Tilman Fertitta to step down as Landry’s CEO if confirmed as U.S. Ambassador to Italy

Houston billionaire Tilman Fertitta has confirmed that he will resign as CEO of Landry’s, Inc., and relinquish leadership across his wide portfolio of hospitality and gaming enterprises if he is confirmed as U.S. Ambassador to Italy and San Marino. The disclosure came in a letter submitted to the U.S. Office of Government Ethics, dated March 16.

Fertitta, who oversees a network of approximately 600 restaurants, casinos, and entertainment venues through his companies, stated that he would forfeit his severance package and instead receive a lump-sum payment from his deferred compensation plan.

While stepping down from executive responsibilities, he plans to retain passive ownership stakes across his businesses and receive only investment income. He pledged not to participate in any matters that could affect the financial interests of those entities without first obtaining a formal waiver.

“Upon confirmation, I will resign from my positions with the entities listed in Appendix A,” Fertitta wrote, referring to a 12-page list of companies detailed in his submission. “With regard to each of these entities, I will not participate personally and substantially in any particular matter that… has a direct and predictable effect on the financial interests of the entity or its underlying holdings.”

The filings provide a rare window into Fertitta’s sprawling financial empire. In addition to Landry’s and the Golden Nugget casino group, Fertitta owns the NBA’s Houston Rockets and holds a major stake in Wynn Resorts.

He also disclosed investments of at least $50 million in DraftKings and $25 million in Penn Entertainment. Annual dividend income from public equity holdings, including Disney, Exxon Mobil, Oracle, Tegna Inc., and Bank of America, reportedly exceeds $6 million.

As part of his transition, Fertitta also plans to resign from several civic and nonprofit roles, including his longstanding position as chair of the University of Houston System Board of Regents.

However, he will retain his ownership of the Houston Rockets. In his letter, Fertitta noted that while his ambassadorial duties may intersect with NBA-related matters, the U.S. government has determined that he need not divest his Rockets stake, provided he recuses himself from related decisions.

“The agency has determined that it is not necessary at this time for me to divest my interests in the Houston Rockets because my recusal… will not substantially limit my ability to perform the essential duties of Ambassador,” he wrote.

Fertitta was nominated by former President Donald Trump for the ambassadorial post last year. His nomination was referred to the Senate Committee on Foreign Relations earlier this month and is pending a hearing. If confirmed, Fertitta would represent U.S. diplomatic interests in Italy and the microstate of San Marino.