The Superdome in New Orleans is on the verge of having a new name.

The Louisiana legislature's joint budget committee on Thursday approved a 20-year deal to rename the domed stadium the Caesars Superdome.

The approval is one of the final steps needed before the naming-rights deal can become official.

The Advocate in New Orleans reported the deal with gaming and hospitality company Caesars Entertainment is worth approximately $138 million and that the New Orleans Saints will receive all the proceeds.

The stadium, which opened in 1975, cost $134 million in public funds to build. Now the fifth-oldest NFL stadium, it is in need of renovations, and The Advocate reported the Saints have pledged to put the proceeds toward that.

The Superdome didn't have a name sponsor until 2011, when Mercedes-Benz entered a 10-year agreement worth between $50 million and $60 million. The automaker chose not to renew the contract, which expired July 15.

Crews immediately went to work to remove the Mercedes-Benz signage.

The Superdome has hosted the Super Bowl seven times, and the game will return to New Orleans on Feb. 9, 2025, for Super Bowl LIX.

With more states legalizing sports betting and leagues and teams partnering with gambling organizations, rules are relaxing about the marriage of the two sides.

Hard Rock, which also owns casinos, holds the naming rights to the Miami Dolphins' home stadium, but under terms of the 2016 deal was not allowed to have gambling references in the stadium.

The Arizona Coyotes of the NHL play their home games at Gila River Arena, which has connections to a casino. The Connecticut Sun call home the Mohegan Sun Arena in Uncasville, Conn.

--Field Level Media