News for the Hospitality Executive
White Sulphur Springs, West Virginia
Michael Gordon Named President and Managing Director
JACKSONVILLE, Fla., Jan. 2, 2008 - 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 business entity."
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 alternatives.
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 site, www.csx.com.
|Also See:||The Greenbrier Resort in White Sulphur Springs, West Virginia Claims a Significant Loss of Revenue this Year Due to the Possibility of a Union Walkout / April 2008|
|Paul Ratchford, Former President of The Greenbrier Who filed a $50 million Lawsuit Against CSX Corp., Speaks Publicly for the First Time Since His September 2007 Departure from the Resort / May 2008|