The New Orleans Saints were able to quickly cash in on their sponsorship ticket for stadium naming rights. The new home of the Saints will be called Caesars Superdome after the Louisiana State Joint Budget Committee approved the 20-year sponsorship rights agreement worth approximately $140 million. All revenue would be paid to the team.
This deal, which is estimated at $7 million annually, represents a slight increase on the one with Mercedes-Benz. Caesars Entertainment CZR’s deal would make it possible to finally expand the gambling market with the NFL. It would also be the first stadium sponsoring casino. Louisiana’s November 2018 election ballots legalized sports gambling. The Joint Budget Committee has the authority to approve sponsorships in historically conservative states. Online fantasy sports gambling was illegal in seventeen parishes, which has resulted in millions of dollars in tax revenue lost.
Caesars Entertainment, Inc., operates Harrah’s Casino in New Orleans. The Superdome is one mile away, as well as the French Quarter’s anchor casino. The Louisiana Joint Legislative Committee on Budget helped Caesars to continue its profits, considering the amount of money it owes Louisiana from Caesers and the millions that it doesn’t have to pay following the State Supreme Court tax appeal.
Greg Bensel, Vice President of the New Orleans Saints, released a statement following the vote, declaring that the “(JLCB) has approved the naming rights convention to the Superdome. We thank all members of JLCB, particularly Senator Mack “Bodi”, White (Chairman of Finance) and Jerome Zeringue (Chief of Appropriations). We also thank Senator President Page Cortez, Speaker of the House Clay Schexnayder, for their leadership. We now move on to the finalization of our partnership agreement. This was just a formal step towards securing Superdome’s naming rights. We will make a formal announcement once that has been made official.
New Orleans Saints, Louisiana and their state went many decades without considering the possibility of becoming Superdome sponsors. While the NFL is one of the largest bet-on professional sports leagues, it has struggled for decades to stop gambling. Before the Super Bowl 2024, renovations of the Superdome must be complete. If the Caesars Superdome name appears on the Super Bowl it will likely be the biggest bet in Super Bowl history.
It’s possible, or at least it would be my wager. The contract has not been signed. However, it is similar to a poor money spread, scratched horses, or late spins on the Roulette wheel. All bets regarding the next Superdome sponsor are now off. All signs point towards Caesars, just like all the bright lights at Canal Street.Publiated at Thu 22 July 2021, 20:36.23 (+0000).