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New York Times
02-07-2025
- Business
- New York Times
Why the Golden Knights continue to be the NHL's ultimate ‘home run' team
LAS VEGAS — In the summer of 2023, shortly after the Vegas Golden Knights won the Stanley Cup, team owner Bill Foley approached the trophy in his office at the team's practice facility. The Cup had just returned from the engraving in Montreal, and Foley anticipated seeing his name etched into the silver and nickel alloy for the first time. Advertisement 'I looked at it and I'm thinking, 'Where is my name?'' Foley recalled. 'Then I realized, oh, I'm the first name.' It's a moment he'll never forget. Foley, 80, has a long, distinguished career as a businessman. He founded the insurance giant Fidelity National Financial in 1984, owns major holdings companies, a 40,000-acre ranch resort in Montana and more than two dozen wineries and vineyards across the United States, France and New Zealand. That's only a small portion of his business ventures over the decades. None of it compares to winning the Stanley Cup and parading it down the world-famous Las Vegas Strip. 'Sports are bigger than what you do in business,' Foley told The Athletic this week. 'They really are. We beat the best of the best. We had that gigantic celebration. Guys went crazy. It was just an amazing experience. I've never had that type of experience.' Foley brought his successful all-in business approach to the world of sports ownership. Since entering the league in 2017, the Golden Knights have won four division titles, made four trips to the conference finals and two to the Stanley Cup Final, and won the championship in 2023. To the ire of many fans across the NHL, Vegas has also become one of the premier destinations for players. That was on display once again this week, when the Golden Knights acquired Mitch Marner in a sign-and-trade that landed the 100-point winger in Vegas with an eight-year, $96 million contract. Marner was born and raised near the hockey hotbed of Toronto, and was a star for his hometown Maple Leafs for nine years. Then, approaching unrestricted free agency for the first time in his career, he declined the chance to be courted by teams to sign with Vegas — and he's not alone in that decision. The Golden Knights have operated aggressively when it comes to roster-building, pushing the limits of the salary cap and making splashy trades to acquire big-name players. For the most part, those deals have worked out in their favor. Advertisement There was the trade for Montreal captain Max Pacioretty in 2018, followed by the signing of Paul Stastny, trading for Mark Stone, signing of Alex Pietrangelo, and trading for Jack Eichel, Tomas Hertl and Noah Hanifin. The list goes on. Whether it's through trades or free agency, the Golden Knights almost always get their guy. They've operated with an aggression rarely seen by other NHL organizations, and that all starts at the top with Foley. 'We will always go for the home run,' he said. 'That's just part of the team's philosophy, and I'm completely in favor of it and I back it all the way.' It's always been that way, even when the Golden Knights were just a concept in Foley's mind. When he first got the idea to purchase an NHL expansion franchise, he didn't look at the traditional markets. Foley saw Las Vegas as an opportunity, as a vibrant, growing city that had yet to experience major professional sports. He was spot-on. Not only have the Golden Knights been a roaring success — selling out every regular-season and playoff game in the team's eight-year history — but they also opened the eyes of other professional leagues. The NFL's Raiders weren't far behind, announcing they'd relocate to Las Vegas in 2017. The WNBA's San Antonio Stars followed suit, moving to Las Vegas in 2018. The team rebranded as the Aces, and has already won two WNBA titles. The latest team to make the move is the MLB's Oakland A's, who recently broke ground on a $1.75 billion ballpark at a site not far from T-Mobile Arena. In Las Vegas, Foley saw an untapped sports market hungry for a team to call its own. He also saw a world-famous city that professional athletes would flock to. 'The city itself, obviously everyone just thinks of it as the Strip and there's so much more to it,' Marner said during his introductory press conference on Wednesday when describing what drew him to Vegas. 'I was lucky enough to talk to (Toronto teammates and former Golden Knights Ryan Reaves and Max Pacioretty) about everything off of the Strip, living-wise, schooling-wise, just how tight-knit the communities are, and privacy-wise, too. A lot of things checked our boxes.' Advertisement Before the NHL ever awarded the expansion franchise to the city, Foley and his team conducted a study of Las Vegas in comparison to other NHL cities. 'We did an analysis of the cost of living across every NHL city,' Foley said. 