The Oakland Athletics have signed a binding agreement to purchase land near the Las Vegas Strip, where they intend to construct a major league ballpark, team president Dave Kaval said Wednesday night.

The agreement is for a 49-acre site owned by Red Rock Resorts, the parent company of Station Casinos.

Kaval told the Las Vegas Review-Journal a $1.5 billion, 35,000-seat stadium with a partially retractable roof would be built on the site, adding that other developments, including restaurants and an amphitheater, are being discussed.