The San Diego Sports Arena will be now be known as the Valley View Casino Center, according to a news release issued Tuesday.

The hotel and casino located in the North County reached a multi-year agreement with AEG Global Partnerships, the firm that manages the arena. The deal was approved by the San Diego City Council on Tuesday and will take effect on Nov. 1.

The naming rights deal will bring the city about $157,000 over the next five years.

In 2005, the City Council approved a $2.5 million deal to rename the Sports Arena the ipayOne Center. The residential real estate listing company went out of business shortly afterward. The Sports Arena recently underwent a $3.5 million renovation that included the addition of a new arena club and lower-level seating.

"We are thrilled to partner with the longstanding tradition of top quality sports and entertainment that the San Diego Sports Arena has established throughout its legendary existence," said Bruce Howard, general manager at Valley View Casino & Hotel. "We look forward to working closely with the City of San Diego, the Hahn family and AEG, the most recognizable name in the sports and entertainment industry, to grow both the Valley View Casino Center and Valley View Casino & Hotel brand."

"We look forward to the opportunities that this new venture will provide, including developing a great relationship with the city of San Diego," said Joe Navarro, president/CEO of the San Pasqual Development Group, Inc., the San Pasqual tribe's gaming corporation. "Since our casino's inception we've been consistently looking for growth opportunities, expanding our casino, building our hotel, and now partnering with the finest sports and entertainment venue in San Diego County."

The arena, managed by AEG Facilities, has recently undergone a multi-million dollar renovation which included the addition of a new 6,500-square foot VIP hospitality space, "Club 3500", new lower level seats, LCD televisions throughout and an upgraded concourse and arena entrances.

Since its inception in 1966, the 15,000-seat multi-purpose venue has become a must-play tour stop for major artists such as Elvis Presley, the Rolling Stones, Bruce Springsteen and U2, as well as world-class sporting events and family shows, welcoming more than 600,000 guests annually. Recent performances and special events have included sold-out concerts featuring Carrie Underwood, Michael Buble, Shakira and the Black Eyed Peas. In November, the arena will host the 2010 Fed Cup Final between the U.S. and Italy, marking the first time the Fed Cup has been played on U.S. soil since the U.S. won their 17th Fed Cup title in 2000.

"This is a great partnership for the Arena and Valley View Casino & Hotel, San Diego's favorite casino," said AEG Facilities' Ernie W. Hahn II, senior vice president and general manager of the venue. "With Valley View Casino & Hotel as our partner, we will continue to raise the entertainment experience and number of shows while still being the busiest and most centrally located arena in San Diego. We are excited to have such a great marketing partner to showcase our recent improvements and help make us better moving forward."

In 2008 the San Diego Sports Arena partnered with AEG Facilities, one of the world's leading providers of innovative live sports and entertainment. AEG Facilities will continue to bring its incredible resources to the newly-named Valley View Casino Center that will allow it to host the biggest and best events in the County.

"The Valley View Casino Center is going to combine the leading sports and entertainment provider in the world with the reputation of a first-class casino hotel with the iconic history of the San Diego Sports Arena," said Nick Baker, vice president, partnership sales, AEG Global Partnerships. "We are eager to get started and kick off this exciting long-term partnership."