WHITE SULPHUR SPRINGS, W.Va. — The West Virginia Lottery Commission has officially approved the casino license for The Greenbrier following a major refinancing deal that shifts majority control of the resort to Kennedy Lewis Investment Management, a New York‑based financial firm.
Commissioners voted Wednesday to approve the license after Kennedy Lewis assumed 51% ownership of The Greenbrier and secured three of five seats on the resort’s governing board. The remaining 49% ownership and two board seats remain with Senator Jim Justice and his family, who have operated the historic resort since 2009.
Acting Lottery Director David Bradley said the new ownership structure brings long‑needed stability. “Kennedy Lewis brings a good reputation, strong financial background, and the expertise to ensure positive growth and financial integrity at The Greenbrier,” Bradley said. “This is a new direction, and we’re excited.”
Board Structure Changes
Kennedy Lewis’ representatives on the board include Brian Dubin, Doug Gerowski, and Lloyd Charles Nathan, who will serve as chairman. Jill Justice, daughter of Senator Justice, holds the fourth seat. The fifth seat has not yet been named.
Earlier correspondence suggested James C. “Jay” Justice III would join the board, but his name was not mentioned during Wednesday’s meeting.
Governor Morrisey Responds
Governor Patrick Morrisey issued a statement shortly after the vote, welcoming Nathan’s leadership and expressing optimism about the resort’s future.
“I am hopeful that the new controlling owner will bring much‑needed financial stability to the iconic Greenbrier resort,” Morrisey said. “We are committed to working with him to refurbish and enhance this historic property.”
How the Deal Came Together
The refinancing follows months of legal and financial turmoil. An affiliate of Omni Hotels & Resorts had purchased hundreds of millions of dollars in first‑lien debt on The Greenbrier and sought to place the resort under receivership, arguing the property was being neglected while profits were diverted to other Justice‑owned businesses.
The Justice family then negotiated a roughly $500 million joint‑venture and loan agreement with Kennedy Lewis, paying down the Omni‑held debt. The final payoff amount has not been publicly disclosed.
Charleston attorney Steve Ruby, representing the Justices, said the refinancing also allowed payment of more than $10 million in tax debt, including $2.6 million in state taxes, additional local property taxes, and several million in federal obligations.
Ruby said the deal will provide “tens of millions of dollars” for improvements and deferred maintenance at the resort. He added that Kennedy Lewis’ oversight will help identify operational strengths and areas needing improvement.
Financial Separation and Stability
Kennedy Lewis now holds 51% of Greenbrier Holdco LLC, the resort’s new parent company. Ruby emphasized that the finances will be “ring‑fenced,” meaning Greenbrier earnings will remain within the joint venture rather than flowing between Justice‑owned companies.
“This transaction is a huge win for The Greenbrier, its employees, Greenbrier County, and the state,” Ruby said. “Most importantly for the Lottery, it ensures a financially stable licensee capable of growing and prospering.”
The Greenbrier, a 710‑room luxury resort, features a private casino, four golf courses, and a world‑renowned spa.
