Tilman Fertitta Disclosures Reveal Real Estate Wealth, Debt

Tilman Fertitta’s ambassadorial nomination opened a rare window into the Houston billionaire’s financial empire, showing real estate holdings are his biggest moneymaker.

Disclosure forms filed as part of the Houston Rockets owner’s confirmation process to become U.S. ambassador to Italy and San Marino reveal a portfolio stacked with hospitality holdings, blue-chip investments and serious debt, the Houston Chronicle reported.

Among his most valuable reported assets is Fertitta Entertainment, the private company behind his restaurant, casino and hotel empire, listed at a minimum of $55 million.

But his biggest moneymaker, according to the filings, is his stake in Wynn Resorts. Along with DraftKings, the Las Vegas-based casino giant was listed among his top income sources and his largest source of capital gains. The holdings were valued at $50 million each.

Fertitta also disclosed $5 million in annual income from Fertitta Entertainment, $1.8 million of which is salary and the only salary source he reported. He’s set to receive a severance payment between $5 million and $25 million if he’s confirmed as ambassador and resigns from his CEO role at Landry’s.

Other top holdings include shares in TEGNA and PENN Entertainment, commercial real estate and a 2,000-acre ranch in New Ulm, Texas. Fertitta disclosed at least $459 million in assets across 76 sources and at least $23.2 million in income from about 40.

His liabilities outpace his assets, at least on paper.

Fertitta reported at least $547 million in debt, including nine loans of $50 million or more. The debt is tied to aircraft, yachts and commercial properties, with additional liabilities between $25 million and $50 million for other aircraft and a line of credit.

The mortgages tied to his real estate and investment properties represent the biggest slice of that debt.

The disclosures lend a view of the reach of Fertitta’s empire, and the costs of operating it; sprawling, leveraged and diversified across entertainment, luxury and real estate. His portfolio suggests he’ll be among the most financially powerful ambassadors in U.S. history.

— Judah Duke