Greenbrier Casino Faces August 14 Closure as $500 Million Refinancing Waits on West Virginia Lottery Review

The Greenbrier’s casino in White Sulphur Springs, West Virginia, is heading for a Friday, August 14 shutdown unless the resort can clear a $500 million refinancing tied to a change in control. For high-risk operators, the detail that matters is simple: when a licensed casino is part of the collateral package, the regulator gets a veto-shaped role in the deal timetable.

1. The financing is tied to a proposed new parent company, Greenbrier TopCo, under which New York-based private equity firm Kennedy Lewis Investment Management (KLIM) would hold a 51% controlling stake. Because the transaction would change control of a licensed casino operation, the West Virginia Lottery has to review whether KLIM is fit to hold an interest in a state-licensed gaming business.
2. The Justice family, which controls The Greenbrier, says the refinancing is needed to repay approximately $289.5 million in debt now held by Omni Hotels, the owner and operator of The Homestead resort in nearby Hot Springs, Virginia. Court filings say the loan matured on April 1, 2026 without being repaid, and The Greenbrier has been fighting an effort by an Omni-controlled entity to place the resort into receivership.
3. The resort says the KLIM transaction would do more than just refinance the debt. According to the filings, it would allow The Greenbrier to repay the loan, address outstanding tax liabilities, and fund renovations. The financial pressure is not subtle: daily interest on the $289.5 million loan is roughly $145,000.
4. The casino itself is not a giant commercial floor. The Greenbrier Casino Club employs approximately 90 people and has 160 slot machines, 30 table games, and a FanDuel Sportsbook. The family argues that closing the casino is necessary to complete the KLIM transaction and stop the financial situation from getting worse while the paperwork is reviewed.
5. The West Virginia Lottery says it is not the reason the deal is stuck. In a letter to Greenbrier attorney Steven Ruby, acting Lottery director David Bradley said the regulator needs enough time to conduct its suitability review and noted that the Greenbrier did not provide the final transaction documents until August 5, even though it was seeking a special meeting just two days later. Bradley also pointed to state public-meeting requirements, saying the requested August 7 meeting could not have been held as proposed.