As professional sports and big-time events have found their way more and more to Las Vegas, there’s no doubt corporate sponsorships have played a crucial role in the world of athletics, offering significant benefits for both the sponsors and the sports entities involved.
With an energized crowd of more than 10,000 fans electrifying Michelob Ultra Arena inside the Mandalay Bay, cheering profusely for the two-time defending champion Las Vegas Aces, public address announcer Chet Buchanan can send the decibel level to another orbit with one phrase:
“Miss twice, get a slice!”
The free-throw promotion endorsed by Slice of Vegas Pizza Kitchen & Bar will honor anyone in attendance with a free slice of pizza if an opposing player misses consecutive free throws in one trip to the charity stripe.
It’s a promotion so popular, that it’s grown league-wide.
For instance, during a televised All-Star draft in 2023, New York Liberty star Breanna Stewart asked Aces star A’ja Wilson, ‘Well, are you going to get the “Miss Twice Get A Slice” to your advantage?'”
“(It) has taken a life of its own within the league,” Las Vegas Aces chief revenue officer Jason Andrea said of the pizza promotion.
Sports sponsorships on the whole, in Nevada, have taken a life of their own.
In September, the Las Vegas Convention Visitors Authority board approved an item entitled “economic impact certification,” revealing the Formula 1 Las Vegas Grand Prix event in November will generate at least $250 million in “economic impact.” The economic certification and special event designation are needed, under law, for F1 to install race ads on highways.
The board also boasted an announced attendance of 63,969 at Allegiant Stadium for the USC vs LSU college football game on Sept. 1. It was the largest attended event of any kind at the home of the Las Vegas Raiders.
Valuation
In the most recent studies, the three major sports teams in Las Vegas rank near, or at the top of the list, when it comes to franchise value, which makes sponsoring the teams or venues they play in extremely valuable.
Per Forbes magazine, the Raiders – which boasts one of the most recognizable logos in all sports – rank seventh in the NFL with a price tag of $6.7 billion. Broken down, the brand alone is worth $471 million.
Forbes also ranked the Vegas Golden Knights 18th in the NHL, with the seven-year-old organization’s value sitting at 1.1 billion. Winning a Stanley Cup in the franchise’s sixth season certainly helped, as the organization reported $233 million in revenue during the 2022-23 season, per the report.
It’s breakdown finds its brand is worth $170 million alone.
“I think we’re lucky,” said Keith Baulsir, senior vice president of corporate partnerships with the Vegas Golden Knights. “It’s a hockey town through and through. Being the first team in the market, being Vegas Born, being the hometown team – we’re really lucky that our brand carries a lot of weight.
“And it’s highly visible … in some ways it’s a megaphone for these partners that really allows them to elevate their brand and reach a large audience and really get a lot of credibility for their brand by affiliating with us.”
City National Bank (CNB) has partnered with the team since its inception in the league as the NHL’s 31st franchise in 2017.
“Candidly, we’re thrilled to be connected with a group of winners like them,” City National Bank regional banking manager Bruce Ford said. “We view ourselves as the Golden Knights of banking, right? And so it’s been a great two-way partnership, and I think that’s what they look for from us when they have community events.”
The Aces, who were bought by Raiders owner Mark Davis in 2021, have catapulted to No. 1 in the WNBA with a valuation of $140 million, per Sportico’s data. The Aces brought in $17.8 million in revenue last year and then made WNBA history before the 2024 campaign by becoming the first team to sell out its entire season-ticket packages for the year, not to mention every home game with single-game purchases.
“Where the league, where women’s athletics, and specifically the WNBA franchises across the country have gone, is to the next level when it comes to viewership, when it comes to attendance, when it comes to compassion from a fan base, when it comes to attention that you’re getting from a fan base perspective – it’s (ten times) what It was before,” Andrea said. “And you’re really seeing that take shape.”
The WNBA recently inked its next TV rights deal, and as it turned out league commissioner Cathy Engelbert set her sights too low in April when she said she wanted the league to double its current national media rights fees. The current national media contracts run through the 2025 season and average roughly $50 million annually. A new deal with ESPN, Amazon and NBC that was approved in July will pay the league about $2.2 billion over the next 11 years for an average of $200 million a year.
The Aces are one of the most visible teams in the league, and boast the person largely considered as the best player on the planet in A’ja Wilson, and that means a much more lucrative selling point for potential sponsors.
Bang for Their Buck
Sure, sponsorships provide essential funding for sports teams, events, and athletes, which in turn means that financial support can cover various costs such as training, travel, equipment, and facilities. And that means sports organizations can focus on improving performance and winning championships, as we’ve seen with the Golden Knights and Aces the past few years.
Even those that are less mainstream, be it the minor-league sports, college programs or even high-school level programs, corporate sponsorships can be vital for their survival and growth, ensuring that events can continue and teams can remain competitive.
