Xcel Energy Center Eyeing $769 Million Upgrade

Minnesota hasn’t had to have a discussion about stadium and arena funding since U.S. Bank Stadium was erected in Minneapolis, but now the Xcel Energy Center and Target Center are looking to do some upgrades. So, here we go again.

The state of Minnesota is considering new funding for all three of Minnesota’s large sports venues: the Target Center, Xcel Energy Center, and U.S. Bank Stadium, all of which have various funding needs now and into the near future.

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Xcel Energy Center Proposes Major Upgrade

The Xcel Energy Center just released a plan for a $769 million upgrade of the arena and the other adjoining venues, Saint Paul RiverCentre and Roy Wilkins Auditorium.

Now in year 25, the Xcel Energy Center was designed with a 25-year lifespan, and the last time upgrades were done in the arena was in 2014, when seats were replaced.

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The current proposal doesn’t give a lot of details on what specific projects will be undertaken, but they say, “This transformative project will build capacity for further reinvestment in our downtown. We have the opportunity to create a more competitive entertainment district to attract more events.”

Funding Breakdown for the Project

To complete the project, money is needed, and the proposed funding breakdown has the State of Minnesota covering $394.6 million (50%), the Minnesota Wild coughing up $215.8 million (30%), and the City of St. Paul and other local partners will come up with the remaining $158.8 million (20%).

Economic Impact of St. Paul’s Venues

Over 2.1 million people visit the three venues each year, and they generate over $380 million in spending annually for the City of St. Paul. In 2024, the complex hosted nearly 400 events, a testament to its importance to Minnesota’s capital.