The New Orleans Saints and Caesars Entertainment announced the 20-year deal Monday that will rebrand the state-owned stadium as the Caesars Superdome. The 2025 Super Bowl will be played at the Caesars Superdome, as well as the 2022 NCAA Men’s Final Four, among other high-profile events that include top-level college football.
Caesars and its William Hill sports betting brand now look to be a top player in the Louisiana online gambling market. The stadium naming rights deal comes as Caesars is in the midst of $325 million renovation to transform its Harrah’s New Orleans casino into what will be called Caesars New Orleans.
“We’ve had a strong relationship with the New Orleans Saints for nearly two decades and we are thrilled with the opportunity to strengthen it and celebrate our commitment to the city, the state, and the entire Gulf Coast region,” Tom Reeg, CEO of Caesars Entertainment, said in a statement.
Caesars’ share price ($CZR) was up about 1.6% to to nearly $92 as of 3 p.m. EST on Monday following the announcement, significantly better than the overall market for the day.
Other top figures weigh in on partnership
Saints owner Gayle Benson said the deal “sends a strong message about the positive future for the New Orleans Saints, Caesars Entertainment, and the entire state of Louisiana.”
Louisiana Gov. John Bel Edwards also weighed in.
“Having faced a very trying 2020 with the Covid-19 Pandemic, this is wonderful news to see that two iconic brands like the Saints and Caesars are partnering on a long-term business deal that will not only benefit New Orleans, but the entire state,” he said in a statement. “I congratulate Mrs. Benson and her team on securing this partnership. The Superdome is an iconic building, globally recognized and I am certain that Caesars will be very pleased having their name on the building that will be hosting future Super Bowls, Final Fours, and Essence Festivals, to name a few.”
According to the announcement, the stadium has a $600 million annual economic impact. The Caesars Superdome is currently undergoing a $450 million renovation. The Saints are contributing a reported $150 million of that $450 million investment.
“The New Orleans Saints and Gayle Benson have pledged all proceeds from this partnership will go directly back into the state-owned building to help with ongoing and continued renovations, which include enhanced and expanded concourses, vertical transportation systems, and on-field, high-end hospitality luxury suites,” the Caesars presser stated.
More than a decade ago, the state of Louisiana gave the Saints the right to sell naming rights to the stadium, which also eliminated tax breaks. Mercedes-Benz previously held the naming rights before Caesars.
“In 2009, the State, in its new lease agreement with the Saints, gave the team the right to sell naming rights to the Superdome, thereby eliminating State subsidies to the team,” said Sen. Page Cortez, president of the Louisiana Senate. “Today, we are thrilled with the announcement of a 20-year deal between the team and Caesars. In 2011, the State approved Mercedes-Benz as the naming rights partner for the Superdome, that 10-year partnership presented to the State by the Saints. What is important to note here is that the team is working to create its own revenue sources for New Orleans and the Superdome. That is very important in our deal with the team. It is a good business deal for the state.”
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