'It came back with Vegas being either the best or the second-best in almost every category, whether it's affordable housing, safety, transportation systems. If you compare Vegas to every other major city, it's so easy to get around.' Vegas' temperate weather during the winter months of the NHL season also makes it an attractive landing spot. So do the dozens of world-class golf courses with luscious, green fairways year-round. Nevada doesn't have a state income tax, so players take home more of their money, and there's the obvious draw of living in the entertainment capital of the world. Then there's the spectacle that is T-Mobile Arena, which quickly became one of the best atmospheres in the league, and City National Arena, the team's state-of-the-art practice facility in the suburb of Summerlin, where most of the players live. Foley included everything he could think of to create a self-contained environment, from a full-time chef to medical and physical therapy centers inside the facility. He invests in making the players' lives easier. There are simple gestures, such as purchasing a new ping-pong table for the team gym the moment a player mentioned the absence of one, or having the players' cars washed in the parking lot while they practice. There are also major financial commitments, such as purchasing an AHL expansion franchise (the Henderson Silver Knights) in 2020 and building a facility similar to City National Arena in Henderson. All of that plays a major role in the Golden Knights' overall strategy. It's one thing to be aggressive in the trade market, but if the players don't want to stay once they're here, you can waste a lot of trade capital. 'Players don't want to leave,' Foley said. 'Once they get here, and they see our facilities and where we play, and they see the way we take care of our players, scouts and coaches, and how everyone is all in, they don't want to leave.' Advertisement That allows the Golden Knights to regularly trade for top players on expiring contracts with full confidence that they'll sign a long-term deal. Stone and Hanifin are the best examples, but there have been plenty of others over the years. It has also led to some players trying to force their way to Vegas by using their no-movement clauses and other forms of leverage. Calgary defenseman Rasmus Andersson may be doing that at this very moment, according to a report by Pierre LeBrun of The Athletic. Andersson is on an expiring contract, and Calgary may opt to trade him. According to LeBrun, the Golden Knights, Senators, Blue Jackets and Kings all showed interest in acquiring him, but because Andersson is only reportedly interested in talking about a long-term extension with Vegas, the hands of the Flames' front office are a bit tied. Winning is the most important ingredient. All of these things could be true about the city of Las Vegas and the impressive facilities, but it wouldn't be an attractive landing spot if the Golden Knights were finishing at the bottom of the Pacific Division every year. Players want to win, and they want to play for a team with ownership and management committed to winning. 'This team, since it entered the league, has really pushed the boundaries to be that winning team,' Marner said Tuesday. 'That's where I want to be. I want to be in a winning situation.' The Golden Knights' front office, headed by president of hockey operations George McPhee and general manager Kelly McCrimmon, has pushed so many boundaries that several of them won't exist under the new collective bargaining agreement that begins in 2026-27. Vegas hasn't just been daring; it's been incredibly creative when it comes to finding small edges, often to the scorn of fans. Vegas was the first team to come up with the idea of using a third team as a conduit in a trade to retain salary and minimize a player's cap hit at his eventual destination. Vegas made the first trade of that type in February 2018, retaining 40 percent of Derick Brassard's cap hit as he went from Ottawa to Pittsburgh. That concept has now become common at the NHL trade deadline, but it will be against the rules in the new CBA. Advertisement The Golden Knights worked the 2017 expansion draft in a way never seen before, or since. 'We spent so much time in mock drafts really getting to know every other team and what was vulnerable on each team,' Foley explained. 'We paid our franchise fee a little bit early so we could start acquiring players at the deadline, and started doing deals right away. Then in the expansion draft, we didn't do the traditional type of transactions where we just picked a player.' The Golden Knights made 10 trades as part of their expansion draft picks, acquiring eight extra draft picks (including three first-round picks) and seven additional players. In Seattle's expansion draft under the same rules four years later, the Kraken didn't make a single trade or acquire a single draft pick. Vegas took on bad contracts, like David Clarkson ($5.25 million cap hit) and Mikhail Grabovski ($5 million cap hit), neither of whom played a game for the team, but netted Vegas two first-round picks and a second-round pick. Seattle made no such moves. That was just the beginning, as the Golden Knights have continually found ways to use the NHL's salary cap rules to their advantage over the years. 'We're aggressive with our salary cap,' McCrimmon said. 