Joe Louis Arena is a multi-purpose arena located in Detroit, Michigan. It is the home of the Detroit Red Wings of the National Hockey League. Completed in 1979 at a cost of $57 million, the venue is named after boxer and former heavyweight champion Joe Louis, who grew up in Detroit. Only one other NHL arena, Madison Square Garden, is without a corporate sponsorship name. The third oldest NHL venue after Madison Square Garden and Rexall Place, Joe Louis Arena is owned by the city of Detroit, and operated by Olympia Entertainment, a subsidiary of Ilitch Holdings. Joe Louis Arena replaced Detroit Olympia. It sits adjacent to Cobo Hall on the bank of the Detroit River and is accessible through its own station on the Detroit People Mover.