LAS VEGAS (KXNT) – The proposed $1.9 billion stadium plan to bring the Oakland Raiders to Las Vegas lost its largest stated private investor Monday as the family of Las Vegas Sands CEO Sheldon Adelson officially withdrew their $650 million commitment to the construction.
In a statement released Monday afternoon, Adelson said he and his family were not consulted on components of a proposed lease agreement sent by the Raiders to the Las Vegas Stadium Authority last Thursday, a proposal Adelson said “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,” Adelson said. “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.”
In the statement, Adelson also expressed concern for the Raiders’ treatment of other stakeholders involved in constructing the 65,000-seat domed stadium conceived as a home for both the NFL team and the UNLV football program.
“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.
“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.”
The Adelson family had originally committed $650 million to the project in addition to $500 million offered by the Raiders and the NFL along with $750 million in bond money to be generated from a nearly 1 percent increase in hotel room taxes collected in Clark County.
During discussions earlier this month, the Raiders reported to the Las Vegas Stadium Authority that building the stadium would be financed through investment giant Goldman Sachs, regardless of the Adelson participation.
“I am sorry to hear about this development,” Clark County Commissioner Steve Sisolak said in a written statement. “We would not be as close as we are to having an NFL franchise in Las Vegas without the initiative and leadership of Dr. Miriam and Sheldon Adelson and their team. I sincerely appreciate the time and effort they all have contributed to this project, and I remain hopeful that we will see our NFL dream come true.”