'That's how we do business, and I think it's led us to a lot of good outcomes by doing it that way.' Vegas has appropriately pushed its chips all in at every opportunity since entering the league. It has already traded 11 first-round picks (either the pick itself or a prospect selected in the first round) in the pursuit of improving the current roster. 'We never want to rebuild,' Foley said. 'We just want to retool. We have to always stay ahead of the power curve, because once you get into rebuilding mode, it's so hard to get out of it. Look at Buffalo. They've had so many good draft picks and so on, and they're still in rebuilding mode. The Blackhawks are trying hard now. It's not easy.' Advertisement 'We started out thinking aggressively from day one,' said Foley, who has since purchased several soccer teams, including AFC Bournemouth of the English Premier League, and has used the same formula to make them successful. 'I kind of used the VGK playbook,' he said. 'I got over there and the infrastructure was really inadequate, so the first thing we did was, we immediately started building this high-performance center, which we just opened this past spring and is probably one of the best in the Premier League.' The club has improved in the EPL standings for three straight years since Foley purchased it. He now owns or has an ownership stake in three other soccer teams: FC Lorient in France, Hibernian FC in Scotland and an expansion club in Auckland, New Zealand. He enjoys the challenge of professional sports and approaches the test with a rare aggression. Perhaps Foley's most famous proclamation came in February of 2016 — before his NHL franchise even had a team name or logo — when he boldly predicted, 'Playoffs in three; Cup in six. Period, no excuses, that's the standard. I consider that being very patient.' It didn't take the Golden Knights three years to make the playoffs. They've been to the postseason in seven of their eight seasons. They won the Stanley Cup in their sixth season. Foley doesn't have any more bold predictions at the moment, but he is hungry for another championship and hopes Marner will help. He flew into Las Vegas from one of his Northern California wineries on Tuesday afternoon to meet the Golden Knights' newest star acquisition. 'It's pretty exciting,' he said. 'I'm looking forward to it.' (Top photo of Bill Foley: Ethan Miller / Getty Images)
Yahoo
21-06-2025
- Business
- Yahoo
Why Southern, Fidelity National Financial, And Brookfield Infrastructure Are Winners For Passive Income
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Southern, Fidelity National Financial, and Brookfield Infrastructure Partners have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of around 3% to 5%. The Southern Co. (NYSE:SO) is an American electric and gas utility holding company. Southern has increased its dividends every year for the last 24 years. In its most recent dividend hike announcement on April 21, it raised the quarterly payout from $0.72 to $0.74, equal to an annual figure of $2.96 per share. Currently, the dividend yield is 3.28%. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Southern's annual revenue as of March 31 stood at $27.85 billion. In its Q1 2025 earnings report on May 1, the company posted revenues of $7.78 billion and EPS of $1.23, both coming in above the consensus estimates. Fidelity National Financial Inc. (NYSE:FNF) provides various insurance products in the U.S. Fidelity National Financial has raised its dividends every year for the last 13 years. In its most recent dividend hike announcement on Nov. 7, the company's board increased the quarterly payout by 4% to $0.50 per share, which is equal to an annual figure of $2 per share. More recently, in its dividend announcement on May 8, the company maintained the payout at the same level. The current dividend yield is 3.62%. The company's annual revenue as of March 31 stood at $12.78 billion. In its Q1 2025 earnings report on May 7, Fidelity posted revenues of $2.73 billion and EPS of $0.78, both coming in below the consensus expectations. Check out this article by Benzinga for Fidelity's price-over-earnings overview. Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Brookfield Infrastructure Partners L.P. (NYSE:BIP) engages in the utilities, transport, midstream, and data businesses. The company has raised its dividends consecutively for the last 16 years. In its most recent dividend hike announcement on Jan. 30, its board increased the quarterly payout by 6% to $0.43 per share, equaling an annual figure of $1.72 per share. More recently, in its dividend announcement on April 30, it maintained the payout at the same level. Currently, the dividend yield on the stock stands at 5.22%. Brookfield Infrastructure Partners' annual revenue as of March 31 stood at $21.24 billion. According to its Q1 2025 earnings report on April 30, the company posted revenues of $5.39 billion, beating consensus estimates, while EPS of $0.04 missed expectations. Southern, Fidelity National Financial, and Brookfield Infrastructure Partners are good choices for investors seeking reliable passive income. Their dividend yields of around 3% to 5% and long history of consistent hikes make them attractive to income-focused investors. Check out this article by Benzinga for three more stocks offering high dividend yields. Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Image: Shutterstock This article Why Southern, Fidelity National Financial, And Brookfield Infrastructure Are Winners For Passive Income originally appeared on
