Okay, I'll jump in.
You probably will have better luck if you convert your land area polygon to raster first using Polygon To Raster. This gives you more control and also is more likely to succeed with your complex polygon feature.
1. Set the output Coordinate system to your output raster "myraster"
2. Set extent to your raster dataset (or smaller area if you want), set snap and cell size to your raster dataset
3. Run Polygon To Raster, this will make a raster ("mask1") with NoData outside. Take a good look at "mask1" and make sure it's what you want, at this point you can go back to the Results and rerun Polygon To Raster until you have it just right.
4. Try either (both approaches require a Spatial Analyst license):
-- a. Reclassify "mask1" to remap "value cells" to NoData ("mask2") and NoData cells to 1
-- b. Extract By Mask with "myraster" and the mask dataset "mask2"
or,
-- Map algebra tool: Con(IsNull("mask1"),"myraster")
(in English: for each cell, if "mask1" is NoData, output value of "myraster")
With map algebra you can build some pretty complex processing that runs very efficiently compared to doing it with the equivalent tools one-by-one. (After all, "raster is faster, but vector is correcter".)
Happy Saturday!