The West Virginia Lottery Commission has completed the final regulatory step in the ownership restructuring of The Greenbrier Resort and Casino, approving the casino license under a new arrangement that places majority control of the historic property with New York-based Kennedy Lewis Investment Management (KLIM).

The decision concludes a lengthy period of financial uncertainty and legal disputes surrounding the White Sulphur Springs resort. The transaction shifts controlling ownership away from the Justice family, which has owned The Greenbrier since 2009, while allowing them to retain a significant minority stake in the property.

Nathan Lloyd has been approved as chairman of the Greenbrier Resort and Casino, and Kennedy Lewis representatives will hold a majority of seats on the resort’s governing board.

Ownership Transfer Receives Regulatory Clearance

The Lottery Commission unanimously approved the transfer after reviewing financial and legal documentation tied to the ownership change. The move formally establishes Kennedy Lewis as the majority owner and casino operator.

Under the new structure, Kennedy Lewis owns a 51% interest in Greenbrier Holdco LLC, the resort’s ultimate parent company. Senator Jim Justice and members of his family retain the remaining 49%. Kennedy Lewis also controls three of the five seats on the governing board through chairman Lloyd and directors Brian Dubin and Doug Gerowski, while Justice and his daughter occupy the other two positions.

Acting West Virginia Lottery Director David Bradley welcomed the ownership change and praised the work involved in completing the transaction.

“I recognize the hard work that our folks put in,” said Bradley according to WBOY. “It was a huge transaction, a lot of paperwork that needed to go back and forth and I know this is a new direction that the Greenbrier is going in, which makes us excited.”

Bradley also emphasized the financial credentials of the new majority owner.

“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.”

Deal Ends Months of Financial and Legal Disputes

The ownership transition follows a roughly $500 million agreement between the Justice family and Kennedy Lewis that was structured as a loan and joint venture.

The deal emerged after White Sulphur Springs Holdings (WSSH), an affiliate connected to Omni Hotels & Resorts, acquired substantial debt tied to The Greenbrier and sought legal action that could have resulted in a court-appointed receiver taking control of the property.

According to Steve Ruby, legal counsel for the Justice family, the resort’s long-running financial challenges intensified after Carter Bank and Trust sold Greenbrier-related loans earlier this year.

“As I think everyone is aware, the Greenbrier recently entered into a transaction with a new business partner that has paid off a very significant amount of debt,” Steve Ruby, attorney for the Justice family, told the commission Wednesday. “The background for the deal is that the Greenbrier’s primary lender for many years was a bank called Carter Bank and Trust out of Virginia. This past March, Carter sold its Greenbrier loans to a company controlled by the group that controls Omni Hotels.”

The transaction paid off debt obligations and enabled the settlement of more than $10 million in tax liabilities, including approximately $2.6 million owed to the state. Additional payments were made toward local property taxes and federal tax obligations.

Ruby said the transaction has significantly improved the resort’s financial position.

“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.”

He also explained that the restructuring separates The Greenbrier from other Justice family business interests.

“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.

Investment Planned for Property Improvements

Part of the $500 million arrangement includes funds intended for capital projects, maintenance work and upgrades across the resort.

The Greenbrier, which features 710 rooms, four golf courses, a spa and a private casino, is expected to receive substantial investment aimed at addressing deferred maintenance and enhancing guest facilities.

“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.

Ruby also indicated that guests could begin seeing visible improvements over the coming months.

“The Greenbrier is already one of the crown jewels of West Virginia, one of the greatest hospitality properties anywhere in the world. With this deal closed, we’re going to have the resources that we need to take it to new heights and make it an even better guest experience,” Ruby said. “The average guest for the Greenbrier is going to notice right away improvements to the guest experience. We’re going to have funds to do maintenance and expand the opportunities that guests have at the property.”

Lottery Commission Chair Kenneth Greear highlighted the commitment shown by employees during the ownership transition.

“The majority of the employees, if not all of them have decided to stick this out and stay through the process with the Greenbrier, which is very rewarding for the area,” Greear said.

Governor Patrick Morrisey also expressed support for the new ownership structure while noting that state oversight will continue.

“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.”

Although The Greenbrier remains on the Lottery Commission’s financial watch list, state officials said the ownership change provides a foundation for future stability and continued operations at one of West Virginia’s most prominent hospitality and gaming destinations.