West Virginia’s Lottery Commission has approved The Greenbrier’s casino license under a new ownership structure that gives New York-based investment firm Kennedy Lewis Investment Management majority control of the historic resort.
Kennedy Lewis now holds a 51% stake in Greenbrier Holdco LLC, the ultimate parent of The Greenbrier, while Senator Jim Justice and his family, who have owned The Greenbrier since 2009, retain 49%.
Kennedy Lewis also controls a majority of seats on The Greenbrier’s five-member governing board. Its representatives are directors Brian Dubin and Doug Gerowski, along with board chairman Lloyd Charles Nathan. Justice and his daughter hold the remaining two seats.
The Greenbrier, a 710-room resort in White Sulphur Springs, includes a private casino, four golf courses and a spa.
Acting West Virginia Lottery Director David Bradley welcomed the change in ownership and said Kennedy Lewis would bring financial expertise and stability to the resort.
“I know this is a new direction that the Greenbrier is going in, which makes us excited. And it is a crown jewel of our state, and it’s recognized worldwide,” Bradley said.
“Kennedy Lewis brings a good reputation, strong financial background; the expertise that they bring, and, you know, we talk about all the good, but the main thing is that I think that they bring stability in ensuring a positive growth to the financial integrity of The Greenbrier.”
The ownership change followed a roughly $500 million transaction between the Justice family and Kennedy Lewis, structured as a loan and joint venture.
The deal came about after an affiliate of Omni Hotels & Resorts bought millions of dollars in first-lien debt on The Greenbrier and sued in federal court to have a receiver named to run the property and push out the Justices. Omni representatives had argued that their collateral was at risk and the property was being neglected while profits were used to support other Justice family businesses.
The deal paid down the Omni affiliate and also allowed payment of millions of dollars in tax debt. Charleston attorney Steve Ruby, who represents the Justices, said that amounts to more than $10 million, including about $2.6 million in state taxes. Additional multi-million-dollar payments were made toward local property taxes and federal taxes.
The transaction is also expected to provide tens of millions of dollars for improvements and deferred maintenance.
“The new financial flexibility and resources that the Greenbrier has to catch up on deferred maintenance and improve the guest experience — those are very important and beneficial aspects of the transaction that just closed,” Ruby said.
The Greenbrier’s finances will be ring-fenced from other Justice family companies, with earnings remaining within the joint venture.
“What this transaction will do or has done is separate The Greenbrier from the rest of the Justice family companies, and all Greenbrier earnings will now stay in the Greenbrier joint venture,” Ruby said.
Gov. Patrick Morrisey, a Republican political rival of Justice, welcomed the change in control.
“As Lloyd Nathan, the new Chairman of the Board of the Greenbrier Resort, becomes more acquainted with the Greenbrier Valley, we are committed to working with him to refurbish and enhance this historic property,” Morrisey said.
“I am hopeful that the new controlling owner will bring much-needed financial stability to the iconic Greenbrier resort.”
Ruby called the transaction a benefit for the resort, its employees and the state.
“This transaction is a huge win for the Greenbrier. It’s a huge win for the Greenbrier’s employees,” Ruby said. “It places the institution that is The Greenbrier on a more stable financial footing than it has been in a long time.”
“Ultimately, what the Lottery wants is financially stable licensees who have the wherewithal to operate their businesses effectively and grow and prosper and ultimately generate gaming revenue for the state.”
Original article: https://www.yogonet.com/international/news/2026/08/27/126112-west-virginia-lottery-approves-greenbrier-casino-license-after-ownership-change
