The New York Islanders on Wednesday announced the name of the team’s new stadium in Belmont.
The organization inked a 20-year deal with UBS, a Switzerland-based investment firm, reportedly worth $17.5-18 million annually. The stadium currently being built adjacent to the Belmont Park horse racing facility will be known as UBS Arena at Belmont Park.
— New York Islanders (@NYIslanders) July 22, 2020
The stadium is set to open in time for the 2021-22 NHL season, even after construction was delayed during the coronavirus pandemic’s shutdown. The construction of the UBS Arena at Belmont Park is a $1.5 billion project, creating 3,000 permanent jobs once completed. The Islanders have committed to have at least 30 percent of those workers to be local residents.
“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,” Tom Naratil, co-president of UBS Global Wealth Management and president of UBS Americas, said in a press release. “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.”
The deal was brokered by the Oak View Group, which is part of the stadium’s ownership group alongside New York Arena Partners and Jeff Wilpon.
The 19,000-seat arena will be a state-of-the-art facility, with 5G technology, touchscreens throughout the stadium and more. Wait times for concession stands will be reduced through emerging point of sale system (POS) solutions and payment options,.
“UBS Arena will stand as a beacon of strength, resilience, achievement and community, and we look forward to celebrating this milestone with our loyal fans,” Jon Ledecky, co-owner of the New York Islanders, said. “We’re thrilled to be partners with UBS on this transformational project that will be so important to the New York economy for decades.”
Most of all, as part of the Islanders’ deal with UBS, the organization will “commit a significant philanthropic investment to drive economic redevelopment and strengthen the local community.” UBS will work with the community to create post-secondary education and entrepreneurship programming.
“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, UBS,” Tim Leiweke, CEO of Oak View Group and leader of the arena project, said. “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.”