JACKSONVILLE, Fla., Jan. 2 /PRNewswire-FirstCall/ -- CSX Corporation
(NYSE: CSX) today announced that it is examining all strategic options for The
Greenbrier resort in White Sulphur Springs, West Virginia, and has retained
Goldman, Sachs & Co. as its financial advisor to assist in the review.
"The Greenbrier is at a crossroads," said Michael J. Ward, president,
chairman and CEO of CSX. "While we have continued to make investments to keep
the resort competitive, the market for luxury hospitality services is
shrinking rapidly in this economy. The Greenbrier lost $35 million last year,
and the resort faces even more difficult challenges in 2009. It is imperative
that we respond to this situation without delay. Our goal is to make The
Greenbrier not only one of America's great destinations, but also a viable
As previously announced, The Greenbrier has initiated a study of the
potential for gaming operations. That review is being conducted by The
Innovation Group, a firm that specializes in gaming analysis and marketing.
The results will be incorporated into the overall review of strategic
Also today, CSX announced the appointment of Michael Gordon as president
and managing director of The Greenbrier. Gordon has been general manager of
the resort since February 2007.
"Michael Gordon is a veteran executive of the luxury hospitality industry
with a significant knowledge of our resort operations," said Ward. "We
believe he is the right person to help lead The Greenbrier at a critical time
in its history."
The current Greenbrier president, Andrew Fogarty, will continue to serve
on the board of directors of The Greenbrier Sporting Club Development Company.
CSX Corporation, based in Jacksonville, Fla., is one of the nation's
leading transportation companies, providing rail, intermodal and rail-to-truck
transload services. The company's transportation network spans approximately
21,000 miles, with service to 23 eastern states and the District of Columbia,
and connects to more than 70 ocean, river and lake ports. More information
about CSX Corporation and its subsidiaries is available at the company's web
SOURCE CSX Corporation
CONTACT: Gary Sease of CSX Corporation, +1-877-835-5279
Web site: http://www.csx.com