A Los Angeles-based commercial property company that was involved in the early stages of a proposed 65,000-seat domed NFL stadium in Las Vegas, formally ended its involvement with the project last month, according to local sources.
On Thursday, Majestic Realty Co. Executive Vice President Craig Cavileer reportedly said that Majestic made the move when it became clear that rather than a corporate project, the $1.9 billion stadium was turning into a legacy project for Sheldon Adelson and his family. The chairman and chief executive officer of the Las Vegas Sands Corporation is committing $650 million to partially finance the project?and is looking for another $750 million in hotel tax revenue from the public and $500 million from the Raiders and the NFL. League owners would have to approve relocating the Raiders from Oakland to Las Vegas by a three-fourths majority vote. In January at their annual meeting, NFL owners will meet to decide whether or not to sign off on the deal to make the relocation a reality.
Meanwhile, Nevada lawmakers will meet today to consider the proposal which would increase the hotel tax on the Las Vegas Strip by 0.88 percent up from the 12 percent hotel room tax tourists already pay. The money from the hotel tax helps fund schools, tourism improvement projects, and other services.
Majestic Realty was involved in the stadium project because of its 2011 proposal for an on-campus stadium at UNLV. While representatives from Majestic were active at some public meetings, they have been absent from them of late, according to local news agencies.
On September 15, the Southern Nevada Tourism Infrastructure Committee unanimously approved the public funding proposal, which was a first step in the controversial plan. Opponents of the proposal say that Adelson, who is estimated to be worth about $32 billion and in Forbe’s latest rankings settles in as the 14th richest person in the U.S., can afford to fully finance the stadium on his own.