Sheldon Adelson withdraws $650 million investment in Las Vegas Raiders stadium
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.
"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," Adelson said in the statement. "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."
Earlier this month, the team said the stadium would be financed by Goldman Sachs, regardless of whether the Adelsons contributed, according to the Las Vegas Review-Journal.
But ESPN.com reported late Monday that Goldman Sachs is re-evaluating its relationship with the stadium deal.
"If he doesn’t think it will pencil out for him, it won’t pencil out for Goldman Sachs or anybody else that thinks they want to step up to it,” Chris Giunchigliani, a Clark County commissioner told the San Jose Mercury News. “I hate to say it, some of my concerns are starting to bear out. I don’t think Mr. Davis cared about either community, ours or Oakland. He’s using us against each other."
The Raiders released the following statement in response to the news of the Adelsons withdrawal:
"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 Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."
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 NFL owners are expected to vote on the Raiders' request for relocation in late March.
Information from the Associated Press was used in this report.
