The National Football League’s (NFL) Oakland Raiders’ soon to be new home in Las Vegas, Nevada, Allegiant Stadium, has reportedly gained a second corporate sponsor.
According to a Monday release, the announcement from Raiders President Marc Badain and San Manuel Band of Mission Indians Chairwoman Lynn Valbuena, along with San Manuel Band of Mission Indians Chief Executive Officer Loren Gill, the federally-recognized tribe has partnered with the Raiders, whose Las Vegas Stadium Co., construction subsidiary is building the $1.97 billion venue at Interstate 15 and Russell Road.
The Las Vegas Review-Journal further reports that the terms of the recently agreed to deal between the Raiders and the tribe have yet to be disclosed.
Speaking to some 50 people gathered at the Raiders Preview Center in Town Square on Monday, Badain said…
“We’ve talked often about how this project is going to be transformative, transformative for the city, transformative to this region, transformative to the Raiders and also transformative for those that chose to be part of this project and a part of this building.”
“We’ve had a long history, we’ve been in multiple markets as everybody knows,” Badain added. “We like to say that it’s all a part of our DNA. Our history in Los Angeles was a very significant one, a very successful one, and we maintain a very strong fan base in the Southern California area, so much so that a significant portion of our PSL holders are coming from that region. It’s a great tie-in and a great brand. San Manuel does wonderful things in that community,” according to the Review-Journal.
Located near Highland, California some 60 miles east of Los Angeles, the tribe’s San Manuel Casino is in the process of adding a 17-story, 450-room, $550 million hotel expected to open next summer. The San Bernardino County tribe unveiled plans to expand and improve the property it owns and operates back in November 2017 and broke ground on the major expansion on July 25, 2018.
What will be the tribe’s first onsite hotel, will also feature a 3,000-seat world-class entertainment venue, and a variety of state-of-the-art amenities, including new dining venues, retail spaces and spa.
Casino signage will reportedly adorn the new stadium while the Southern California tribe will also reportedly have a luxury box in the Las Vegas venue, according to Tribal Chairwoman Lynn Valbuena.
“We look forward to giving our guests more access to thrilling sports and entertainment through this new partnership with Allegiant Stadium and the Raiders,” said Valbuena.
League approves move:
The vote that will relocate the Raiders to Las Vegas after 45 seasons in the Bay Area took place at the annual league meeting on March 27, 2017, after a year earlier, Mark Davis, who inherited the team after the death of his father, Al Davis, in 2011, announced that he wanted to move the team to Sin City.
Fast forward to August 5, 2019, the Raiders and Allegiant Travel Co. (NASDAQ:ALGT), parent company of Allegiant Air, announced the agreement for the naming rights for the first 30 years of the under-construction, 1.75 million sq ft domed stadium’s use beginning in 2020.
In addition to being the future home of the Raiders and UNLV football, the new digs will also serve as the site of the Las Vegas Bowl beginning in 2020, as well as the 2020 and 2021 Pac-12 Football Championship Game.
Construction budget increased:
Last month, the Las Vegas Stadium Authority unanimously authorized board chairman Steve Hill to increase the Raiders’ $90 million stadium construction budget to $1.97 billion.
According to the Review-Journal, Don Webb, COO for the stadium development subsidiary, stressed that the substantial increase was the result of revenue from third-party sponsors, such as Allegiant, and better-than-expected sales of personal seat licenses (PSLs) in advance of 2020 season tickets.
After the September 16, 2019, meeting, Raiders President Marc Badain reportedly said that approximately 95 percent of the PSLs are sold out and that there are about 3,000 slots left. The team will likely be wrapping up sales by Thanksgiving, according to the news agency.
Bulk real estate purchase:
The Raiders also recently spent just over $28 million to acquire 17.3 acres of real estate for several future parking sites for its under-construction stadium, with the bulk purchase closing on September 27. Included in the purchase are several commercial buildings and parking lots all within a mile or so of the massive stadium that will replace Sam Boyd Stadium, as reported by the Review-Journal.
In November 2018, Caesars Entertainment Corporation (NASDAQ: CZR) announced that it had signed a landmark 15-year partnership making it the first founding partner of the Las Vegas stadium. As a founding partner, the American gaming hotel and casino corporation will host a branded stadium entrance, along with digital signage and more.