Sheldon Adelson, billionaire and CEO of Sands Corp., pulled out of the funding deal for a $1.9 billion NFL stadium for the Raiders in Las Vegas, according to ESPN. Adelson had committed to funding $650 million toward the project, but reportedly withdrew after being excluded from the team’s recent lease proposal which made their lease only $1.
Adelson said that the deal, “sent shockwaves through the community,” Â and his representatives implied it was a betrayal to Las Vegas.
After Adelson announced he would no longer offer financial support to the proposed venue, the Raiders said the team would raise its contribution to $1.15 billion to cover Adelson’s portion. The shakeup has led other investors to reconsider their commitments, potentially putting the project in jeopardy, ESPN reported.
Any lease agreement for the Las Vegas stadium hinges on NFL ownership approval of the Raiders relocation request, which they formally filed earlier this month. The NFL has been hesitant to consider Las Vegas for a franchise because of the city’s legalized gambling industry, but NFL Commissioner Roger Goodell has said that he will not prevent a team’s move to Las Vegas.
