Casey's secures naming rights for Iowa Events Center arena
Casey's will pay $1.4 million annually, plus a 4% yearly increase, for the next decade to rename the Iowa Events Center arena, replacing Wells Fargo.
"I'm personally excited and the entire Casey's team is excited," said Casey's President and CEO Darren Rebelez.
The Polk County Board of Supervisors approved the new contract with Casey's after Wells Fargo decided not to renew its naming rights deal.
"When you see Casey's, you see it everywhere in the state of Iowa. There's a Casey's. So this really talks and establishes the Casey Center as really being for the state of Iowa," said Polk County Supervisor Angela Connolly.
The new contract shows Casey's will pay $1.4 million in the first year of the 10-year deal, more than double the $650,000 Wells Fargo paid in the final year of its 20-year agreement.
"This is a great move for Casey's," said Matthew Mitchell, associate professor of international business and strategy at Drake University.
Mitchell explained that the change is a strategic decision for both companies.
"Clearly, the folks at Wells, probably after a lot of consideration, had made the decision to pivot here and in other places. And that just reflects the changing realities of their business, the changing realities of the customers they serve," he said.
The Iowa Events Center manager revealed additional marketing initiatives tied to the new contract.
"It's more than just the naming rights and the branding and the signage, like Casey's just going to sell their pizza and snacks and other products. They're actually going to do a physical build-out of a mini Casey store on the concourse. So I think it's much more than a naming rights deal," said Chris Connolly, Iowa Events Center general manager.
The Wells Fargo Arena will officially become the Casey's Center on July 1.