West Virginia approves Greenbrier casino licence under new ownership
Kennedy Lewis Investment Management now controls 51 per cent of the resort.
U.S.- The West Virginia Lottery Commission has approved the casino licence of The Greenbrier after its ownership structure changed. Commissioners voted on Wednesday following New York-based financial firm Kennedy Lewis Investment Management’s acquisition of 51 per cent control of the property.
Kennedy Lewis also holds a majority of seats on The Greenbrier’s five-member governing board, while the Republican Party Senator Jim Justice and his family retain 49 per cent and two seats. The family has owned the resort since 2009.
The Greenbrier is located in White Sulphur Springs and has 710 rooms, a private casino, four golf courses and a spa. Acting Lottery Director David Bradley described the resort as a globally recognised asset and said Lewis brought financial strength and stability.
The three Kennedy Lewis representatives on the board are directors Brian Dubin and Doug Gerowski, alongside chairman Lloyd Charles Nathan. Jill Justice, the senator’s daughter, is the fourth member, while the fifth seat has not yet been filled.
The transaction followed a legal dispute with an affiliate of Omni Hotels & Resorts, which had purchased millions of dollars in first-lien debt linked to The Greenbrier and sought the appointment of a federal receiver. About $2.6m in state taxes were paid at closing, alongside additional local property taxes and federal taxes.
The new structure separates The Greenbrier from other businesses run by the Justice family following concerns about intercompany loans and fund transfers. Greenbrier earnings will now remain within the joint venture.