Business Journals
05-06-2025
- Business
- Business Journals
Jacksonville-based Fidelity National eyes Nevada incorporation
Fidelity National Financial, a major Jacksonville-based company, is taking steps that could lead to a significant change in its corporate structure.
Associated Press
04-06-2025
- Business
- Associated Press
Fidelity National Financial, Inc. Announces Successful Completion of Consent Solicitation
JACKSONVILLE, Fla., June 4, 2025 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) ('FNF' or the 'Company') today announced the successful completion of the previously announced consent solicitations of the holders of each of its 4.500% Senior Notes due 2028 (the '2028 Notes'), 3.400% Senior Notes due 2030 (the '2030 Notes'), 2.450% Senior Notes due 2031 (the '2031 Notes') and 3.200% Senior Notes due 2051 (the '2051 Notes' and, collectively with the 2028 Notes, 2030 Notes and the 2031 Notes, the 'Notes"; and each a 'series of Notes') to effect a certain amendment (the 'Proposed Amendment') to the indenture governing the Notes (the 'Indenture') with respect to each series of Notes, as described below. As of 5:00 p.m., New York City time, on June 3, 2025 (the 'Expiration Time'), the Company had received consents from a majority in principal amount of each series of Notes outstanding for the adoption of the proposed amendment to the Indenture. Each of the consent solicitations was made pursuant to the consent solicitation statement, dated May 28, 2025 (the 'Consent Solicitation Statement'). A supplemental indenture giving effect to the Proposed Amendment with respect to each series of Notes will be executed promptly. Upon its execution, the supplemental indenture will be effective and constitute a binding agreement between the Company and the trustee. Immediately prior to the consummation of the Company's redomestication, by conversion, from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada (the 'Redomestication'), the Company will pay holders of each series of Notes who validly delivered their consents at or prior to the Expiration Time (and did not validly revoke such consents) the Consent Fee described in the Consent Solicitation Statement. No Consent Fee will be paid with respect to a series of Notes if any of the consent solicitations are terminated prior to the proposed amendment becoming effective or if the Company abandons the Redomestication or if the Redomestication is not completed for any reason whatsoever. The Company is not required to consummate the Redomestication even if it has received the requisite consents for the Notes and the approval of its shareholders to the Redomestication. If the Redomestication is abandoned prior to consummation or otherwise not completed for any reason whatsoever (including, without limitation, because the Company determines to effect a redomestication by way of merger or otherwise), or the conditions to the consent solicitations are not satisfied or waived, then no Consent Fee shall be payable and the Proposed Amendment contained in supplemental indenture described above will not become operative. Any questions regarding these payments should be directed to the Information Agent and Tabulation Agent for the consent solicitation, D.F. King & Co., Inc., at (866) 340-7108 (toll free) or (212) 269-5550 (banks and brokers) (collect) or by email at [email protected]. BofA Securities acted as Solicitation Agent in connection with the consent solicitations. Questions regarding the consent solicitations may be directed to BofA Securities, Attention: Liability Management Group at (888) 292-0070 (toll free) or (980) 387-3907 (collect). This press release is for informational purposes only and does not constitute a solicitation of consents of holders of the Notes and shall not be deemed a solicitation of consents with respect to any other securities of the Company. About Fidelity National Financial, Inc. Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG). FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at Forward-Looking Statements and Risk Factors This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: the potential impact of the consummation of the Redomestication on relationships, including with shareholders, bondholders and stakeholders; our ability to successfully realize the anticipated benefits of the Redomestication; the risk that we do not receive the Requisite Consents with respect to each series of Notes or shareholder approval for the Redomestication; adverse changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the 'Statement Regarding Forward-Looking Information,' 'Risk Factors' and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission. FNF-G View original content: SOURCE Fidelity National Financial, Inc.
