Casino Mogul Pulls Out of Vegas Stadium Deal
LAS VEGAS (AP) — Casino mogul Sheldon Adelson has pulled out of a plan to build a $1.9 billion domed stadium for the NFL's Oakland Raiders to move to Las Vegas.
In a terse statement, Adelson declared that he had been excluded from talks before the team sent a lease proposal last week to the public board that will own the 65,000-seat stadium.
Adelson had pledged $650 million and the Raiders $500 million, with the stadium authority putting up $750 million in Las Vegas tax revenues.
Nevada Gov. Brian Sandoval's office says the proposal now is for the Raiders to invest $1.15 billion and accept operating responsibilities.
The Raiders had no immediate comment.