NEW YORK - APRIL 04: Sticks and the puck photogarphed during a faceoff between the New York Islanders and the New York Rangers on April 4, 2008 at Madison Square Garden in New York City. (Photo by Bruce Bennett/Getty Images) Photographer: Bruce Bennett/Getty Images North America (Photo: Bruce Bennett/Getty Images North America/Bloomberg)

UBS secured exclusive 20-year arena naming rights to the new, future home of the New York Islanders, located at Belmont Park in Elmont, New York, and projected to open for the 2021-22 National Hockey League season, the company said Wednesday.

The $1.5 billion private investment that the firm made into the arena and 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,” UBS said in its announcement.

Prior to the COVID-19 pandemic, the Islanders, crosstown rivals of the New York Rangers, had been splitting home games between Barclays Center in Brooklyn and Nassau Coliseum in Uniondale, New York, which the Islanders previously called home from 1972 to 2015.

Along with 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 facility’s roof, center ice and throughout the venue, the firm said. “UBS clients and employees will also enjoy extensive VIP hospitality opportunities,” it said.

The arena is expected to host more than 150 major events annually, and the redevelopment project will “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,” the firm said.

Explaining his firm’s rationale for making the investment, Tom Naratil, co-president of UBS Global Wealth Management and president of UBS Americas, pointed out in the announcement that the New York City area is “home to our Americas headquarters, thousands of our employees, and more UBS clients than any other U.S. market.”

UBS has “deep roots in the tri-state area and a fundamental commitment to growing our presence” in the U.S., according to Naratil, adding: “This is an opportunity to demonstrate and accelerate that commitment, while having a positive and lasting impact on the surrounding community.”