billion dollar joint venture on The Greenbrier

Key Points:

• Senator Jim Justice and his family have completed a $500 million joint venture with New York-based Kennedy Lewis Investment Management, resulting in Kennedy Lewis acquiring majority ownership and control of the historic Greenbrier resort.
• The new partnership establishes a five-member board of directors with Kennedy Lewis appointing Lloyd Nathan as chairman, while the Justice family retains representation, aiming to preserve and invest in the resort’s future.
• The Greenbrier will remain fully operational during the transition, including its casino, although regulatory approval from the West Virginia Lottery Commission is pending for new board members involved in casino operations.
• The financial restructuring resolves long-standing debt disputes involving previous lenders and halts federal litigation initiated by White Sulphur Springs Holdings, though other debts tied to Justice family coal operations and pandemic-related loans remain unresolved.
• West Virginia officials and political figures have expressed cautious optimism about the new ownership, emphasizing hopes for restoring the resort’s legacy while highlighting ongoing concerns about unpaid environmental fines linked to the Justice family’s broader business interests.