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Louisiana state lawmakers have approved a $138 million contract that will grant Caesars Entertainment the naming rights to the Superdome stadium for a twenty-year period.
The Mercedes-Benz Superdome, the home of the National Football League’s New Orleans Saints, was previously known as the Mercedes-Benz Superdome, with the ten-year deal, reportedly worth $50 million to $60 million, set to expire on July 31, 2021.
The long-awaited naming rights deal comes after Caesars became the NFL’s first official casino partner in January 2019, in a transaction dubbed a “landmark sponsorship” by the league.
According to reports, the transition to the new naming rights sponsorship must be completed by the Saints’ first preseason game, which is scheduled for August 23, 2021.
All signage and logo placements must match the existing Mercedes Benz sponsorship branding and associated assets, according to the agreement.
Greg Bensel, a representative for the Saints, told SportBusiness: “Today, the Louisiana joint legislative committee on budget approved the naming rights convention for the Superdome.
“This approval was a procedural step in securing the naming rights for the Superdome and now we move to finalise our partnership agreement. Once that is official, we will have a formal announcement.”
Caesars will expand its presence in Louisiana, which already has five properties: Harrah’s Louisiana Downs, Harrah’s New Orleans, Horseshoe Bossier City, Isle of Capri Casino Hotel Lake Charles, and The Belle of Baton Rouge Casino Hotel.
Governor John Bel Edwards is also likely to approve a bill legalising retail and mobile sports betting across the state, which analysts predict would generate more than $2.5 billion in yearly sports wagers and more than $200 million in operator revenue.
The following is taken from a document explaining the final specifics of the cooperation, which is expected to be rubber stamped: “Caesars is an international brand with a major presence in Louisiana. The Caesars Superdome represents the state of Louisiana’s most prominent sporting and multi-purpose event facility, which is also recognised around the world.
“Caesars will promote this prominent facility in their marketing efforts and serve as a ‘brand ambassador’ for events hosted in New Orleans.”