2 Companies in Running for Third-Party Management of Rialto Theatre

JOLIET, IL — Two companies are in the running to become third-party managers of the Rialto Theatre.

The companies, VenuWorks and Pinnacle Venue Services, were chosen out of five options by a Rialto advisory committee Monday, according to a report from My Suburban Life. The other three were Caesars Entertainment, Onesti Entertainment and SMG.

Each committee member ranked the proposals submitted by the companies in order of preference.

According to the report, the members liked “VenuWorks’ willingness to invest in food and beverage up to $350,000.”

Pinnacle Venue Services gave a “very realistic” approach to operating budgets, claiming a financial loss in the first year of management, according to the article.

“Pinnacle projected a loss of $693,000 in the first year but projected a loss of $488,000 in the third year,” the article said.

Formal proposals will be heard at 4 p.m. Aug. 15. A final decision could be made that day or on Aug. 17.