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Majestic Realty Pulls Out Of Stadium Project

A real estate development company that worked on the early stages of a proposed NFL stadium in Las Vegas is no longer involved in the project.

Majestic Realty Co. executive Craig Cavileer said Thursday that his company formally moved on last month. He said it became clear that the stadium was becoming a legacy project for Las Vegas Sands casino mogul Sheldon Adelson and his family rather than a corporate project.

Adelson is committing $650 million toward the stadium and seeking another $750 million in hotel tax revenue from the public. Lawmakers are meeting next week to consider the financing deal.

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Majestic Realty was involved because it proposed an on-campus stadium at UNLV in 2011. Company representatives were active at some public meetings on the stadium, but were absent recently.