Tilman Fertitta, the owner and CEO of Landry’s Inc., said he would step down from his role at the hospitality empire if he is confirmed as U.S. ambassador to Italy.
In a letter to the State Department earlier this month, the billionaire businessman said he would resign from Landry’s and other companies to avoid any potential conflicts of interest as ambassador. He will, however, retain a passive ownership stake in Landry’s. The news was first reported by the Houston Chronicle.
Fertitta has been involved with Houston-based Landry’s for 45 years, building it from a pair of Texas seafood restaurants into a dining, hotel and gaming empire with more than 600 locations around the world. Today, Landry’s owns more than 80 restaurant brands, including Bubba Gump Shrimp Co., Rainforest Cafe and Del Frisco’s.
Fertitta was a partner in Landry’s first restaurant, opened in 1980, and would go on to acquire the company in 1986. In 1993, Landry’s went public and began growing quickly, opening new locations and acquiring more restaurants. In 2010, Fertitta bought Landry’s remaining shares, taking the company private again and becoming its sole owner.
Fertitta, who is reportedly worth up to $10.8 billion, also owns the Houston Rockets NBA franchise. He said in the letter he does not plan to divest from the team.
President Donald Trump tapped Fertitta to become ambassador to Italy in December. Fertitta has been a major financial backer of Trump, donating about $420,000 to groups that pushed for his election last year, according to campaign records.
As of March 10, Fertitta's nomination had been referred to the Senate Committee on Foreign Relations. A full hearing had apparently not yet been scheduled.
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