Casino Mogul Adelson Backs Out Of Raiders Las Vegas Stadium Deal
LAS VEGAS (CBS/AP) — 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 terse statement on Monday, Adelson 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 says his family and Las Vegas Sands "will no longer be involved in any facet" of the plan.
"We were not only excluded from the proposed agreement, we weren't even aware of its existence. I was deeply disappointed for the disregard the Raiders show our community partners, particulary UNLV, through the proposed agreement," Adelson's statement said.
The Raiders released a statement in response to the announcement Monday evening.
"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 statement read. "The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."
The Raiders proposed lease agreement, aside from offering $1 a year in rent, also proposed restrictions on University of Nevada, Las Vegas field markings and scheduling. UNLV would share the stadium with the Raiders.
The Raiders made no immediate comment.
Adelson had pledged $650 million and the Raiders $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.
Nevada Gov. Brian Sandoval's office says the proposal now is for the Raiders to invest $1.15 billion and accept operating responsibilities.
The Raiders have reportedly told the NFL the team has a financial commitment from Goldman Sachs as a backup should the Adelson funding fall through.
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