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The Greenbrier’s ownership transition is now official after a $500 million financing deal closed, with Kennedy Lewis Investment Management becoming the resort’s new majority owner. The move also matters for the property’s casino operations in West Virginia, where the state Lottery has been reviewing the license implications of the ownership change.
The source report said the Justice family will retain partial ownership in The Greenbrier and related properties. It also said a lawsuit tied to the dispute was dismissed after the closing.
Kennedy Lewis takes majority control after $500 million agreement
According to DC News Now, the financing package was structured to pay off $300 million in tax lien debt and provide another $200 million for upgrades at the resort. White Sulphur Springs Holdings had previously bought up $300 million of the Justice family’s debt on the property.
The deal ends months of litigation and a receivership fight involving an Omni affiliate owned by Texas billionaire Robert Rowling. That lawsuit had alleged waste, fraud, and abuse under the Justice family’s management. After the closing, Judge Frank Volk dismissed the receivership case.
Jill Justice described the transaction as “an exciting new chapter” for the resort, while Sen. Jim Justice said the family had stepped in to save The Greenbrier in 2009 when it was in bankruptcy.
WV Lottery still has a regulatory role over the casino
For West Virginia casino watchers, the key unresolved piece is regulatory clearance. The report said the West Virginia Lottery withheld the Greenbrier’s casino license over Kennedy Lewis taking majority control of the board.
Acting Director David Bradley said the commission could allow the casino to remain open if the new majority board members were walled off from day-to-day operations until they could be cleared at the next Lottery meeting on Aug. 26.
Gov. Patrick Morrisey said he had asked the Lottery Commission to take all necessary steps to prevent the loss of Greenbrier employees during the ownership transition.
What to watch next
The next major date in this story is Aug. 26, when the Lottery was expected to revisit the matter. The source report did not say whether Kennedy Lewis had already been fully cleared to participate in day-to-day casino operations after that meeting, so that remains an open question for the property’s gaming oversight.
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Source: As reported by Maddy Sperling.
