Adelson pulls out of Vegas stadium deal for Raiders

LOS ANGELES: American casino mogul Sheldon Adelson, irked at a lease proposal from the Oakland Raiders, withdrew as an investor in a $1.9 billion Las Vegas stadium protect intended to lure the NFL team.

Adelson, chairman of the Las Vegas Sands Corporation, and his family were to have contributed $650 million to a 65,000-seat domed stadium. The Raiders, who have been unable to settle on a deal for a new stadium in the San Francisco Bay Area, filed paperwork earlier this month to move to Las Vegas and NFL owners were expected to vote upon the request in March. Last week, the Raiders made a lease pitch to pay $1 a year in annual rent, a likely starting point to negotiations that might have backfired in upsetting Adelson.

“The Oakland Raiders came before the LV Stadium Authority last week with a proposed lease agreement that has sent shockwaves throughout our community,” a statement from Adelson said. “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 he was “discouraged by the surprise submission” and “deeply disappointed for the disregard the Raiders showed our community partners.” “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,” the statement said.

Clark County Commissioner Steve Sisolak was optimistic despite the setback, telling the Los Angeles Times: “I remain hopeful that we will see our NFL dream come true.”

The Bay Area News Group reported the Raiders have told NFL officials they have commitments from Goldman Sachs to replace Adelson in the proposed stadium project.

“The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas,” the team said in a statement. —AFP