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The biggest bang of the summer concert season occurs at the outset, with Guns N` Roses` two shows May 24-25 at the Alpine Valley Music Theatre in East Troy, Wis.

It`s also rumored that the group will return to play the area later in the summer or next fall.

But between those two events, it`ll be a season of slim pickings for the area`s three major amphitheaters-Alpine, the World Music Theatre in Tinley Park and Poplar Creek in Hoffman Estates-with most superstar acts taking the summer off to work on albums.

Among those who probably won`t be touring this summer are Bruce Springsteen, Michael Jackson, U2 and John Mellencamp, all in the midst of album projects. R.E.M. has a new album out, the Top-5 ”Out of Time,” but already has said it won`t tour until 1991.

A much-rumored Led Zeppelin reunion-the latest story making the rounds has original members Jimmy Page and John Paul Jones joining forces with Jason Bonham, the son of the late Zep drummer John Bonham, and Whitesnake singer David Coverdale-won`t take place until at least the fall, if at all.

Though last summer was considered a ”down” season by most promoters, it had its share of big names: Paul McCartney, David Bowie, Aerosmith, Billy Idol, the Grateful Dead. The Dead will be back this summer for a show June 22 at Soldier Field, but the others won`t.

Fans will have to settle for return trips by several major acts, such as Frank Sinatra, AC/DC, Paul Simon and Yes, who recently have played or are soon scheduled to play the area indoors.

Perhaps the summer`s most intriguing show besides Guns N` Roses is an all-day feast of alternative rock Aug. 3 at the World that will include Jane`s Addiction, Living Colour, Nine Inch Nails, the B-hole Surfers, Siouxsie and the Banshees and Ice-T. Also certain to play the Chicago area this summer is a tour of metal veterans including Alice Cooper, Judas Priest and Motorhead.

The newer breed of metal giants-Megadeth, Slayer and Anthrax-who all played the area individually in recent months, will be touring together as a

”Clash of the Titans” triple bill, June 14 at the World and June 15 at Alpine, and Elvis Costello, touring behind his 15th album, ”Mighty Like a Rose,” will play with the BoDeans at Alpine on June 7 and the World on June 8. The shows are indicative of a season in which, unlike last year, most major acts are playing both Alpine and the World, usually on consecutive days.

For pop fans, there are shows by megaplatinum acts Whitney Houston (June 30 at the World), New Kids on the Block (July 5 at Alpine) and Gloria Estefan and Miami Sound Machine (Aug. 14 at the World).

”The superstars are few and far between,” says Lou Reizin, general manager of the concert division of the Nederlander Organization, which books Poplar Creek. ”That`s been happening over the past several years and they`ve been harder and harder to come by.”

But the dearth of talent hasn`t prevented ticket prices at the three amphitheaters from creeping into the $25-$30 range and sometimes well beyond. ”Ticket prices are unusually high,” Reizin says. ”They`re not at a level that any of the facilities would like. But they`re a necessity because of the prices performers have established for their shows in the Chicago market, and that`s set by competition.”

When the World opened its gates last season to compete with the then-11-year-old Poplar and 15-year-old Alpine, the price of talent increased.

Spokesmen for all three venues agree that guarantees to major acts in the Chicago area are the highest in the nation.

”The opening of the World threw the market out of balance,” says Joe Balestrieri, president of Joseph Entertainment Group, which operates Alpine.

”The market isn`t big enough for three major amphitheaters.”

He notes that in 1989, the year before the World opened, Alpine and Poplar split 1.1 million customers. In 1990, 1.2 million attended shows at the three amphitheaters, an increase of only 100,000 ticket buyers.

But Jerry Mickelson, co-owner of Jam Productions, which operates the World, notes that his venue has lowered the prices of its lawn seats this year and has kept reserved-seat prices from skyrocketing above 1990 levels by absorbing a greater financial risk on each show.

”In some cases there are some stupid monies being paid to certain performers and we`ve decided there`s a certain amount that we will only go up to, and once it exceeds that amount then we say, `No, thank you,` ” he says. ”Alpine is setting some bad precedents with guarantees that are costing the consumer money.”

