Majestic executive Cavileer discusses departure from stadium project

By Jackie Valley

Thursday, Oct. 6, 2016 | 6 p.m.

As the Southern Nevada Tourism Infrastructure Committee approved a stadium-related recommendation last month, Majestic Realty Co. was noticeably absent from the developers’ side of the table.

It foreshadowed a change in the project leadership: Majestic is no longer involved in the stadium project, the company’s executive vice president, Craig Cavileer, told the Sun today.

Las Vegas Sands Corp. and Majestic originally spearheaded building a 65,000-seat stadium capable of bringing the Oakland Raiders here, giving the city its first professional football team and mega-events center. But when Majestic officials didn’t appear alongside Sands representatives at the final infrastructure committee meeting, it fueled speculation that Majestic was no longer a development partner.

The dissolution of the partnership occurred after the final infrastructure committee meeting Sept. 15, Cavileer said. The infrastructure committee was the group charged with vetting tourism-related projects and making recommendations to the governor.

“As the project matured over the last couple of months, it started becoming more clear that this was likely going to be a family investment or project and not a corporate (project),” he said.

Sheldon Adelson, chairman and CEO of Sands, in August told the Review-Journal, which he bought last year, that he’s committing his personal wealth to the project because he considers it a community investment.

The public, however, has been asked to contribute $750 million to the project, financed by an increase to the county hotel room tax. The football team would pitch in another $500 million, with the private investor covering the remaining construction bill as well as some infrastructure costs.

Starting Monday, state lawmakers will consider the stadium funding and other tourism-related matters during a special legislative session called by Gov. Brian Sandoval.

Majestic’s departure hasn’t changed any significant project details in terms of funding.

Cavileer spoke cordially of the Sands and Adelson family, saying the project dynamics simply evolved over time. A stadium has been on Majestic’s radar for a while. The private development company, headquartered in Southern California, previously spent several years working with UNLV to build a stadium on its campus.

Adelson was a “great supporter” of the so-called UNLV Now project dating back to 2011, Cavileer said. That led to Majestic’s initial partnership with Sands this time around for a stadium that would house the Oakland Raiders if they move here and the UNLV football team.

Majestic has shifted its focus to other development projects around the country and in Las Vegas but remains supportive of the stadium project, Cavileer said. He doesn’t plan to attend the special session, unless needed for some reason.

“We believe in the project,” he said. “We’re just excited to see it get done regardless of how it gets done.”

Is he confident the project will pass political muster up north?

“I want to be,” Cavileer said. “Carson City is a great place to do business, but anything can happen in a special session.”

Sands officials could not immediately be reached for comment about Majestic’s departure from the project.