993, owner Abe Pollin began exploring options for relocating his teams into a new publicly funded arena, considering sites including Baltimore, downtown Washington, and Laurel, Maryland.

Local Washington business leaders facilitated negotiations between Pollin and District officials that resulted in plans for a $150 million arena at Gallery Place incorporating retail and daily-use facilities. The D.C. Council approved a dedicated business tax to support funding; however, Robert Johnson of BET proposed primarily private financing instead. Amid fiscal challenges and public scrutiny, Pollin agreed to entirely privately finance construction at an estimated $200 million. The District government contributed $79 million toward land purchase, site preparation, and Metro expansion costs while leasing land to Pollin at below-market rates.

A naming rights agreement with MCI Communications led to the initial designation as MCI Center. Construction broke ground in October 1995; the arena officially opened on December 2, 1997 with a Wizards game attended by President Bill Clinton. Early tenants included a Discovery Channel Store (operational from 1998 to 2001) and the MCI National Sports Gallery (1998 through approximately 2000–01), which was later converted into office space. The adjacent F Street block was initially dubbed Fun Street before being renamed Abe Pollin Way in 2007.

The design incorporated vertically stacked seating tiers to enhance sightlines along with spacious locker rooms equipped with advanced technology. The concourse featured multimedia ArenaNet stations enabling spectators to access scores and highlights digitally. Plans for seats equipped with individual televisions were abandoned due to technical difficulties. Cabletron Systems provided infrastructure powering ArenaNet technology.

In 1999, technology entrepreneur Ted Leonsis led an investment group acquiring a 36% ownership stake in Pollin’s holdings including MCI Center and full control over the Capitals; this stake expanded to 44% by 2000.

Following Verizon Communications’ acquisition of MCI in January 2006, the venue was renamed Verizon Center. That same year saw VIDA Fitness open its inaugural location within the arena. In 2007, it became home to one of the first true indoor high-definition LED scoreboards. Additionally, Gallery Place’s fourteen-screen cinema launched in 2004. VIDA Fitness announced plans to close its Gallery Place facility in May 2024.

After Abe Pollin passed away in 2009, Ted Leonsis’s Monumental Sports & Entertainment acquired full ownership of both the arena and Wizards franchise by June 2010.

In May 2015 Verizon declared it would not renew naming rights expiring in 2018; meanwhile Etihad Airways became official airline sponsor that year without securing naming rights. On August 9, 2017 Capital One purchased naming rights leading to rebranding as Capital One Arena. In October 2024 United Airlines succeeded Etihad as official airline sponsor.

Between 2019 and 2020 Monumental Sports invested $30 million into upgrades including new seating installations, concourse enhancements, dining area renovations, installation of a larger overhead video board along with a SkyRing video display.

Following legalization of sports wagering within Washington D.C., bookmaker William Hill launched the district’s first physical sportsbook at Capital One Arena in July 2020—the first such facility located inside a U.S. professional sports venue.

By June 2023 Monumental Sports considered relocating both Capitals and Wizards to a new arena in Northern Virginia if D.C. failed to fund necessary improvements; discussions continued aimed at retaining teams at Capital One Arena. In December that year Monumental announced plans for constructing a new facility in Alexandria’s Potomac Yard neighborhood while maintaining Capital One Arena as a concert venue and home court for WNBA’s Washington Mystics.

After Alexandria officials canceled their $2 billion entertainment complex proposal in March 2024, D.C. Mayor Muriel Bowser signed an agreement with Ted Leonsis ensuring both teams remain in Washington through at least 2050 accompanied by an extensive six-phase renovation of Capital One Arena scheduled for completion by 2028—this will modernize exterior and interior elements incorporating new technology and enhanced fan amenities.

Currently undergoing an initial phase of an $850 million multi-year refurbishment funded with $515 million from District government complemented by Monumental Sports & Entertainment contributions; completion is targeted before start of NHL and NBA seasons in fall of 2027-28.

The arena also hosted an indoor presidential inauguration parade on January 20, 2025.

Ice hockey

Since its inauguration, the arena has served as the home venue for the Capitals NHL franchise, witnessing several pivotal moments in the team's history. It hosted games three and four of the 1998 Stanley Cup Finals, where the Capitals were defeated by the Detroit Red Wings, who clinched the Stanley Cup on June 16, 1998. On April 5, 2008, the Capitals secured the Southeast Division championship with a 3–1 victory over the Florida Panthers. During Game 2 of the 2009 Eastern Conference semifinals, both Ovechkin and Sidney Crosby recorded hat tricks in a thrilling match that ended with a 4–3 win for the Capitals. The arena was also the site for games three and four of the 2018 Stanley Cup Finals, where Washington won both contests and ultimately captured their first Stanley Cup title. The ceremony to raise their championship banner took place before their season opener on October 3, 2018.

On April 4, 2025, in a game attended by Wayne Gretzky and commissioner Gary Bettman, Ovechkin netted goals number 893 and 894 during a 5-3 triumph over the Chicago Blackhawks, equaling Gretzky’s all-time goal-scoring record.

Non-NHL hockey events

The venue hosted the 2009 "Frozen Four," where Boston University edged out Miami OH with a 4–3 overtime victory.

A prominent club-level contest featured JMU facing off against UVA, with UVA prevailing 6–4 shortly following a Capitals game.

