Tilman Fertitta to resign as CEO of Fertitta Entertainment if granted political role
Fertitta submitted a letter to the US Office of Government Ethics, stating he would resign from his position within the business if he were to be made US Ambassador to Italy and San Marino.
Key Points
- In addition to owning Landry’s Inc., the Houston Rockets basketball franchise and the Golden Nugget hotels and casinos brand, Fertitta also became the largest shareholder in Wynn Resorts on November 14
- Within the letter, it was stated Fertitta will retain a “passive” interest in these industries, and receive only “passive” investment income from the businesses in which he currently oversees
Tilman Fertitta, in a letter submitted to the US Office of Government Ethics dated for March 14, stated he would resign from his role as CEO of Fertitta Entertainment if confirmed as the US Ambassador to Italy and San Marino.
The letter was included within filings that also showed significant financial details regarding Fertitta’s position as CEO, such as an annual salary of approximately $1.8m, stakes of at least $50m in Wynn Resorts and DraftKings, as well as investments of at least $25m in Penn Entertainment.
Fertitta was recommended for the political role by then President-elect Donald Trump on December 21, 2024.
“As required by the criminal conflicts of interest law at 18 U.S.C. § 208(a), I will not participate personally and substantially in any particular matter in which I know that I have a financial interest directly and predictably affected by the matter, or in which I know that a person whose interests are imputed to me has a financial interest directly and predictably affected by the particular matter, unless I first obtain a written waiver, pursuant to 18 U.S.C. § 208(b)(l), or qualify for a regulatory exemption, pursuant to 18 U.S.C. § 208(b)(2),” Fertitta said in the letter.
“Upon confirmation, I will resign from my positions with the entities listed in Appendix A. 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. Additionally, 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.”
Good to know: Fertitta Entertainment currently operates Landry Inc. and Golden Nuggets properties in Las Vegas, Atlantic City and Lake Charles
In addition to owning Landry’s Inc., the Houston Rockets basketball franchise and the Golden Nugget chain of hotels and casinos, Fertitta became the largest shareholder in Wynn Resorts on November 14, 2024, replacing Co-Founder Elaine Wynn.
Fertitta increased his ownership stake to 9.9% according to a filing with the US Securities and Exchange Commission. After news of Fertitta’s increased shares broke, Wynn Resorts’ share price grew by 9% on November 14.
The CEO will not be stepping away from his ownership interest in the Houston Rockets NBA franchise, however, as he has been advised that his potential role within the Embassy may “address particular matters affecting the financial interests of the (NBA).”
His nomination as the US Ambassador to Italy and San Marino was referred to the Senate Committee on Foreign Relations during March 2025, but has yet to receive a hearing from the Committee.
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