Adelson Pulls Out of Raiders Stadium Deal for Las Vegas

After three months of speculation that Sheldon Adelson might back out of the Raiders’ stadium deal in Las Vegas, the casino billionaire finally made the move Monday and officially cut all ties with the team.

In a statement to the Las Vegas Review-Journal, Adelson said that his family “will no longer be involved in any facet of the stadium discussion.” In October, Adelson had threatened to pull out of the deal because he didn’t like the terms that the Raiders were offering.

“They want so much,” Adelson said at the time. “So I told my people, ‘Tell them I could live with the deal, I could live without the deal. Here’s the way it’s gonna go down. If they don’t want it, bye-bye.’ ”

The billionaire casino mogul was expected to contribute as much as $650 million to the $1.9 billion stadium project in Las Vegas. The rest of the funding is scheduled to come from the Raiders and the NFL ($500 million) and a tax increase on Vegas hotels ($750 million).

More at CBS Sports

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