Raiders close escrow on $77.5M lot for Vegas stadium

LAS VEGAS -- The Oakland Raiders closed escrow Monday on the $77.5 million purchase of a 62-acre lot west of the Las Vegas Strip. It will serve as the site of their $1.9 billion domed stadium, which is slated to be completed in time for the start of the 2020 NFL season.

There is a billboard on the edge of the site with a rendering of the stadium. The billboard reads, "The Raiders are coming."

During the NFL owners meetings in March, the Raiders received 31 of 32 votes to approve a move to Las Vegas. Only 24 votes were needed.

The Raiders hold a pair of one-year options to play at the Oakland-Alameda County Coliseum in 2017 and 2018, and Raiders owner Mark Davis has expressed interest in staying through the 2019 season, until the team's new home in Las Vegas is completed.

The Raiders' proposed 65,000-seat domed stadium will be shared with UNLV and is located just west of the Mandalay Bay Resort and Casino.