Raiders Lose $650 Million Backer of Las Vegas Stadium

OAKLAND, CA — The Oakland Raiders plan to move to Las Vegas suffered a setback Monday when a casino owner and his family withdrew financial support for the proposed $1.9 billion Las Vegas stadium.

Sheldon Adelson of Sands Corp. said in a statement that his family “will no longer be involved in any facet of the stadium discussion.” The Adelsons were expected to kick in $650 million toward construction of the stadium, with the remainder coming from the Raiders and a tax approved by the state legislature last year. The tax would pay back bonds that would be floated to immediate costs of construction.

Adelson expressed disappointment in the proposal for a move submitted by the Raiders to the NFL last week. Team owners are expected to vote on the proposal in March.

Earlier this month, the Raiders reported that Goldman Sachs would cover the costs of the stadium. The pullout of the Adelsons should not impact the stadium plan.

Read more in the Las Vegas Review-Journal

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