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Rialto Square Theater says $2 million asbestos cleanup paid from operations; plans HVAC overhaul and centennial restorations
Summary
At a July 14 pre-council session, Rialto Square Theater executive director Wade Welsh told City of Joliet officials the theater paid about $2,000,000 for asbestos remediation, is pursuing litigation to recover costs, and is scheduling a full HVAC replacement and other capital work ahead of its 100th anniversary.
Wade Welsh, executive director of the Rialto Square Theater, told the City of Joliet pre-council meeting on July 14 that the theater paid more than $2,000,000 out of pocket to remediate an asbestos incident that closed the venue in 2024 and that litigation is under way to recoup that expense.
The asbestos complaint was filed with the Illinois Environmental Protection Agency on July 25, 2024; the complex closed Aug. 1, 2024, reopened administrative offices Sept. 2 and did not host a show again until Oct. 22, 2024, Welsh said. The shutdown led to seven canceled shows and five canceled weddings, he said.
"That bill for that remediation and abatement is just over $2,000,000 that we have paid out of pocket and obviously are currently, working through litigation with our attorneys to hopefully get every dollar of that back," Welsh said.
The presentation included fiscal and capital updates. The theater reported attendance of about 109,000 in fiscal 2023, about 140,000 in fiscal 2024, and roughly 110,000 in fiscal 2025 despite the asbestos-related closure. Welsh said fiscal 2024 produced a net operating profit of $214,740 (not including a prior $475,000 annual city subsidy the council redirected to capital), and fiscal 2025 was on track to approach profitability before the shutdown.
Capital work completed or funded includes a $4,000,000 roof and masonry replacement funded by the State of Illinois and a roughly $1,000,000 renovation of first-floor restrooms (women's stalls increased from four to 14; men's stalls from two to three; urinals from four to 11; a family restroom was added), Welsh said. He identified upcoming urgent needs as HVAC replacement, electrical upgrades, terracotta façade repair and a comprehensive historic restoration; he said the theater currently lacks a sprinkler system except backstage.
Welsh said HVAC equipment is largely original or decades old and that the theater will close June–mid‑September 2026 for a complete HVAC replacement because long-lead items could not be bid during the asbestos work. He also said the Rialto Square Foundation has raised more than $500,000 since 2019 to support theater projects.
Bob Rubens (spoke about donated Reubens pieces) and theater representatives said the theater has agreed to accept two family heirloom pieces as a gift and plans to display them by September ahead of the centennial next year.
Council members and a city liaison offered praise and asked about grant opportunities for façade work; Welsh said staff are actively pursuing state and other grants and had secured additional funding to support part of the HVAC project.
No formal council action was taken at the pre-council presentation; the Rialto update was informational and placed on tomorrow's regular meeting materials for consideration of future budget or capital subsidy items.
