The billionaire businessman, owner of a range of entertainment venues, hotel and casinos in Nevada, who also owns NBA’s Houston Rockets, Tilman Fertitta, announced his plans to resign from a range of companies, if he is confirmed as the new US ambassador to Italy and San Marino.

Letter Describes the Billionaire’s Intentions If Administrative Role Is Confirmed

It was back in December when President Donald Trump’s administration confirmed the nomination of Fertitta for the important ambassador role. While it is yet to be confirmed if the billionaire businessman would be selected for the key role, he recently submitted an “Ethics Undertakings” letter, describing his plans if he is confirmed as the US ambassador to Italy and San Marino.

In the letter, Fertitta confirmed he intends to resign from a range of companies, including limited liability corporations (LLCs) and restaurants. The full list of entities the billionaire businessman plans to resign was described in “Appendix A” from the letter, spanning 13 pages.

Focusing on Fertitta Entertainment, LLC, Fertitta said that he is eligible to receive severance payment. However, the billionaire businessman confirmed that he has chosen to forfeit this compensation. “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,” he wrote.

Fertitta Won’t Divest His Interest in the Houston Rockets

In the letter, Fertitta acknowledged that his wife would retain her employment at Fertitta Entertainment, where she will receive “a fixed annual salary.” He added that as the largest shareholder of Fertitta Entertainment, he would retain “access to, and use of, Fertitta Entertainment goods, services, and properties.”

The businessman outlined that currently the company pays his life insurance premiums on his universal life survivorship policy. Given that Fertitta is confirmed as the new US ambassador to Italy and San Marino, he said that he will assume the responsibility of settling those premiums.

“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 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.“
reads the letter signed by Tilman Fertitta

When it comes to Fertitta’s ownership of the Houston Rockets, he explained that if he is granted the ambassador role, this won’t create a conflict of interest. Thus, the billionaire explained that he wouldn’t be divesting his interest in the popular NBA team.

The letter was sent earlier this month to the U.S. Office of Government Ethics. Last year, the billionaire organized a fundraising event for Donald Trump at Post Oak Hotel, a hotel in Houston the former owns. The nomination marks the latest in a string of high-profile political changes that followed the swearing-in of Trump earlier this year.