UPDATE: The team was officially named the Vegas Golden Knights on Tuesday.
Bill Foley and NHL Commissioner Gary Bettman helped countdown to the unveiling of the name as well as the logo featuring a Medieval helmet on a shield.
The announcement came exactly five months to the day Foley was awarded the NHL's expansion franchise.
"I think the team name is cool," Greyson Milton said.
"The logo is awesome. It really does show the design and strength," Mike Milton said.
Thousands of fans packed into the Toshiba Plaza outside T-Mobile Arena for the big announcement.
Fans could even be seen lining the edges of the New York, New York Hotel & Casino's parking garage to get a view of the video screen.
Foley called the outpouring of support "unbelievable."
After the announcement fans lined up outside two stores to purchase merchandise with the team's logo.
Hats, beanies and pucks quickly with many fans snapping up t-shirts and sweatshirts.
Foley says those wanting jerseys will have to wait a little longer.
The owner saying he is planning to hold another event to unveil the jerseys and the team's mascot once those are finalized.
LAS VEGAS (KTNV) -- Today is the big day for local hockey fans.
We will finally learn the team name of the Las Vegas NHL franchise and get our first look at the team's logo.
The NHL sent a tweet last night telling Las Vegas to "sleep well."
— NHL (@NHL) November 22, 2016
The team is expected to be called either the Silver, Desert or Golden Knights.
That is because its owner, Bill Foley, is a West Point graduate and prefers a team name that includes Knights. The name of West Point's football team is the Black Knights.
The reveal will come 5 months after it was announced that Las Vegas would be joining the NHL starting in 2017.
The festivities will begin at 5:30 p.m. Tuesday at Toshiba Plaza in front of T-Mobile Arena, where the games will be played.
The announcement itself is expected to take place between 6 and 6:30 p.m. NHL commissioner Gary Bettman is in town for the announcement and thousands of people are expected to attend (parking will be free at the New York-New York hotel-casino).
Those who attend will also have the opportunity to purchase official team merchandise following the conclusion of the ceremony. T-shirts, hats and sweatshirts will be available. Jerseys will not be available until next year.
Fans who purchased season tickets will also have the opportunity to check out the location of their seats during the event tonight.
13 ACTION NEWS WILL LIVE STREAM ALL OF THE ACTION BEFORE AND DURING THE CEREMONY. STAY TUNED FOR DETAILS.