The Senate is set to vote on Tilman Fertitta's nomination as the U.S. ambassador to Italy, potentially leading to his resignation from active management of his companies. Fertitta, a billionaire businessman and owner of the Houston Rockets, has significant stakes in major casino and entertainment ventures, including Landry's, DraftKings, and Wynn Resorts. In preparation for the ambassador role, Fertitta has indicated plans to step back from direct involvement and focus on receiving passive income from his holdings, ensuring compliance with ethical guidelines regarding his financial interests.
I will continue to retain a passive interest in these entities, but I will not provide services material to the production of income. Instead, I will receive only passive investment income.
In a letter to the U.S. Office of Government Ethics... I will receive a lump sum payment of my deferred compensation plan following my resignation.
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