Adelson, whose family also owns the Review-Journal, was to contribute $650 million toward the construction of a $1.9 billion, 65,000-seat domed stadium in Las Vegas.
"(We) will no longer be involved in any facet of the stadium discussion," Adelson said in a statement.
According to the Bay Area News Group, the Raiders have told NFL officials that they have commitments from Goldman Sachs to replace Adelson in the proposed stadium project. The Raiders are expected to commit $500 million, and Clark Country will add $750 million in bonds, funded by an increase in hotel room taxes, according to the report.
The Raiders' proposed lease agreement to the Las Vegas Stadium Authority "sent shock waves through our community," Adelson said.
"It was certainly shocking to the Adelson family," Adelson's statement said. "We were not only excluded from the proposed agreement, we weren't even aware of its existence.
"In addition to being discouraged by the surprise submission, I was deeply disappointed for the disregard the Raiders showed our community partners, particularly UNLV, through the proposed agreement."
The Raiders released a statement on Monday showing appreciation toward the Adelson family.
"The Raiders deeply appreciate the efforts of the Adelson family to bring the Raiders to Las Vegas," the statement read. "We know this project could not have advanced to this point without them. The Raiders remain steadfast in honoring Mark Davis' commitment to Governor Sandoval and the State of Nevada to pursue relocation to Las Vegas."
The Raiders already have filed an application to relocate to Las Vegas, which NFL owners are expected to vote on in March.