Yahoo
04-04-2025
- Business
- Yahoo
Why Fidelity National Financial, VICI Properties, And Skyworks Solutions Are Winners For Passive Income
Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Fidelity National Financial, VICI Properties, and Skyworks Solutions have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of around 3% to 5%. Fidelity National Financial Fidelity National Financial (NYSE:FNF) provides various insurance products in the U.S. It offers title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty products. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Fidelity National Financial has increased its dividends consecutively for the last 13 years. In its most recent dividend hike announcement on Nov. 7, the company's board raised the quarterly payout by 4% to $0.50 per common share, equal to an annual figure of $2 per share. The current yield on the stock stands at 3.07%. The company's annual revenue as of Dec. 31 stood at $13.36 billion. According to its Q4 2024 earnings report on Feb. 20, the company posted revenues of $3.62 billion and EPS of $1.34. Both figures came in above the consensus expectations. VICI Properties VICI Properties (NYSE:VICI) is a real estate investment trust that owns one of the largest portfolios of gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. Trending: It's no wonder Jeff Bezos holds over $250 million in art — VICI Properties has raised its dividends every year for the last seven years. In its most recent dividend hike announcement on Sept. 5, it increased the quarterly payout by 4.2% to $0.4325 per share, which is equal to an annual figure of $1.73 per share. Currently, the yield on the dividend is 5.30%. VICI Properties' annual revenue as of Dec. 31 stood at $3.85 billion. In the company's most recent earnings release on Feb. 20, it posted Q4 2024 EPS of $0.57, matching expectations, while revenues of $976.05 million beat the consensus estimate of $974.91 million. Check out this article by Benzinga for 11 analysts' insights on VICI Solutions Skyworks Solutions (NASDAQ:SWKS) designs, develops, manufactures, and markets proprietary semiconductor products in the U.S., China, South Korea, Taiwan, Europe, the Middle East, Africa, and the rest of Asia-Pacific. Skyworks Solutions has consecutively increased its dividends for the last 11 years. As per its most recent dividend hike announcement on July 30, the company raised the quarterly payout by 3% to $0.70 per share, equal to an annual figure of $2.80 per share. More recently, in its earnings release on Feb. 5, the company maintained the payout at the same level. The current yield on the dividend stands at 4.33%. The company's annual revenue as of Dec. 31 stood at $4.04 billion. In its Q1 2025 earnings report on Feb. 5, it posted revenues of $1.07 billion, roughly in line with expectations, and EPS of $1.60, beating the Street estimate of $1.57. Check out this article by Benzinga, which looks into Skyworks Solutions' recent short interest. Fidelity National Financial, VICI Properties, and Skyworks Solutions are good choices for investors seeking reliable passive income. Their dividend yields of around 3% to 5% and long history of consistent hikes make them attractive to income-focused investors. Read Next:'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Why Fidelity National Financial, VICI Properties, And Skyworks Solutions Are Winners For Passive Income originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
