Published Wednesday, Feb. 1, 2017 | 8:52 a.m.
Updated Wednesday, Feb. 1, 2017 | 9:25 a.m.
The Oakland Raiders haven’t given up on Las Vegas, despite announcements this week that Sheldon Adelson and Goldman Sachs had abandoned a project to build a stadium for the team, the head of the state’s economic development organization said today.
“They are confident they can secure the funding necessary to move this project forward, and they remain committed to making this project happen,” Steve Hill, director of the Governor’s Office of Economic Development, said during the Las Vegas Global Economic Alliance’s annual outlook presentation.
Hill didn’t indicate where the Raiders might find the funding they would need to complete the $1.9 billion stadium deal.
Adelson had pledged to provide $650 million, but he announced this week he’d withdrawn from the project. Goldman Sachs, which had committed to contributing financing, followed up by announcing it was pulling out as well.
The Nevada Legislature has approved $750 million in tax funding for construction of the stadium, which would be home to the Raiders and UNLV football team, if the Raiders can provide their share — $500 million — of the funding.
If the private funding doesn’t come through, UNLV would have two years to raise $200 million toward the cost of building a scaled-down stadium. That funding would be matched with state tax revenue.
If UNLV came up short in its fundraising, the tax dollars approved by the Legislature would go toward paying off bonds for expansion of the Las Vegas Convention Center.
Hill said that under the deal approved by the Legislature, officials have 15 1/2 months to make the deal happen.
“We stand ready and will continue to work with the Raiders,” he said. “We have a committed partner, and we will continue to work to make this happen.”
Asked by an audience member if there was a chance of getting Adelson back into the deal, Hill said he wouldn’t speak for the casino mogul. “I’m just going to dodge (the question), is the short answer,” he said.
Hill also declined to give an assessment of the likelihood of the stadium being built without Adelson’s participation.
This is a developing story. Check back for updates.