The Oakland Raiders have finalized the purchase of 62 acres near Mandalay Bay resort in Las Vegas, where they plan to build a football stadium, according to Clark County Commission Chair Steve Sisolak.
Oakland paid $77.5 million for the property, according to the Clark County recorder's office.
The property, located on Russell Road, west of Interstate 15, was the Raiders' preferred site because of its proximity to the Las Vegas strip. The team wanted a location convenient for tourists and attractive to businesses for potential naming rights to offset some of the money the team could put into the stadium.
Site near Las Vegas strip purchased by Raiders
The Nevada Legislature approved a hotel tax hike last year to cover $750 million of the $1.9 billion stadium project. The tax figures released in early April by the state showed that $4.6 million had been raised in March toward that figure. The board overseeing the proposed 65,000-seat domed stadium expects the tax hike to bring in $14.8 million by the end of June. That's $3.7 million a month. Next fiscal year, officials expect to bring in $49.9 million.
The Raiders and the NFL are expected to contribute $500 million to the stadium project. In addition, the team has said it has secured a $650 million loan from Bank of America to cover the rest of the project's cost.
Contributing: The Associated Press