Sheldon Adelson Considering Backing Out of Las Vegas Stadium
A deal to bring an NFL stadium and the Oakland Raiders to Las Vegas may stall if Sheldon Adelson decides to back out.
Las Vegas could have more tourists than ever before if a deal to bring an NFL stadium and the Oakland Raiders comes to pass. For months now, work has been done to try and see the proposal come to fruition and it seems as though plans are working, that is until a major backer has decided that he might back out of the deal. Sheldon Adelson has pledged a ton of cash to the creation of the stadium but now has decided that he is not happy with the Raiders football team and might change his mind.
The goal was to create a stadium in Las Vegas that would be home to the Oakland Raiders, if approval was given for the team to move to Sin City. The stadium would be used for NFL games as well as concerts and other major events to bring in additional revenues to the city. It has been estimated that as much as $450 million could be created in additional monies as individuals would visit Las Vegas with the stadium in place when they would have otherwise not come into town.
The visitors would spend money on gaming, hotel stays, food, entertainment and more. The plan seemed to be coming to fruition with the NFL team offering to pay a portion of the cost as well as Sheldon Adelson pledging funds and the state trying to come up with ways to provide money as well. In the end it was decided that Adelson would pay $650 million, the Raiders and the NFL would pay $500 million and the public would fund $750 million of the project thanks to a new hotel room tax increase. Governor Brian Sandoval just signed off on the tax increase last week. Adelson had also pledged to pay additional monies if need be, so his investment in the project is greatly needed.
Possibly Backing Out
Sheldon Adelson recently spoke to Reuters, stating that he is not happy with the Raiders team. The casino owner is not happy due to unknown reasons and has threatened to stop his support of the new stadium. Adelson stated that he is prepared to walk away from the deal if the terms provided by the Raiders are not improved. Adelson told Reuters that the Raiders ‘want so much’ and he told his people to tell the team that he could live without the deal and that if they don’t want what he is offering then he will say goodbye to the deal.
There has been talk of problems with the Raiders team due to the fact that they move to a new city quite often. The team has moved from Oakland to Los Angeles then back to Oakland and have now found the Oakland Coliseum to be inadequate to host the NFL games and there are no alternative options in the local area. It seems that Las Vegas would be a great match as the team would have plenty of room and a brand new stadium while the city would have even more patrons visiting who can take part in land based casino gaming as well as online poker game play, plus filling up hotels, dining and entertainment venues.
For now, the reasoning behind Adelson’s comments remain a mystery. It seems if the Raiders want the deal to go through, they are going to have to be agreeable to Adelson or he will back out of the deal which will see no stadium added to the area.