Las Vegas stadium will be named Allegiant Stadium

The rumors have been confirmed.

Las Vegas stadium will now be known as Allegiant Stadium. The announcement was made during the topping out ceremony for the stadium on Monday morning.

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Raiders President Marc Badain made the announcement on the same day the construction team reached a major milestone - lifting the final steel truss into place. Badain said when the team was looking for a naming partner, they hoped to find a local company that shared some of the Raiders DNA.

"They're not afraid to think differently," Badain said. "They're not afraid to buck convention. They're not afraid to do things differently."

Badain says Allegiant fit the bill. Scott DeAngelo is the Chief Marketing Officer for the discount airline. He said landing the naming rights was not just about exposure.

PHOTOS: ALLEGIANT STADIUM TOPPING OUT CEREMONY

"The ability to provide promotions, packages - that Raiders fans from northern California, southern California and nationwide," said DeAngelo.

DeAngelo did not rule out Allegiant offering special flight packages for fans traveling to see games.

"There is clear demand for Las Vegas as an NFL destination. 75 million NFL fans said that Las Vegas was their number one city to come see an NFL game and Allegiant is going to do what it takes to bring them here."

WATCH: Topping out ceremony for Las Vegas stadium

Allegiant representatives were at the topping out ceremony on Monday in front of the stadium.

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The Oakland Raiders are moving to the Las Vegas in 2020. They will play in the Oakland Alameda Coliseum for one more year before moving to Las Vegas.

Allegiant Travel Company applied for a standard character mark on March 29. The $1.9 billion stadium is scheduled to be complete one year from now.