Sheldon Adelson withdraws from Raiders' Las Vegas project

Casino mogul Sheldon Adelson has pulled out as an investor from a proposed project tagged at nearly $2 billion, apparently blindsided by the franchise's negotiating tactics.

Adelson, chairman and CEO of Las Vegas Sands Corp., issued a statement Monday saying his family “will no longer be involved in any facet of the stadium discussion.”

The Raiders filed paperwork to the NFL earlier this month signaling their intention to relocate from Oakland, where they’ve played since 1995. Owners were expected to vote on whether to approve the move at the league meetings in March. The East Bay has not been willing to fund a new stadium to replace Oakland Coliseum, one of the NFL’s oldest and most outdated venues, and the only one still shared with a Major League Baseball club.

"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 Mark Davis' commitment to Governor (Brian) Sandoval and the State of Nevada to pursue relocation to Las Vegas."

Last week, the Raiders proposed paying $1 a year in rent in their new Vegas football palace.

“This is the beginning of a process,” executive authority consultant Jeremy Aguero said Friday. “It’s a part of what the Stadium Authority will need to consider.”

Adelson clearly perceived it differently.

“The Oakland Raiders came before the Las Vegas Stadium Authority last week with a proposed lease agreement that has sent shockwaves through our community,” read his statement. “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.”

A site hasn’t been picked for the 65,000-seat stadium, although a parcel of land near the Las Vegas Strip has emerged as a preferred site.

Clark County (Nev.) Commissioner Steve Sisolak said Monday: "I remain hopeful that we will see our NFL dream come true."

Contributing: The Associated Press

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