(Reuters) - UBS, the world’s largest wealth manager, has secured a 20-year arena naming rights agreement for the future home of the National Hockey League’s New York Islanders at Belmont Park, the two organisations said on Wednesday.
UBS Arena, located in Elmont New York, is projected to open in time for the 2021-22 NHL season and will host more than 150 events annually. Financial terms of the naming rights were not disclosed.
The $1.5 billion project, which also includes surrounding redevelopment, is expected to generate approximately $25 billion in economic activity including 10,000 construction jobs and 3,000 permanent jobs, the Islanders and UBS said.
Both also said the project will earmark 30% of construction contracting dollars for state-certified minority and female-owned businesses and an additional 6% to service-disabled, veteran-owned businesses.
“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,” Islanders co-owner Jon Ledecky said in a statement.
“We’re thrilled to be partners with UBS on this transformational project that will be so important to the New York economy for decades.”
The Islanders, who will compete in the NHL’s Stanley Cup Playoff tournament in Canada starting in August, played home games during the 2019-20 season at both Barclays Center in Brooklyn and Nassau Veterans Memorial Coliseum in Uniondale.
Reporting by Frank Pingue in Toronto; Editing by Christian Radnedge
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