Golden Nugget owner Tilman Fertitta is planning to step down from his role as CEO of the company if he is confirmed as the new U.S. Ambassador to Italy and San Marino.
According to an ABC13 report, Fertitta has notified the U.S. Department of State of his intention to relinquish his role as CEO of Fertitta Entertainment, the owner of Golden Nugget Casinos, if he successfully completes a Senate confirmation set for April 1.
Fertitta, who has a net worth of $11 billion, per Forbes, is being considered as a U.S. Ambassador after being nominated in December 2024 by President Donald Trump.
Fertitta will sit before the U.S. Senate Committee on Foreign Relations during a public hearing where the casino executive make his case for his potential new role as a U.S. Ambassador. Fertitta has submitted documents to the committee that include details of his educational background and time as an executive of a multi-faceted conglomerate.
In addition to owning Golden Nugget Casinos, Fertitta Entertainment is the owner of the Houston Rockets and Landry’s Inc., which operates over 600 restaurants in the U.S.
If confirmed, Fertitta will also step down from his positions at the Better Business Bureau of Metropolitan Houston, Inc., the Clutch City Foundation, the Texas Heart Institute, Central Houston and the Tilman and Paige Fertitta Family Foundation.
The billionaire will also divest from several major companies, including Warner Bros., Discovery, the Coca-Cola Company, the Walt Disney Company and Kinder Morgan.
Fertitta will maintain his ownership stake in the Rockets if confirmed. He will be allowed to maintain ownership of the franchise as it is not considered a “conflict of interest.”
Slower profits for Golden Nugget
Fertitta plans to resign from his leadership role at Golden Nugget after the gaming and hospitality giant reported slow profits in 2024.
Last year, Golden Nugget generated $666.8 million in full-year revenue. By comparison, full-year revenue for the company in 2023 reached $1.1 billion. In 2024, net income for Golden Nugget closed at $50.7 million, down from a net income of $255.8 million in 2023.
Its adjusted EBITDA in 2024 was $155.4 million compared to $222.5 million in 2023. As of April 1, Golden Nugget operates eight casinos with 72 gaming taverns across Nevada.
