Caesars Entertainment is set to sign a 20-year, $138 million deal with the New Orleans Saints to put the gaming company’s name on the team’s home, the Superdome.
The massive deal, which breaks down to $6.9 million annually, was approved Thursday by the Louisiana State Legislature, making way for the team and the gaming group to finalize the agreement, which would rename the 73,000-seat facility the Caesars Superdome.
“Today, the Louisiana Joint Legislative Committee on Budget approved the naming rights convention for the Superdome,” Saints spokesman Greg Bensel said in a statement. “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.”
All proceeds from the deal would go to the Saints, which the backup material for the meeting stated would be used for renovation projects. That includes adding new sponsorship branding to the exterior and interior of the domed facility, formerly named the Mercedes-Benz Superdome. That naming rights deal was good for 10 years and expires on July 31.
Part of the deal approved by the legislature includes requiring Caesars Superdome branding to be added to the building before the team’s Aug. 23 preseason home game.
Caesars is no stranger to sports sponsorship deals as the gaming group also signed a 15-year founding sponsorship deal with the Raiders and Allegiant Stadium. Caesars is also the official casino and sports betting partner of the NFL.