Greenbrier Casino Avoids Closure After Last-Minute License Approval
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WHITE SULPHUR SPRINGS, W.Va.: The Greenbrier Casino Club avoided closure after West Virginia Lottery officials approved its license renewal at the last minute.
The approval keeps the 16-year-old casino operating, but the resort must submit to quarterly financial reviews after audit delays and working-capital concerns.
The West Virginia Lottery Commission held an emergency meeting Tuesday to approve the renewal after Greenbrier officials submitted a required audit report. The approval came ahead of the July 1 licensing deadline for racetrack video lottery licenses and related permits.
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Emergency Vote Keeps Casino Open
The Greenbrier had missed an internal March 20 deadline to submit audit materials to Lottery officials and outside accounting firm Suttle and Stalnaker. At an earlier meeting, the commission had renewed licenses for the state’s other casinos but held off on approving the Greenbrier Casino Club until the required report was filed.
Lottery Commission Chairman Kenneth Greear said he was pleased the matter was resolved without affecting people familiar with Greenbrier operations. Steve Ruby, an attorney representing the Greenbrier and the Justice family, thanked commission staff for completing the review on a compressed timeline.
The other casino license renewals covered Mardi Gras Casino and Resort in Nitro, Mountaineer Casino Resort in New Cumberland, Hollywood Casino at Charles Town Races and Wheeling Island Hotel, Casino and Racetrack.
The Greenbrier Casino Club operates at The Greenbrier Resort, which is owned by U.S. Sen. Jim Justice and the Justice family. The resort’s casino opened in 2010 after Greenbrier County voters approved casino gambling at the historic property in 2008.
Financial Watch Added After Review
Financial officials reviewed Greenbrier materials covering calendar year 2025 during the emergency meeting. The Greenbrier Casino Club reported nearly $15 million in revenue and about $7.8 million in expenses, leaving net income of approximately $6.9 million.
The broader Greenbrier Resort and associated amenities, including the casino and sporting club, reported total assets of more than $500 million. However, financial consultant Chris Lambert said the resort had negative working capital of about $240 million.
Lambert recommended renewing the license but placing the casino on a watch list until debt refinancing is completed and financial conditions stabilize. Michelle Painter, chief financial officer for the West Virginia Lottery, agreed with that recommendation and cited the late audit report, staff turnover in the Greenbrier’s financial department and working-capital concerns.
The quarterly financial review requirement will apply during the new fiscal year. That means the casino avoided an immediate shutdown, but regulators will continue monitoring the resort’s finances more closely than usual.
Debt and Tax Issues Remain
The license approval comes while the Greenbrier remains involved in separate financial disputes. The Justice family has been in a legal fight with Texas-based TRT Holdings, which acquired Greenbrier loan debt from Carter Bank and Trust and has sought federal court action tied to resort operations.
The Justice family has alleged that Carter Bank and TRT Holdings engaged in a deceptive effort to take over the Greenbrier through the sale and acquisition of hotel debt. TRT Holdings has denied those claims.
The federal case has been paused after the Justice family said it was working on a loan of up to $500 million from New York-based Kennedy Lewis Investment Management. The proposed financing would be used to refinance existing debt and fund capital improvements at the resort.
Lottery officials also said they had received a letter of good standing for the Greenbrier from the state Tax Division. However, court filings cited in the report show active tax liens against the Greenbrier totaling more than $4.4 million, including sales and income tax withholding liabilities.
Attorneys for the Greenbrier have maintained that the resort has a payment plan with the Tax Division. For now, the casino license renewal prevents an immediate closure, but the quarterly reviews mean West Virginia regulators will continue watching the resort’s financial position
RELATED TOPICS: Gambling Business
