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The Senate is expected to decide on Tilman Fertitta’s nomination as ambassador to Italy this week. If approved, the Texas billionaire is expected to resign as CEO of his company, which includes significant casino holdings nationwide.
Fertitta heads Landry’s Inc., which includes restaurants, entertainment, and casinos. The company owns and operates several Golden Nugget casinos in Las Vegas, Lake Tahoe, Louisiana, Atlantic City, and other locations.
In addition to those holdings, Fertitta owns the NBA’s Houston Rockets and is the largest single shareholder of Wynn Resorts.
The entrepreneur owns at least a $50 million equity holding in DraftKings and $25 million in Penn Entertainment. DraftsKings acquired Golden Nugget Online Gaming in 2022 for more than $1.5 billion. As a result, the DraftKings online casino is available to Americans in five states.
In a letter to the U.S. Office of Government Ethics on March 14, Fertitta outlined his business plans if he received the ambassador role. That includes stepping back from management and simply receiving income from his business interests.
“I am eligible to receive a severance payment from Fertitta Entertainment, LLC, but I have elected to forfeit it. I will receive a lump sum payment of my deferred compensation plan following my resignation.
“I will continue to retain a passive interest in these entities, but I will not provide services material to the production of income. Instead, I will receive only passive investment income. … I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predicable effect on the financial interests of the entity of its underlying holdings.”
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