Tilman Fertitta has committed to stepping down from his executive roles at Fertitta Entertainment and affiliates if he is confirmed as the next U.S. Ambassador to Italy and San Marino.
In a letter submitted to the U.S. Office of Government Ethics on March 14, the hospitality and casino mogul has formally pledged to resign from his position as CEO if his nomination is advanced.
The letter, included in a package of ethics disclosures, outlines what Fertitta would do to comply with federal conflict-of-interest rules.
As part of the contemplated change, the billionaire entrepreneur confirmed he would shed all management positions and shift to a passive investment role in his broad business interests. This includes not actively participating in his hospitality, gaming, and entertainment investments while receiving only passive income from the properties.
Fertitta's eclectic business empire encompasses Landry's, Inc., the Golden Nugget hotel and casino chain, and a collection of upscale restaurant chains that include Morton's The Steakhouse, Del Frisco's, Catch, The Palm, Rainforest Cafe, Joe's Crab Shack, and Bubba Gump Shrimp Co.
His company, Fertitta Entertainment, has properties in major U.S. markets such as Las Vegas, Atlantic City, and Lake Charles.
Beyond gaming and hospitality, Fertitta owns the NBA franchise Houston Rockets and, as of November 2024, is the largest single shareholder of Wynn Resorts. SEC filings revealed that on November 14, Fertitta increased his stake in the resort and casino operator to 9.9%, surpassing co-founder Elaine Wynn.
Fertitta also holds sizeable equity positions in other big gaming outfits, including at least $50 million in DraftKings and $25 million in Penn Entertainment. His annual compensation as Fertitta Entertainment CEO was estimated to be around $1.8 million.
Fertitta won't give up the Rockets
While Fertitta has agreed to step down from leadership roles at his companies, he intends to continue as the owner of the Houston Rockets.
According to the letter, he was informed that ownership of the team would not require divestiture under the ambassadorship since the role likely would not involve making decisions that have a direct impact on the NBA's financial interests.
Fertitta's potential diplomatic role resulted from a nomination by then-President-elect Donald Trump on Dec. 21. The nomination was formally submitted earlier this year and referred to the Senate Committee on Foreign Relations this month. The committee has yet to schedule a confirmation hearing.
If confirmed, Fertitta would serve as the U.S. representative in Italy and San Marino, two closely aligned countries in southern Europe. The ambassador is a senior diplomatic post for upper-tier political contributors or individuals with long-standing political and business connections.
Fertitta isn’t the only billionaire businessman to receive a federal nomination from President Trump. The now-Commerce Secretary Howard Lutnick faced criticism in February over his involvement in a series of gambling scandals related to Cantor Gaming.
