CHARLESTON, WV (LOOTPRESS) – Gov. Patrick Morrisey says his administration will continue monitoring The Greenbrier Casino after state regulators approved its operation under the resort’s new controlling ownership.
The West Virginia Lottery Commission’s action comes less than two weeks after the Justice family completed a $500 million joint venture with New York-based Kennedy Lewis Investment Management, giving the firm majority ownership and controlling interest in the historic White Sulphur Springs resort.
Kennedy Lewis is acquiring 51% control of The Greenbrier, according to information previously provided by the Lottery Commission.
Kennedy Lewis appointed Lloyd Nathan as chairman of The Greenbrier’s newly constituted board of directors as part of the transaction. The Justice family, which purchased The Greenbrier out of bankruptcy in 2009, retains an ownership interest in the resort.
The ownership change follows months of financial and legal uncertainty surrounding The Greenbrier. Earlier this year, White Sulphur Springs Holdings, an affiliate of Omni Hotels & Resorts parent company TRT Holdings, acquired roughly $300 million in first-lien debt tied to the resort and sought the appointment of a receiver in federal court. The Justice family challenged the debt transaction as separate state and federal legal disputes developed over control of the property.
Those disputes were dismissed following completion of the Kennedy Lewis transaction. The financing was intended to address existing Greenbrier debt and other obligations while providing additional money for investment in the resort.
The change in ownership also required review by the West Virginia Lottery Commission because The Greenbrier operates a casino. The commission previously allowed the casino to remain open while regulators reviewed Kennedy Lewis’ majority ownership and the resort’s new board structure.
Morrisey said Wednesday that the commission has now approved operation of the casino under its new controlling owner.
“Today, New York-based Kennedy Lewis, a financial institution and the new controlling owner of the Greenbrier, received approval from the Lottery Commission for complete operation of the casino. I am hopeful that the new controlling owner will bring much needed financial stability to the iconic Greenbrier resort.
“While the Greenbrier remains under the Lottery Commission’s financial watch, our administration will continue its monitoring of the casino and remain vigilant in our ongoing efforts to protect West Virginia jobs.
“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.”
