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4 clusters · 6 sources · 37 days · First seen · Last updated

Greenbrier Resort finalizes $500M deal and ownership shift

Overview

The Greenbrier Resort has finalized a $500 million financial deal with New York-based Kennedy Lewis Investment Management (KLIM) to resolve existing debts and fund capital improvements. The agreement, structured as a joint venture, grants KLIM a 51 percent controlling interest and a majority of seats on the resort’s five-member governing board. The Justice family, which has owned the resort since 2009, retains a 49 percent ownership stake and two board seats, including one held by Jill Justice. Lloyd Nathan has been appointed as chairman of the board, alongside directors Brian Dubin and Doug Gerowski.

The transition faced significant hurdles during the regulatory process. The resort previously threatened to close its casino rather than continue waiting for a critical license review necessary for essential refinancing. This delay had placed approximately 90 jobs at risk and involved complex financial and political dynamics regarding the property’s stability.

Ultimately, the West Virginia Lottery Commission approved the casino license following the ownership change. Governor Patrick Morrisey stated that his administration will continue to monitor the casino as the resort undergoes refurbishment. The restructuring has also resolved several legal conflicts, including lawsuits in state and federal courts concerning the control of the hotel and allegations of collusion between lenders and White Sulphur Springs Holdings.

Entities

Jim Justice · The Greenbrier · Patrick Morrisey · West Virginia Lottery Commission · Kennedy Lewis Investment Management

Timeline

  1. 16 days ago

    [BUSINESS] 4 sources
    The Greenbrier receives casino license approval following ownership change

    The West Virginia Lottery Commission approved The Greenbrier’s casino license after Kennedy Lewis Investment Management acquired a 51% controlling interest in the historic resort.

  2. 25 days ago

    [BUSINESS] 2 sources
    The Greenbrier secures $500 million deal with Kennedy Lewis Investment Management

    The Justice family has secured a $500 million deal with Kennedy Lewis Investment Management for The Greenbrier, resulting in the temporary closure of its casino and the dismissal of related lawsuits.

  3. about 1 month ago

    [BUSINESS] 2 sources
    Greenbrier threatens casino closure amid license review delays

    The Greenbrier has threatened to close its casino due to delays in a crucial license review required for refinancing, potentially endangering 90 jobs.

  4. about 2 months ago

    [BUSINESS] 2 sources
    West Virginia Greenbrier Resort financing delayed beyond court deadline

    The Justice family seeks a $500 million refinancing deal for the Greenbrier Resort, missing a July 16 court deadline; closure may shift to the week of July 20 amid skepticism from the current debt holder and a

Sources

casinoreviews.net · lootpress.com · moorefieldexaminer.com · newyorker.com · theintermountain.com · wvmetronews.com

This summary has been updated 2 times: see revision history