Justice Family Closes $500 Million Greenbrier Deal as Kennedy Lewis Takes 51% Control
Updated
Updated · West Virginia MetroNews · Aug 14
Justice Family Closes $500 Million Greenbrier Deal as Kennedy Lewis Takes 51% Control
2 articles · Updated · West Virginia MetroNews · Aug 14
Summary
$500 million from Kennedy Lewis has closed, giving the New York investment firm 51% control of The Greenbrier and a chairman’s seat on a new five-member board.
The deal is meant to end a long debt fight around the 710-room West Virginia resort, and White Sulphur Springs Holdings moved to dismiss with prejudice its federal case over control.
Casino operations will stay open for now, even though state approval of new key persons is still pending; Lottery officials said the casino can keep running if unapproved board members are insulated until an Aug. 26 commission vote.
The Justice family said the venture provides capital for upkeep and long-term investment while the resort remains fully operational, with reservations and events proceeding as scheduled.
Other liabilities still hang over the family, including a $47 million pandemic-loan dispute, a nearly $35 million Kentucky judgment and about $3 million in unpaid environmental penalties.
Will a New York firm's $500 million takeover ultimately erase the historic legacy of America's Resort under its new management?
With the resort saved from receivership, how will the minority owners settle their looming multi-million dollar tax and loan lawsuits?
Can the newly structured board successfully shield the lucrative casino operations from the lingering financial controversies of its previous management?