Houston billionaire Tilman Fertitta has announced his intention to step down as CEO of Landry’s Inc. and several other business and nonprofit positions should he be confirmed as the U.S. Ambassador to Italy and San Marino. This decision was outlined in a letter he sent to the U.S. Office of Government Ethics on March 16, where he detailed his plans to avoid any potential conflicts of interest.

Fertitta, who has built an extensive business empire spanning restaurants, casinos, and entertainment venues, stated in his letter that upon confirmation, he will resign from his executive roles but will retain passive investment interests. “Upon confirmation, I will resign from my position with the entities listed in Appendix A,” he wrote, adding that he has chosen to forgo a severance payment from Fertitta Entertainment, LLC. Instead, he will receive a lump-sum payout from his deferred compensation plan, according to Houston Public Media.

Despite stepping away from his leadership roles, Fertitta will maintain investments in his companies, including his Golden Nugget casinos and restaurants, while ensuring that his involvement remains passive.

“I will continue to retain a passive interest in these entities, but I will not provide services material to the production of income,” he clarified. “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 predictable effect on the financial interests of the entity of its underlying holdings.”

Stepping Down from University of Houston and Other Affiliations

Fertitta also announced that he will step down from his role as chair of the University of Houston System Board of Regents. Additionally, he will resign from several other organizations, including the Greater Houston Partnership, the Clutch City Foundation, the Texas Business Hall of Fame, and the Better Business Bureau of Metropolitan Houston.

He further outlined plans to divest from various corporate holdings within 90 days of his confirmation. These holdings include stakes in the Coca-Cola Company, the Walt Disney Company, Warner Bros. Discovery, and certain cryptocurrency assets.

However, a securities filing published on Tuesday revealed that Fertitta acquired another 16,500 shares of Wynn Resorts on March 21 and March 24, with purchase prices ranging from $80.99 to $84.93 per share, amounting to a total investment of approximately $1.38 million. This increase in his stake in the company led to a rise in price for Wynn Resorts stock on Tuesday.

Retaining Ownership of the Houston Rockets

While Fertitta is distancing himself from numerous business ventures, he will retain ownership of the NBA’s Houston Rockets, which he purchased in 2017. His letter to the ethics office explained that his recusal from related matters would not interfere with his ability to fulfill his duties as ambassador.

“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 … will not substantially limit my ability to perform the essential duties of ambassador,” he wrote.

A Longtime Trump Ally and Businessman

Fertitta, a prominent Republican donor and business associate of former President Donald Trump, was nominated for the ambassadorship in December. His relationship with Trump dates back over a decade, including a business deal involving an Atlantic City casino previously owned by Trump.

Beyond his political affiliations, Fertitta is widely recognized for his business acumen and his philanthropic efforts in children’s charities, law enforcement, and healthcare initiatives. His fortune is worth around 11 billion dollars according to a Forbes estimate. While Fertitta has laid out a detailed plan for his transition, his nomination must still go through a confirmation process in the U.S. Senate. A date for the hearing has yet to be set.

If confirmed, Fertitta’s transition from high-profile business leader to diplomat will mark a significant shift in his career, as he takes on a role that traditionally requires experience in foreign relations—a field in which he has no prior background.