At stake are the state governorship, and the U.S. Senate seat currently held by Mark Begich (D).
According to the Associated Press:
Republican challenger Dan Sullivan led first-term Democratic Sen. Mark Begich by about 8,100 votes on election night last week. But about 50,000 absentee, questioned and early-voted ballots remained to be counted... Incumbent Republican Gov. Sean Parnell trails independent candidate Bill Walker by about 3,000 votes.
It could take a couple of weeks, unless any of the final tallies are close enough to trigger re-counts and legal challenges. Then, it would take longer.