NEW YORK, NY & LAS VEGAS, NV – Today, the National Football League announced that Caesars Entertainment, which is the biggest hotel player on Las Vegas Strip, is its first official casino sponsor.
That deal came just months after the U.S. Supreme Court gave a green light to the league having casinos as sponsors – and that includes stadium naming rights.
Now, comes word from the reliable blog Vital Vegas that the Las Vegas-bound Oakland Raiders are seeking casino naming rights partners:
Hear several Vegas casino companies are in talks for Raiders stadium naming rights, but at least one major player has passed as the number is (wait for it) north of $30 million a year. Rumored naming rights cost for T-Mobile Arena: $6 million a year.
Hear several Vegas casino companies are in talks for Raiders stadium naming rights, but at least one major player has passed as the number is (wait for it) north of $30 million a year. Rumored naming rights cost for T-Mobile Arena: $6 million a year.
— Vital Vegas (@VitalVegas) December 31, 2018
If the Oakland (Las Vegas) Raiders are asking $30 million a year, for what generally is a 20 year period, that comes to $600 million. If the Raiders can land that investment, it would put the stadium revenue forecast closer to being in the black than ever.
That said, the news that one casino partner backed away from the price tag would seem to point to Sands Corporation as the top dog in the talks. Remember that it was Sheldon Adelson who originally pledged a $650 million investment in Las Vegas Stadium, before announcing he was backing out of the deal because he believed the Raiders were trying to double-cross him.
But, if Las Vegas Sands Corporation is the front-runner (and this is speculation) then would it pay $600 million without some percentage ownership of the Raiders as part of the deal?
Here’s the NFL’s announcement:
The National Football League today announced they have selected Caesars Entertainment Corporation (NASDAQ: CZR) as the first ever Official Casino Sponsor of the NFL.
Beginning with the upcoming 2019 NFL playoffs, this multi-year sponsorship is focused on Caesars providing unique experiences for NFL fans by using its casino properties, celebrity chefs, premier music artists, and a wide range of entertainment elements.
Caesars will have the exclusive right to use NFL trademarks in the United States and the United Kingdom to promote Caesars casino properties and activate at key NFL events including the Super Bowl and NFL Draft.
“We couldn’t be more excited to work with one of the world’s largest gaming and entertainment companies,” said Renie Anderson, Senior Vice President, NFL Partnerships, Sponsorship and Consumer Products. “Combining the NFL with Caesars’ expertise in world class entertainment will provide our fans unique experiences both here in the United States and abroad.”
“All of us at Caesars Entertainment are thrilled to be the first-ever casino partner of the NFL, the most prominent sports league in North America,” said Mark Frissora, President and CEO of Caesars Entertainment. “Combining the league’s 180 million fans with our 55 million Total Rewards loyalty program members will expose millions of people to the exclusive and exciting year-round opportunities at our properties.”
Seven NFL Clubs have relationships with Caesars Entertainment, including the Falcons, Ravens, Bears, Colts, Saints, Raiders, and Eagles. These partnerships along with the new League deal are for the Casino category only and do not include sports betting, daily fantasy or hotels/resorts.
Caesars, alongside other properties on the world-famous Las Vegas Strip, will host elements of the 2020 Draft in coordination with the City of Las Vegas to help create this historic event.
Stay tuned.