Mercedes-Benz decided to opt-out as the current naming sponsor of the New Orleans Superdome. That long-standing 10-year contract officially came to an end on July 31.
As a testament to the current relationship between US professional sports leagues and legal US sportsbooks, Caesars Entertainment will now fill that role.
The Las Vegas gaming and entertainment giant has signed a 20-year deal worth an estimated $138 million for those naming rights. The agreement is with the NFL’s New Orleans Saints. It works out to be close to $7 million a year.
Greg Bensel is a spokesperson for the team. Earlier in July, he stated that:
“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 finalize our partnership agreement. Once that is official, we will have a formal announcement.”
As part of the formal agreement, the stadium will now be called Caesars Superdome. This will be communicated through a signage package that includes a massive presence of the roof. There will also be both exterior and interior signage communicating the new name.
The new marriage between Caesars and the Superdome is significant for a number of reasons. At the top of the list is the new role that legal gaming and sports betting now holds in professional sports.
There are any number of partnerships in place between legal US sportsbooks and pro US leagues and teams. This latest partnership takes things to a whole new level.
Caesars has been one of the most recognized names in the gaming and entertainment industry for quite some time and has a strong offering with a Caesars bonus code. The Louisiana Superdome is an iconic sports venue with a long history of hosting major events.
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Joining the two together takes the relationship between sports betting and sports in a whole new direction as well.
Another big benefit from this deal will be funding towards an overdue renovation of the Superdome at an estimated cost of $450 million. This will bring the facility in line with the other elite stadiums in the NFL.
The bigger picture for Louisiana sportsbooks is the planned launch of betting in 55 of the state’s 64 parishes. A voter referendum in last November’s general election started the process.
Following a successful legislative effort to legalize betting on sports, the Louisiana Gaming Control Board is working through the regulatory process.
Delays along the way have pushed back the official launch. While early September was the target date, it appears that early in 2022 may be a more realistic timeframe.
By branding Caesars with the New Orleans Saints, the gaming company is hoping to gain an immediate advantage over the competition when legal sports betting does finally launch.
Earlier this year, Caesars finalized its acquisition of William Hill as one of the biggest and most recognized sportsbooks on the global stage. It can now fully leverage that brand during its rollout efforts in LA.