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Casino magnate Sheldon Adelson has backed out of a deal to relocate the Oakland Raiders to Las Vegas.
After initially pledging $650 million to the $1.9 billion stadium project in Sin City, Adelson abruptly pulled out on Monday, media outlets began learning. It appeared the billionaire was unhappy with some of the leasing demands by the Raiders organization.
“The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas,” the team said in a statement. “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.”
Just not without Adelson’s money, and it’s not immediately clear where the new funding will come from.
In a prepared statement, Nevada Governor Brian Sandoval expressed appreciation for what Adelson did in pushing the stadium deal.
“I would like to thank the Adelson family for their role in bringing a publicly-owned stadium to Las Vegas. It is unfortunate that they were unable to come to terms with the Raiders,” the Governor said. “The terms of the legislation do not change and the state’s contribution will not increase as a result of this announcement. I am hopeful that the Raiders are working to secure the additional funds that would have been provided by the Adelson family. At a minimum, we have set up a framework and funding source for building a stadium for UNLV. The process in place outlines that the Stadium Authority Board will continue to evaluate stadium site locations, development plans, and vet all operating agreements.”
The Raiders, meanwhile, are playing some of their best football in years and are among the favorites to excel in the post season next year.
- Aaron Goldstein, Gambling911.com
