Caesars Entertainment acquired naming rights to the Superdome, home of the NFL’s New Orleans Saints, in a 20-year, $138 million deal, according to documents issued to Louisiana lawmakers.
The Saints’ lease for the Superdome gives the team naming rights, so Caesars will pay the franchise directly. The team will use the capital to fund stadium improvements.
The deal has been in the works for months but is now official following the expiration of the Superdome’s agreement with Mercedes-Benz last week.
The luxury car brand became stadium’s first naming rights sponsor in 2011 — a 10-year deal worth between $50-$60 million. Mercedes-Benz also holds naming rights to the Atlanta Falcons’ stadium.
Huge naming rights deals have become rather commonplace in the NFL.
- U.S. Bank acquired naming rights to the Minnesota Viking’s stadium in 2015 in a 25-year, $220 million deal.
- Allegiant Airlines inked a deal for naming rights to the Las Vegas Raiders’ stadium in 2019 that’s worth up to $25 million annually.
- SoFi became the naming rights partner of the Los Angeles Chargers/Rams stadium last year in a 20-year, $400 million deal.
The Superdome’s current $450 million renovation will be complete in time to host Super Bowl LVIII in 2024.