Oakland Raiders, Las Vegas nearing $750M public funding deal for stadium

Las Vegas on Thursday moved closer to being able to lure the Oakland Raiders to town after $750 million in public funding was approved toward the building of a proposed $1.9 billion stadium.

The 11-member Southern Nevada Tourism Infrastructure Committee ruled in favor of the funding, which would be the most ever awarded to build an NFL stadium. The plan is to generate revenue from hotel room taxes.

"We are excited and thanks to the committee," Raiders owner Mark Davis said to USA Today in a text message.

The plan still must be approved by state lawmakers.

Sands CEO Sheldon Adelson is leading the charge toward the building of the proposed 65,000-seat stadium.

Davis has pledged $500 million toward the building of a stadium.