Mickelson cites the Don Henley/Sting shows on Aug. 3-4, for which Alpine reportedly paid $1.2 million. The show is billed as a Chicago-area exclusive, meaning that neither Henley nor Sting can play the World or Poplar this season, in return for the hefty guarantee. In accepting the Alpine offer, Sting turned down a considerably lower offer-reportedly $125,000-from the World.

”We pick our spots on exclusive arrangements,” Alpine`s Balestrieri says. ”There are four or five shows a year we may go after in this way, because we like the act.”

Ticket prices are keeping pace with the high bids. The most expensive show-Sting/Henley-is also the priciest ticket of the season so far, with 1,000 seats going for $50.50, reserved for $35.50 and lawn $26.50. These prices don`t include service charges ($1.50 per ticket) and parking fees ($2.50 per ticket).

Lawn seats have also crept past $20 for the Guns N` Roses shows at Alpine, and the once taboo $30 barrier for reserved seats, previously commanded only by superstar acts such as Sinatra and the Rolling Stones, is being broken with increasing frequency this year by all three venues.

Top tickets announced so far at the World are $37.25 for Whitney Houston

(June 30) and $34.75 for Steve Winwood (June 15) and Paul Simon (Sept. 7), all including parking.

Alpine is asking $37.50 and $32.50 for Guns N` Roses, $35.50 and $25.50 for Simon (Sept. 8), $30.50 and $25.50 for New Kids on the Block (July 5) and $35.50 and $25.50 for Elvis Costello (June 7), with parking at least an additional $2.50 per ticket.

None of Poplar`s rock shows are quite that expensive, but top tickets for Julio Iglesias (July 11), Liza Minnelli (July 21) and Mikhail Baryshnikov

(Aug. 17) are $32 or higher, including parking.

With only 25,000 seats, compared to 28,000 (including 11,000 under cover, more than any other venue in North America) at the World and 40,000 at Alpine, Poplar is losing some top rock bookings to the bigger venues. But it also boasts the most diverse lineup in the area, with pop, jazz, country and children`s acts designed to appeal to a wider family audience.

Reizin says Poplar`s schedule will become more rock-oriented as the season progresses.

And the relative intimacy of Poplar can`t be downplayed as a lure to artists. Bonnie Raitt will play there on Aug. 3 (with Chris Isaak), after headlining last year at the World. Mickelson confirms the World bid for Raitt this year, but lost out to Poplar.

The World has tried to improve ticket buyers` comfort by raising the five-acre lawn two feet to improve sight lines, and Alpine has added 150 bathrooms. Both have expanded concessions facilities.

Spokesmen for the three venues claim to be ”comfortable” with their position in the market, but with ticket prices pushing $30 and few superstars on the road, it remains to be seen whether they`ll feel the same way in September.

In other issues affecting the outdoor season:

– A consultant`s report commissioned by Walworth County in Wisconsin urges that Alpine drastically reduce crowd capacity or eliminate unreserved lawn seating, perhaps reflecting safety concerns after three teenagers were crushed to death at an indoor rock concert in January in Salt Lake City. But county officials aren`t considering any regulations at the moment.

”When you have lots of rain, you can have problems,” Balestrieri says.

”But we have a great safety record, as reflected by our insurance rates, which are the lowest possible. We`re getting county officials out for some shows, so they can see how we do things.”

– The World violated state noise rules at least 12 times last summer, the Illinois Pollution Control Board says. But Jam says it has already addressed the problem.

”We`ve made improvements to the sound system,” says Jam co-owner Arny Granat.

”We had the problem solved last summer, and we`ll continue to monitor every show this summer,” Mickelson adds. ”The state isn`t having us do anything we wouldn`t do ourselves anyway.”

– A proposed law that would have required artists to announce in advance whether they will lip-sync in concert has died quietly in the Illinois legislature. Promoters, not to mention Whitney Houston, New Kids on the Block and other performers known to use recorded music in their acts, can all breathe easier.