Cowboys Plan $1 Billion AT&T Stadium Overhaul for 2028

• Dallas Cowboys plan to begin a roughly $1 billion AT&T Stadium overhaul in 2028, with work continuing through 2043.
• The Cowboys will invest at least $750 million, while Arlington will contribute up to $273 million through an existing venue-revenue funding structure.
• The stadium generates about $324 million in annual economic impact for Arlington, with the city's analysis estimating $9.7 billion in economic impact from 2026 through 2055.

What The Cowboys Are Renovating

The Dallas Cowboys are preparing a long-term renovation program for AT&T Stadium at 1 AT&T Way in Arlington, with construction scheduled to begin in 2028. Rather than a major expansion, much of the investment will focus on maintenance, security, pedestrian safety, traffic flow and event operations. The Cowboys will lead the design and construction and front eligible project costs. The work is expected to be completed by 2043, keeping the stadium operational while upgrades are phased in over time.

What Arlington Is Funding

Under the agreement approved in April, Arlington will provide up to $273 million in net present value over 20 years through a stadium maintenance and operations account. The funding will come from existing voter-approved venue taxes, rather than the city's General Fund or a new tax. The arrangement also extends the Cowboys' lease at the city-owned stadium through 2055. The team will continue paying $2 million annually in base rent and $500,000 annually in naming-rights payments to the city.

What The Stadium Means For Arlington

The investment is tied closely to the economic role AT&T Stadium plays in Arlington's Entertainment District. An independent analysis by HR&A Advisors estimates the Cowboys' current stadium operations generate approximately $324 million of annual economic impact in Arlington. From 2026 through 2055, the analysis projects approximately $9.7 billion in economic impact from stadium operations, events and related visitor spending. The stadium opened in 2009 after Arlington voters approved the original financing package in 2004. The city completed repayment of its original stadium debt in 2025, 10 years ahead of schedule, saving more than $150 million in projected interest and fees.

What The Investment Means For CRE

For commercial real estate investors, the renovation reinforces the long-term importance of Arlington's sports and entertainment district as an economic anchor. A 2055 lease commitment also provides greater certainty around the continued presence of the Cowboys, supporting the broader ecosystem of hotels, restaurants, retail and entertainment surrounding the stadium. The latest renovation program is less about adding flashy square footage and more about keeping one of North Texas' largest event assets competitive, secure and operational for decades.