Casino mogul Sheldon Adelson has pulled out of a plan to build a $1.9 billion domed stadium for the NFL’s Oakland Raiders to move to Las Vegas.
In a statement released Monday, Adelson, CEO of Sands Corp., declared that he had been excluded from talks before the team sent a lease proposal last week to the public board that will own the 65,000-seat stadium.
Adelson said his family and Las Vegas Sands “will no longer be involved in any facet” of the plan.
The Raiders released a statement shortly after Adelson’s announcement:
“The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas. We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring (team owner) Mark Davis’ commitment to Governor (Brian) Sandoval and the State of Nevada to pursue relocation to Las Vegas.”
Here is Adelson’s full statement:
The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through our community.
It was certainly shocking to the Adelson family. We were not only excluded from the proposed agreement; we weren’t even aware of its existence.
In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement.
It’s clear the Raiders have decided their path for moving to Las Vegas does not include the Adelson family. So, regrettably, we will no longer be involved in any facet of the stadium discussion.
While this is not the result my family was hoping for, I am very appreciative of the countless people who have given considerable time and energy to this process, especially so many of our elected officials who have made this a top priority for Southern Nevada.
Adelson had pledged $650 million and the Raiders $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues. NFL Network Insider Ian Rapoport reported last month that the Raiders presented a plan to NFL owners to finance the stadium with the help from Goldman Sachs advisors.
Sandoval’s office told the Associated Press the stadium proposal now is for the Raiders to invest $1.15 billion and accept operating responsibilities.
The Associated Press contributed to this report.