The first-ever Capital Hockey Classic took place on December 12, 2024, marking the return of significant college hockey to the arena since 2009. This event showcased military and club teams, strategically scheduled near the Army-Navy game at nearby Northwest Stadium. The program included an Army vs. Navy club match at 5 PM followed by an NCAA Division I showdown between Army Black Knights and Penn State Nittany Lions at 7 PM.

Basketball

The arena has been home to the Wizards NBA team since its opening and was also the home court for the Washington Mystics WNBA team from 1998 until their move in 2018 to a smaller facility located in Congress Heights, Southeast Washington. In response to heightened ticket demand fueled by Caitlin Clark’s growing popularity, two Mystics games against the Indiana Fever were relocated back to Capital One Arena in 2024. Since its debut, the venue has also hosted home games for the Georgetown Hoyas men's basketball team. It has been selected for three basketball all-star events: the 2001 NBA All-Star Game as well as the 2002 and 2007 WNBA All-Star Games. While it has accommodated numerous playoff matches, it has yet to host an NBA Finals series.

The arena regularly serves as a site for early rounds of the NCAA Division I men's basketball tournament, having done so in 1998, 2002, 2008, and 2011, along with regional finals in 2006, 2013, and 2019. A highlight includes hosting part of the Final Four journey of the 2005–06 George Mason Patriots men's basketball team. Additionally, it held the Atlantic 10 men's basketball tournament in both 2018 and 2022; hosted the ACC men's basketball tournament in 2005, 2016, and again in 2024; and was venue for the 2017 Big Ten men's basketball tournament.

Each year, the arena features performances by the Harlem Globetrotters, frequently competing against the Washington Generals, a team named in tribute to President Dwight Eisenhower.

Combat sports

The arena was the site of Mike Tyson's last sanctioned bout (Mike Tyson vs. Kevin McBride) on June 11, 2005. On June 19, 2011, it hosted WWE's Capitol Punishment event, showcasing prominent wrestlers such as John Cena, Rey Mysterio, and CM Punk. Later that year, on October 1, 2011, the venue held UFC Live: Cruz vs. Johnson, which set new attendance and live-gate records for the UFC series. More recently, on December 7, 2019, the arena was the location for UFC on ESPN: Overeem vs. Rozenstruik.

Arena football

The Washington Valor began their first season in the Arena Football League at this arena in 2017. The franchise ceased operations in 2019, and since then, the venue has not hosted any Arena Football League contests.

Gymnastics and figure skating

This facility served as the host for the 2003 World Figure Skating Championships and was also the venue for the 2016 Kellogg's Tour of Gymnastics Champions.

Music, entertainment, and other events

As a central hub for concerts and cultural happenings in the D.C. metropolitan area, the arena has welcomed a wide array of distinguished artists and personalities. Performers such as Olivia Rodrigo, Duran Duran, Janet Jackson, Mariah Carey, Paul McCartney, Queen, U2, Lady Gaga, Madonna, Britney Spears, Drake, Barbra Streisand, Bon Jovi, Prince, Beyoncé, Tina Turner, Taylor Swift, Coldplay, Elton John, Usher, Green Day, Billie Eilish, Dua Lipa, and Harry Styles have all performed here. Additionally, family-oriented shows like Disney on Ice have been staged at this location. The arena has also hosted significant events such as a commencement address by U.S. president Joe Biden at Howard University and a book tour appearance by former First Lady Michelle Obama.

For over two decades until 2019, the annual October edition of the Washington International Horse Show took place in this arena before relocating due to disruptions caused by the COVID-19 pandemic.

The venue was also used for a rally preceding U.S. president Donald Trump's inaugural parade on January 20, 2025.

Professional wrestling

This arena has been a frequent host for numerous professional wrestling events, including the last four installments of the now-defunct WCW pay-per-view series Starrcade. WWE has held several major shows here such as Backlash 2000, SummerSlam 2005, Cyber Sunday 2007, Survivor Series 2009, Capitol Punishment 2011, and Battleground 2016. It is also a regular venue for weekly broadcasts of Raw and SmackDown.

On October 2, 2019, Capital One Arena debuted AEW Dynamite, marking the first weekly televised program for the promotion All Elite Wrestling (AEW).

Gentrification

When it opened, there were apprehensions that the new arena would lead to displacement of Chinese businesses and cultural presence within Washington's Chinatown neighborhood. Since then, extensive gentrification has transformed the area significantly, resulting in most original Chinese residents and enterprises being pushed out due to escalating property values. By 2011, the local Chinese community had diminished to roughly 400–500 individuals. The neighborhood has seen a near disappearance of Chinese-owned dining establishments and shops; notably, no full-service Chinese grocery store has operated there since 2005.

In 2023, plans for a stadium project in Philadelphia’s Chinatown sparked comparisons to Capital One Arena’s effects on its local community, provoking opposition that ultimately contributed to the project's cancellation.

Ice surface concerns

In December 2007, then-Capitals captain Chris Clark publicly expressed dissatisfaction with the arena's ice quality, describing it as among the poorest in the NHL due to problems such as grooves, excessive softness, and moisture that posed injury risks to players. Capitals owner Ted Leonsis responded promptly to these criticisms. Challenges with ice conditions have been a recurring issue since the venue's inception and throughout the Capitals' history. However, following Leonsis' takeover, improvements have been noted, resulting in a decline in related complaints. During playoff seasons, supplemental portable refrigeration units are deployed outside the arena to ensure the ice remains in prime condition amid warm and humid summer weather.

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