In June 2015, the league officially opened the window for prospective owners to bid on expansion teams. By this point, Foley had secured more than 13,200 season-ticket deposits. Two expansion applications were submitted: Foley's application for a Las Vegas team, and a bid from Quebecor to revive the Quebec Nordiques at a new arena in Quebec City. Both Las Vegas and Quebec were invited to move into Phase II of the league expansion bid in August 2015, and subsequently advanced to Phase III.
At the league owners' meeting on June 22, 2016, in Las Vegas, the Las Vegas expansion bid was approved by a unanimous vote, with play to begin in the 2017–18 NHL season. The team became the first major professional sports franchise to be based in Las Vegas, and the first NHL expansion team since 2000. Foley committed to pay the league's $500 million expansion fee and began the process of hiring the team's principal staff and determining its official identity. Foley announced that former Washington Capitals general manager George McPhee would be the franchise's first general manager. On November 22, 2016, the name was revealed as the Vegas Golden Knights.
One of the few expansion franchises to experience immediate success, the Golden Knights have qualified for the Stanley Cup playoffs in all four of their seasons and reached the Stanley Cup Finals by their first. Their 13 playoff wins en route to the 2018 Stanley Cup Finals are the most for a team during their inaugural postseason run.