Adelson pulls $650 million investment from Raiders Vegas stadium deal

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Friday, February 10, 2017
This photo shows a plan for a possible new stadium for the Raiders in Oakland, Calif.
This photo shows a plan for a possible new stadium for the Raiders in Oakland, Calif.

LAS VEGAS (KGO) -- Casino magnate Sheldon Adelson issued a statement Monday after he formally withdrew his $650 million investment into a stadium for the Oakland Raiders in Las Vegas. The billionaire was an investor in the proposed $1.9 billion stadium project.

He used his immense political clout to get Nevada lawmakers to approve $750 in taxpayer money for the project and was set to contribute a great deal of money to make the stadium a reality.

The Adelson family released this statement: The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has 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.

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.

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.

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 Oakland Raiders responded with this statement: 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.

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