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The West Virginia Lottery Commission has approved Kennedy Lewis Investment Management as the controlling owner of The Greenbrier, clearing the way for the resort’s Casino Club to remain open under its new ownership structure.
The unanimous approval follows Kennedy Lewis’ purchase of a 51% stake in the White Sulphur Springs resort from the Justice family for $500 million. The Justice family retains the remaining 49% ownership interest.
Acting Lottery Director David Bradley said regulators spent significant time reviewing the transaction and concluded the firm brings “stability and financial integrity” to the property. The commission also found three Kennedy Lewis designees suitable to hold a state gaming license through Greenbrier Holdco, LLC.
What the approval means for The Greenbrier
For West Virginia readers, the immediate takeaway is operational: the approval keeps The Greenbrier’s Casino Club running while the resort remains under Lottery Commission financial watch.
Gov. Patrick Morrisey said after the decision that he hopes the new controlling owner will provide “much needed financial stability” and that the state will continue monitoring the casino to protect jobs.
According to the source report, the Kennedy Lewis investment is also expected to help The Greenbrier settle debt, pay outstanding federal, state, and county taxes, and cover repairs and maintenance.
Debt and political fallout after the sale
The ownership change comes after mounting financial pressure on the resort. Omni Hotels had acquired a $289.5 million loan on The Greenbrier and sought to force the property into receivership after the debt went unpaid following its April 1 maturity date. The exact payoff amount was not disclosed, but the report said it exceeds $300 million including accrued interest.
The transaction also prompted a public back-and-forth between U.S. Sen. Jim Justice and Morrisey. Justice said his family had saved The Greenbrier from bankruptcy in 2009 and invested hundreds of millions of dollars in West Virginia. Morrisey responded that Justice could not blame others for what he described as financial mismanagement in losing the resort.
What comes next is continued regulatory oversight. The casino remains under the Lottery Commission’s watch, and the source report said one remaining board seat on Greenbrier Holdco, LLC has not yet been identified publicly.
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Source: As reported by Devin O’Connor.
