Rosemont rebates Allstate $1.7 million for arena shutdown during pandemic
Two years after the initial stay-at-home orders and ban on large gatherings, Rosemont is rebating Allstate Insurance Co. $1.7 million in naming rights payments for time that the Allstate Arena was shut down.
The credit represents about a year's worth of what Allstate pays to attach its name to the village-owned venue, under terms of the 10-year, $15 million naming rights deal inked in 2014.
Despite the stadium's closure between March 2020 and June 2021, the Northbrook-based insurance giant kept making its payments to the village, officials said.
Now, under a memorandum of understanding approved by the village board this month, Allstate will get rebated in monthly installments over the next two years.
It follows similar arrangements the village reached with advertisers at the arena in recent months, including Pepsi and Vienna Beef.
Rosemont's other big naming rights deal, with Parkway Bank and Trust Co. for the village entertainment district and sports complex, included credits for 2021 when an extension to that agreement was negotiated a year ago, said Mayor Brad Stephens.
The contract with Parkway Bank runs through 2025, and the one with Allstate is until 2024.
Stephens expressed optimism for better business at the arena after the relaxing of Cook County's proof-of-vaccination mandate at the end of February. The arena hosted three sold-out shows for Puerto Rican rapper Bad Bunny March 10-12, good crowds for Reba McEntire's rescheduled show last weekend, and the return of ever-popular WWE Monday Night Raw.
Stephens added that things are "looking positive" for future show bookings.