The family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson has backed out from the $1.9 billion football stadium that will house the NFL’s Oakland Raiders.
Adelson’s exit from the multi-billion stadium project has reportedly left a financial void that even Goldman Sachs may not be able to fill, according to the Las Vegas Review-Journal.
The initial plan was for Adelson to shell out $650 million toward the stadium’s construction while the Raiders will commit $500 million. $750 million in bonds would be funded by a 0.88-percentage-point increase in Clark County’s hotel room tax.
“The Raiders are putting a lot of hopes in the Goldman Sachs commitments, but I don’t know the extent of their commitments, and I certainly do not share that same level of hope,” Clark County Commission Chairman Steve Sisolak said, according to the news report. “If (the Raiders) have a Plan B, I’m not aware of it, and the owners meeting is coming up in two months.”