The Greenbrier Casino Club will remain open afterward The West Virginia Lottery Commission approved the renewal of its gaming license just a few hours before it expires. The decision followed an emergency meeting held June 30 after resort officials submitted financial documents that missed an earlier internal review deadline.
Although the commission granted the extension, regulators placed the casinos under financial supervision and will require quarterly financial reviews throughout the new fiscal year. Officials cited concerns over the resort’s working capital, delays in submitting audits, and the ongoing debt refinancing process.
Greenbrier Resort, owned by U.S. Sen. Jim Justice and his family, faces possible casino closure if its permit is not renewed by July 1. After reviewing the most recent financial information, the commissioner concluded that the casino met requirements to continue operating while additional financial oversight remains in place.
Lottery Commission Chairman Kenneth Greear welcomed the results.
“I’m glad that we made a good decision and moved forward with this and had no impact on the close-knit West Virginia community that takes part in Greenbrier activities,” Grear said. “I’m glad we came to a good conclusion on that.”
Steve Ruby, the attorney representing the Greenbrier family and Justice, thanked the commission for completing the process in less time.
“We really appreciate the, uh, hard work of the staff… and everyone who has worked with us to complete this process in such a short period of time,” said Ruby. “We are very grateful for the work the commission and staff have always done.”
Financial concerns prompted additional scrutiny
The commission delayed the permit renewal during its regular meeting after the required audit report was not submitted in time for review. Lottery officials have set an internal deadline of March 20 to give staff and outside accounting firm Suttle & Stalnaker enough time to review financial information before the annual license renewal.
During an emergency meeting, financial officials reviewed Greenbrier results in 2025. Based on the report submitted, Greenbrier Casino Club generated nearly $15 million in revenue versus costs of approximately $7.8 million, resulting in net income of approximately $6.9 million.
The broader Greenbrier Resort, including a casino and sports club, reported assets exceeding $500 million. However, auditors highlighted several issues that require ongoing monitoring.
Chris Lambert, an audit fellow and consultant at Suttle & Stalnaker, noted that a loan related to the resort matured April 1 but had not yet been refinanced. He also cited a substantial increase in liabilities and concerns over related party transactions.
"The only thing that continues to grow for them is related party notes receivable. Meaning, they take money from the hotel, out of the entity, and lend it to other related parties controlled by the Hakim family,” Lambert said.
He also explained that current liabilities increase from about $90 million in 2024 to $260 million in 2025, leaving the business with negative working capital of about $240 million.
Despite the concerns, Lambert supports renewing the license.
“I would not hesitate to recommend that they get their license back, but I would recommend that they remain on guard until their debt is refinanced.” he said, as reported by the News and Sentinel.
West Virginia Lottery Chief Financial Officer Michelle Painter agreed with the recommendation, citing several reasons for tighter oversight.
"The fact that the report is late, we expected it to be in March. Plus, the fact that they’ve stated repeatedly that they’ve had quite a lot of turnover in our finance department, with staffing, and working capital issues. I think that’s worth looking at.” said Painter.
Starting in September, the resort will submit quarterly unaudited financial reports but remain under review.
Debt disputes continue around the resort
The financial review comes as Justice’s family continues efforts to refinance debt associated with 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 halted after the Justice family announced plans to raise up to $500 million in financing through Kennedy Lewis Investment Management. According to previous announcements, the proposed funding would refinance existing obligations while providing capital for improvements at the resort.
Justice’s family has also filed a separate lawsuit in Greenbrier County Court alleging TRT Holdings and Carter Bank conspired to acquire Greenbrier through the sale of its debt. TRT Holdings denies the allegations.
Lottery officials also confirmed they had received a letter from the West Virginia Tax Division stating the Greenbrier remains in good standing. However, court filings show there are still several active tax liens totaling more than $4.4 million. Attorneys representing the resort argued that the business was operating under a payment agreement with the Division of Taxation.
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 meet licensing requirements and remain in compliance with regulatory standards.