By sponsoring successful teams or high-profile events, companies align their brands with positive attributes like excellence, competition, and health, which can enhance their image.
Companies gain extensive visibility through sports sponsorships. Their logos and branding appear on team jerseys, event banners, and during broadcasts, reaching large, often global, audiences. For CNB, the Golden Knights’ training facility bears the banking institution’s name, while ATMs with its logo are in the practice facility and at T-Mobile Arena.
Long-term sponsorships lead to sustainable relationships where both the sports entities and the sponsors grow together, benefiting from shared success over time, which is why corporate sponsorships have proven to be a vital component of modern sports. These relationships have proven to drive financial stability, brand growth, fan engagement, and broader economic and social benefits. They form a symbiotic relationship where both the sports world and the corporate sector thrive together.
The Golden Knights have enjoyed gameday promotions where CNB gift cards were parachuted into the crowd. Each suite at T-Mobile Arena has City National Bank on the nameplate along with the owner of the private seating area.
During a charity golf tournament, Ford was paired with one of the original Golden Knights, William Karlsson, who recognized the bank’s brand name.
“He said, ‘Wow, you guys own every box at T Mobile?’ (And) I explained to him how it actually works,” Ford said. “But it is that cool. It’s a great partnership, sponsorship.
“We like to know what’s going on in Southern Nevada, we like to be part of the growth, certainly the economic growth of Southern Nevada. And so we constantly think about how we’re going to do this, and this is just one example of that. It’s also brought us some business, or at least opened doors, as I’m talking to other sponsors or people in the community. When I go places and people see City National Bank (on my shirt), first thing they ask me about, ‘Hey, are you the guys with the Golden Knights?’ So the brand recognition, it’s been important and I think it has opened doors and has provided us business. Once those doors are open, then I can tell them why they should be banking at City National Bank and doing business with us.”
Ford and Baulsir also said corporate sponsorships can contribute to the development of sports at the grassroots level, with investments helping with youth programs – such as the Junior Golden Knights – while helping to maintain facilities and promote local events, which helps nurture future talent.
And because hockey has infiltrated its way into Southern Nevada with the Golden Knights’ presence, sponsors can use events to enter new markets or demographic segments, reaching audiences they might not connect with through traditional advertising.
“I think the league’s done a great job of branching out in some of these TV deals with TNT and ESPN,” Edmonton Oilers star Connor McDavid said during a recent visit to Las Vegas for the NHL/NHLPA North American Player Media Tour. “I think that’s done a great thing to grow the game in the States and Canada’s TV deals coming up. I’m sure they’ll do a good job of making sure that hockey continues to grow. I think the quality product helps a lot. It’s never been more entertaining.”
Interactive marketing has been tremendous, as well, with companies creating unique fan experiences, such as contests, giveaways, and interactive promotions, boosting fan engagement and loyalty. In addition, corporate sponsors often engage in community activities, such as charity events or youth clinics, fostering goodwill and stronger connections with the fan base.
Flipside, the Raiders have become active in helping to sponsor and promote high-school level football, both boys’ tackle and girls’ flag, hosting events at their headquarters in Henderson. For example, in August, the Raiders presented a check for $12,000 to Cheyenne High School to support the North Las Vegas school’s athletic program.
One Size Doesn’t Fit All
Sponsorships aren’t limited to major corporations, either, which is the beauty of working with the professional sports structure in Southern Nevada.
“We really pride ourselves on being flexible with our partnerships and finding a way to work with almost any company,” Baulsir said. “We probably have more locally based companies and smaller types of businesses than other sports teams, and we’re okay with that. We’re actually proud of that. So we know if there’s any small local companies out there that are wondering if they could do something with the Golden Knights, we’ll find a way to work with them. You don’t have to be City National (or) that size organization. We love working with large companies as well, but we really pride ourselves, our bread-and-butter has been being Vegas Born, being homegrown and working with local organizations.”
Andrea said everything the Aces do with sponsors is unique to the partner.
After an initial meeting with every individual group, the ideation process with the entire team begins, the goal being what – from an Aces perspective – could help the brand.
“And then we present from an ideation style, and really kind of go from there,” Andrea said. “Because every brand is unique, every brand has different budgets, and we really like to give them the opportunity to see what is out there and then back into whatever makes the most sense.”
With the growth of social media marketing, sponsorships can allow smaller entities to be a part of a platform for creating engaging content while also building their brand alongside sports franchises or one-time events that come to Nevada. Brands can collaborate with athletes, teams, or sports leagues to produce behind-the-scenes videos, social media campaigns, or special commercials tied to the sponsorship at lesser costs, but still reap benefits with major followings.
Fact is, with the growth of visibility in Nevada when it comes to sports, there seems to be no bounds for potential sponsors looking to grow their brand. Sports sponsorships create a mutually beneficial relationship where brands can gain exposure and credibility while sports entities receive crucial financial and promotional support.
