Caesars Entertainment becomes the first “founding partner” for Las Vegas Stadium, and signals the impact the recent U.S. Supreme Court ruling allowing American sports betting has had on the economics of the Oakland Raiders Las Vegas Stadium.
It also points to one fact: the Raiders stadium sponsors, as I’ve said, would have to be Las Vegas casino organizations. When the private side of the financing is done, Las Vegas Casinos will all but own the Oakland Raiders when they become the Las Vegas Raiders.
As to what the deal costs, no information on that was in the Caesars Entertainment press release. But if we use the Atlanta Falcons Mercedes Benz Dome as an example, there were 14 founding partners for that deal, and in total, just over $1 billion was raised. So, from that, it’s fair to speculate the Caesars Entertainment deal’s between $70 million and $100 million, spread over 15 years, or about $6.666 million at the top end of $100 million.
Here’s what Caesars Entertainment said:
“The Raiders are proud to welcome Caesars Entertainment as a founding partner of Las Vegas Stadium,” said Marc Badain, President of the Raiders. “We are honored to align with a company that shares the Raiders’ values of improving the local community and delivering exceptional customer service in creating this transformative project.”
“Sports have long been a core part of the Caesars’ experience,” said Chris Holdren, Chief Marketing Officer for Caesars Entertainment. “With this deep partnership, Caesars will become an essential part of the game time ritual for Raiders fans everywhere. From activations to exclusive experiences, fans of the silver and black will see Caesars as their home on game day.”
“The historic partnership also marks the first Raiders deal with a gaming and hospitality company, providing select Caesars Entertainment customers and Total Rewards members access to exclusive experiences like the customized Caesars-branded Owners Suite at the 50-yard line of the Las Vegas stadium, VIP Dinners on the field, training facility events, fantasy camp participation, stadium tours, along with tickets to home games and most stadium events.”
“As a Founding Partner, Caesars Entertainment will host a branded stadium entrance and drop off zone, digital signage, media, radio and print assets in addition to alumni, player and cheerleader appearances – giving the company a commanding presence.”
“This partnership with the Las Vegas Raiders follows the company’s recent announcement with the Baltimore Ravens, Maryland’s only partnership between a National Football League team and a casino.”
“The 65,000-seat stadium will bring 520,000 people to home games each year, when it opens for the 2020 NFL season.”
And thank you to the Raiders for presenting black men in their artist rendition of the luxury suites.
Zennie Abraham is the CEO of Zennie62Media