West Virginia Lottery Commission Clears Kennedy Lewis Majority Ownership of The Greenbrier
TL;DR — West Virginia regulators approved Kennedy Lewis Investment Management’s 51% majority stake and board control of The Greenbrier, resolving the Justice family’s debt and tax issues after a $500 million deal. The transaction ends legal disputes and commits funds for maintenance at the historic resort. It keeps the property on the state’s financial watch list.
SCCG Take — Distressed gaming assets require clean separation of revenue streams and credible capital partners to satisfy regulators. This approval shows private investment can restore stability when paired with targeted board oversight.
The West Virginia Lottery Commission has completed its final review and approved the casino license for The Greenbrier Resort and Casino under a restructured ownership that gives majority control to New York-based Kennedy Lewis Investment Management. The move ends a period of financial uncertainty and legal disputes for the White Sulphur Springs property, which the Justice family has owned since 2009. The family will retain a minority stake while Kennedy Lewis assumes operating control.
Ownership and Board Realignment
Kennedy Lewis now owns 51% of Greenbrier Holdco LLC, the resort’s ultimate parent, with Senator Jim Justice and his family holding the remaining 49%. Nathan Lloyd was approved as chairman. Kennedy Lewis representatives occupy three of the five board seats, joined by Brian Dubin and Doug Gerowski; Justice and his daughter hold the other two.
The commission voted unanimously after examining the financial and legal documentation. Acting West Virginia Lottery Director David Bradley welcomed the change. “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,” Bradley said. Lottery Commission Chair Kenneth Greear and Governor Patrick Morrisey also voiced support, though the resort remains on the commission’s financial watch list.
Resolution of Debt and Path to Stability
The transaction, structured as a roughly $500 million loan and joint venture, paid off substantial debt after Carter Bank and Trust sold the loans to an affiliate of Omni Hotels & Resorts earlier this year. It also settled more than $10 million in tax liabilities, including approximately $2.6 million owed to the state, plus local and federal obligations.
Legal counsel for the Justice family, Steve Ruby, told the commission the deal separates The Greenbrier from the family’s other businesses so “all Greenbrier earnings will now stay in the Greenbrier joint venture.” Ruby added that the agreement delivers “new financial flexibility and resources that the Greenbrier has to catch up on deferred maintenance and improve the guest experience.” As first reported by World Casino News, the restructuring places the property on firmer footing and directs capital toward the 710-room resort, its four golf courses, spa, and casino. Visible improvements are expected in the coming months while state oversight continues.
Reporting: World Casino News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Distressed iconic assets attract institutional capital when the price reflects pain — and regulators get stability plus tax clearance.
We have seen operators circle distressed resort-casinos for years, but few pull the trigger cleanly. Kennedy Lewis wrote a $500 million check, settled tax liens, took board control, and won unanimous regulatory approval — that is the blueprint for recapitalizing trophy properties without blowing up the brand or the license.
- Kennedy Lewis owns 51%, Justice family 49%; three of five board seats go to the lender
- $500M deal paid off Carter Bank debt, cleared $10M+ in state and federal tax liabilities
- Property stays on West Virginia's financial watch list despite unanimous license approval
SCCG angle: SCCG has advised on distressed gaming asset sales and regulatory transitions across a dozen jurisdictions. When capital structure and operating control shift under a live license, we connect buyers to local counsel, compliance architects, and the regulators themselves — so deals close without surprises and properties stabilize fast.
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