Tilman Fertitta, owner of Golden Nugget parent company Landry’s, Inc. plans to step down as CEO of the company if he is confirmed as US Ambassador to Italy and San Marino to avoid conflicts of interest. One of the wealthiest people in America, Fertitta was nominated to the post by President Donald Trump, though he has yet to receive a Senate hearing.
will forfeit his severance payment from Landry’s
In a letter to the US Office of Government Ethics dated March 16, Fertitta said he will forfeit his severance payment from Landry’s and take a lump sum payment of his deferred compensation plan.
Fertitta added that he will “continue to retain a passive interest in these entities,” possibly meaning that he will not divest his shareholdings but will otherwise have nothing to do with the company.
Among his other companies, of which he included a 12-page list in an appendix, Fertitta also owns the NBA’s Houston Rockets, his hometown team. He will hang on to the team, even though “the Embassy may address particular matters affecting the financial interests of the National Basketball Association.”
In the letter, Fertitta stated that the agency does not feel he needs to sell the franchise “because my recusal from particular matters in which these interests may pose a conflict of interest will not substantially limit my ability to perform the essential duties of Ambassador.”
Like many ambassadors, Tilman Fertitta has no government or diplomatic experience – he was nominated because of his relationship with and financial contributions to Donald Trump. He has donated to presidential campaigns of both major political parties, but much more to Republicans. In 2020, he gave $140,000 to Trump’s campaign and just $5,600 to Joe Biden’s. Last year, he hosted a fundraiser for Trump.