ONN – Can Allegiant Airlines Afford Raiders Las Vegas Stadium Naming Rights Deal?
For the second time this year (the last time, May 9th), the idea that the Las Vegas-based Allegiant Airlines would pay to put its name on the Oakland Raiders Las Vegas Stadium has come up again.
The first time the deal was floated, the news was shot down by Allegiant Airlines itself, explaining that its filing of a legal protection of the name “Allegiant Stadium” was simply for future projects.
At that time, at least one person who was said to have naming rights sales experience, dropped that the asking price was $25 million a year over 20 years.
Now, here comes ESPN basically saying the same news, only that this time, the deal is “near” – with no indication of where it really is. But the question outstanding is this one coming.
Why would Allegiant Airlines, which only has a net income of about $250 million, spend ten percent of that on a stadium naming rights deal that’s a quarter century long?
If one considers that Allegiant Airlines would be in United Airlines and American Airlines marketing territory, then the fact that their net incomes are over $1 billion, making such expenditures a drop in the bucket, has to come into play.
It may be that the news itself was floated to market Allegiant Airlines, and not really to say that a deal was going to get done.
It just doesn’t make sense for Allegiant Airlines.
Allegiant Airlines Stock Down After Naming Rights News
A review of Allegiant Airlines NASDAQ stock reveals that it took a dive to close on Wednesday and after news of the so-called deal talks surfaced. Allegiant Airlines stock was at $149.85, and down 1.41 or .93 percent over the opening bell of that day. With that reaction, it’s hard to see how Allegiant Airlines can justify even being involved in such a deal.
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