The West Virginia Lottery Commission has approved The Greenbrier’s casino license under a new ownership structure, with Kennedy Lewis Investment Management now holding a majority stake and operational control
The Greenbrier resort in West Virginia will continue operating its private casino after the West Virginia Lottery Commission approved a new license reflecting a major change in ownership. Kennedy Lewis Investment Management, a New York-based investment firm, now holds a 51% stake in Greenbrier Holdco LLC, the parent company of The Greenbrier. The Justice family, who have owned the property since 2009, retains a 49% minority interest. The new structure also gives Kennedy Lewis a majority on the resort’s five-member board, with three seats, while Senator Jim Justice and his daughter hold the remaining two.
Ownership Change and Financial Terms
The shift in control follows a transaction valued at approximately $500 million between the Justice family and Kennedy Lewis. The deal was structured as a combination of a loan and joint venture, and was prompted by financial pressure after an affiliate of Omni Hotels & Resorts acquired significant first-lien debt on The Greenbrier and initiated federal litigation seeking to appoint a receiver. The agreement with Kennedy Lewis allowed the Justice family to pay down the Omni affiliate and address outstanding tax liabilities, including more than $10 million in state and local taxes and additional federal obligations. The transaction is also expected to provide tens of millions of dollars for property improvements and deferred maintenance.
Regulatory Approval and Market Impact
Acting West Virginia Lottery Director David Bradley welcomed the new ownership, citing Kennedy Lewis’s financial expertise and the potential for greater stability at the historic 710-room resort. The Greenbrier’s casino license was formally approved under the new structure, ensuring continued legal gaming operations at the property. The resort, located in White Sulphur Springs, features a private casino, four golf courses, and a spa. The financial restructuring ring-fences The Greenbrier’s earnings from other Justice family businesses, with all profits remaining within the joint venture. According to Charleston attorney Steve Ruby, this separation is intended to protect the resort’s financial integrity and support ongoing investment in the property.
Political and Industry Reactions
West Virginia Attorney General Patrick Morrisey, a political rival of Jim Justice, publicly supported the change in control, expressing hope that the new majority owner would bring needed financial stability to The Greenbrier. The transaction has been described by representatives for the Justice family as a positive development for the resort, its employees, and the state. The move comes amid broader industry trends of operator leadership changes, such as the recent appointment of Tom Pohlman as president of Bally’s Atlantic City, which was covered in a related industry leadership update. The Greenbrier’s new structure is expected to provide the financial resources necessary for overdue upgrades and to maintain its status as a major gaming and hospitality destination in West Virginia.
Casino licensing in West Virginia is overseen by the West Virginia Lottery Commission, which is responsible for ensuring that operators meet financial, operational, and regulatory standards. A casino license allows a property to offer legal gaming, but licensees must maintain compliance with state rules and demonstrate ongoing financial stability. Changes in ownership or control typically require regulatory review and approval to protect the integrity of the state’s gaming market and to ensure that all obligations to the state and local governments are met.
