Fertitta purchased the team for the record price of $2.2 billion after Leslie Alexander agreed to sell the team.
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"I could not be happier. To own the Rockets in my hometown of Houston is a dream come true," he said in a release. "I promise to continue to make this city proud of the Rockets and to do what we can to bring home a championship."
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Forbes Magazine valued the Rockets franchise this past February at $1.65 billion -- good for eighth in the NBA -- with revenues of $244 million.
The owner of Landry's, Inc., and chairman of the Board of Regents of the University of Houston, Forbes calls Fertitta the "World's Richest Restaurateur." His net worth has been reported at about $2.8 billion.
An original investor in the NFL's Houston Texans, Fertitta offered $81 million to buy the Rockets in 1993, but the team was sold to Alexander for $85 million.
Under Alexander, the Rockets have won two NBA championships.
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