UBS has secured the naming rights to the future home arena of the NHL’s New York Islanders, which is set to become a cutting-edge live entertainment and sports venue.
UBS Arena, located at Belmont Park in Elmont, New York, is projected to open for the 2021-22 National Hockey League (NHL) season and will host more than 150 major events annually.
The significant redevelopment project is expected to create 10,000 construction jobs and 3,000 permanent jobs, generating approximately $25 billion in economic activity over the term of the lease.
In addition to securing naming rights to the arena, specific elements of the agreement with UBS include permanent exterior signage, entitlement to the Arena’s largest premium private hospitality space, and prominent UBS logo placement on the roof, centre ice, and throughout the venue. UBS clients and employees will also enjoy extensive VIP hospitality opportunities.
Tom Naratil, co-president UBS Global Wealth Management and president UBS Americas, said:
We are excited to announce this long-term partnership with the New York Islanders and are proud to play a role in creating one of the country’s premier sports and entertainment venues.
The New York City area is home to our Americas headquarters, thousands of our employees, and more UBS clients than any other US market. We have deep roots in the tri-state area and a fundamental commitment to growing our presence in the US. This is an opportunity to demonstrate and accelerate that commitment, while having a positive and lasting impact on the surrounding community.
Tim Leiweke, CEO of Oak View Group and leader of the arena project, said:
UBS Arena is poised to become a global landmark entertainment and sports destination, leading us to partner with one of the world’s premier brands.
Together we’re eager to deliver on our shared promise of helping reinvigorate the New York economy, creating jobs, supporting a sustainable future, and safely providing an unrivaled, distinctive premium experience for all. We’re excited to bring our passion and unmatched guest service commitment to life, and we look forward to welcoming fans to what will surely become a popular global destination for world-class events for many years to come.
The $1.5 billion private investment into the arena and the overall surrounding campus will provide a significant boost to the regional economy at a time when economic activity has slowed due to the Covid-19 pandemic.
The project will also inject much needed stimulus into the New York economy and the local community, with the goal of filling 30% of UBS Arena’s permanent jobs with workers who live in the surrounding area. Thirty percent of contracting dollars for construction will also be earmarked for state-certified minority and female-owned businesses, and 6% will be earmarked for service-disabled veteran-owned businesses. An additional $100 million investment in transit and infrastructure enhancements, including the first, newly constructed Long Island Rail Road station in almost 50 years, will benefit local residents and visitors for decades to come.