GLENDALE, AZ (CelebrityAccess) — City officials in Glendale have approved plans for a major rehabilitation of the city-owned Desert Diamond Arena and a new long-term lease for for the venue’s operator, ASM Global.

The approval is the latest step in the city’s multi-year plan to increase the venue’s fiscal returns and cement the city’s reputation as a national entertainment hub.

“This agreement demonstrates that ASM Global, an internationally recognized leader in arena and venue management, is aligned with our belief about the tremendous future for our ever-expanding Sports and Entertainment District,” said Glendale City Manager Kevin Phelps. “Much of our recent success here in Glendale is that we have positioned ourselves together with high-impact, respected partners like ASM Global. It has an unparalleled international portfolio, including the most prestigious, iconic and successful venues. We look forward to seeing just how far this relationship will elevate and build on our goal to be recognized as one of the top sports and entertainment districts in the U.S.”

The deal includes a planned $40 million dollar upgrade for the arena, which anchors the adjacent $1 billion Westgate Entertainment District, formerly known as Westgate City Center, a mixed-use retail, entertainment, and residential district.

Planned upgrades for the 18,000-capacity arena include improvements for guest, artist and athlete experiences at the arena, ASM Global said. Architectural firm HOK, who initially designed the arena, has been retained to help with the renovation and design.

Desert Diamond Arena is home to the popular Professional Bull Riders Arizona Ridge Riders and host concerts and other live events throughout the year. Since the arena’s debut in 2003, it has hosted shows by artists such as U2, Elton John, The Rolling SAtones, Paul McCartney, Bruce Springsteen, Rage Against The Machine, The Weeknd, The Eagles, and Ed Sheeran, among numerous others.

“We passionately believe in Glendale and Desert Diamond’s potential to live up to its name as a diamond in the entertainment sphere. The area’s track record of hosting spectacular events—like the Super Bowl—can grow even more to enrich the community. We’re looking forward to further leverage our worldwide expertise in this market,” said ASM Global CEO Ron Bension.