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The Greenbrier Casino Club will remain open after the West Virginia Lottery Commission approved the renewal of its gaming license just hours before it was due to expire. The decision followed an emergency meeting held on June 30 after resort officials submitted financial documents that had missed an earlier internal review deadline.
Although the commission granted the renewal, regulators placed the casino under financial watch and will require quarterly financial reviews throughout the new fiscal year. Officials cited concerns over the resort’s working capital, delayed audit submission and ongoing debt refinancing process.
The Greenbrier Resort, owned by U.S. Senator Jim Justice and his family, faced the possibility of its casino closing if the license was not renewed before July 1. After reviewing updated financial information, commissioners concluded that the casino met the requirements to continue operating while additional financial oversight remains in place.
Lottery Commission Chairman Kenneth Greear welcomed the outcome.
“I’m glad that we’ve come to a good decision and move forward with this and have no impact to the people of West Virginia that are familiar and take part in the Greenbrier’s activity,” Greear said. “I’m glad we came to a good conclusion on that.”
Steve Ruby, an attorney representing the Greenbrier and the Justice family, thanked the commission for completing the process on a shortened timeline.
“We’re very appreciative of the, uh, hard work on the part of the staff … and everybody who has worked with us on getting this process completed on a little bit of a compressed time frame,” Ruby said. “We’re very grateful for the work that the commission and the staff always do.”
Financial concerns prompt additional oversight
The commission delayed renewing the license during its regular meeting after the required audit report had not been submitted in time for review. Lottery officials had established an internal March 20 deadline to allow staff and outside accounting firm Suttle & Stalnaker sufficient time to examine financial information before annual license renewals.
During the emergency meeting, financial officials reviewed the Greenbrier’s 2025 results. According to the submitted report, the Greenbrier Casino Club generated nearly $15 million in revenue against approximately $7.8 million in expenses, resulting in net income of roughly $6.9 million.
The wider Greenbrier Resort, including the casino and sporting club, reported assets exceeding $500 million. However, auditors highlighted several issues that warranted continued monitoring.
Chris Lambert, an audit and consulting member with Suttle & Stalnaker, noted that loans connected to the resort matured on April 1 but had not yet been refinanced. He also pointed to a substantial increase in liabilities and concerns over related-party transactions.
“The one thing that’s continued to grow for them is the notes receivable related parties. What that means is that they have taken money out of the hotel, out of the entity, and loaned it to other related parties that are controlled by the Justice family,” Lambert said.
He also explained that current liabilities increased from approximately $90 million in 2024 to $260 million in 2025, leaving the business with negative working capital of about $240 million.
Despite those concerns, Lambert supported renewing the license.
“I have no reservations about recommending that they be relicensed, but I would recommend that they go on watch until they have their debt refinanced,” he said, as reported by News and Sentinel.
West Virginia Lottery Chief Financial Officer Michelle Painter agreed with the recommendation, citing several reasons for closer oversight.
“The fact that the report was late, we did expect it in March. Also, the fact that they stated numerous times that they’ve had quite a bit of turnover in our financial department, with staff, and the working capital issue. I do think that that deserves to be looked at,” Painter said.
Beginning in September, the resort will submit unaudited financial reports every quarter while remaining under review.
Debt dispute continues around the resort
The financial review comes as the Justice family continues efforts to refinance debt connected to the Greenbrier. Court filings show existing loans exceeded $370 million after Texas-based TRT Holdings acquired the debt from Carter Bank earlier this year.
Federal litigation over control of the resort has been paused after the Justice family announced plans to secure financing of up to $500 million through Kennedy Lewis Investment Management. According to previous announcements, the proposed funding would refinance existing obligations while providing capital for improvements at the resort.
The Justice family has also filed a separate lawsuit in Greenbrier County Circuit Court alleging TRT Holdings and Carter Bank conspired to acquire the Greenbrier through the sale of its debt. TRT Holdings has denied those allegations.
Lottery officials also confirmed they had received a letter from the West Virginia Tax Division stating the Greenbrier remained in good standing. Court filings, however, indicate multiple active tax liens totaling more than $4.4 million remain outstanding. Attorneys representing the resort have maintained that the business is operating under a payment arrangement with the Tax Division.
The Greenbrier Casino Club first opened in 2010 after Greenbrier County voters approved casino gaming at the historic resort in a 2008 referendum. State law requires casino licenses to be renewed annually by July 1, provided operators satisfy licensing requirements and remain compliant with regulatory standards.