A Vegas ice hockey team will play in the 2017-18 season subject to billionaire businessman Bill Foley's ownership group paying the $500m (£340m) expansion fee.
"This is a great day for the people of Las Vegas and it is extremely exciting to deliver the city's first major league sports team," said Foley.
Vegas will be the NHL's 31st franchise.
It is the NHL's first expansion team since the Columbus Blue Jackets and Minnesota Wild came into the league in the 2000-01 season.
NHL (National Hockey League) Commissioner Gary Bettman said an application from Quebec City had been deferred due to the "state and volatility of the Canadian dollar".
Las Vegas will play its home games at T-Mobile Arena, which opened in April, staging Amir Khan's middleweight title defeat against Saul 'Canelo' Alvarez last month.
It is located just west of the famed Las Vegas Strip, with a capacity of over 17,000 for hockey matches, and Las Vegas has said it has already received more than 14,000 deposits for season tickets.
Las Vegas will have its first major league sports team after being awarded an expansion franchise by the NHL.