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CSX explores options for Greenbrier resort


CSX Corp. is taking a harder look at its non-rail holding. On Friday, the company announced it’s examining all strategic options for The Greenbrier resort in White Sulphur Springs, W.Va., and has retained Goldman, Sachs & Co. as financial advisor to assist in the review.

The Greenbrier recently initiated a study of potential gaming operations at the resort. Results of the study, which is being conducted by The Innovation Group, will be incorporated into the overall review.

The Greenbrier lost $35 million last year and faces “more difficult challenges” in 2009, CSX officials said in a prepared statement. CSX plans to make the resort one of the nation’s top destinations and a viable business entity.

"The Greenbrier is at a crossroads," said CSX Chairman, President and Chief Executive Officer Michael Ward. "While we have continued to make investments to keep the resort competitive, the market for luxury hospitality services is shrinking rapidly in this economy.”

Meanwhile, CSX named Michael Gordon president and managing director of The Greenbrier. He most recently was the resort’s general manager.

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More News from 1/5/2009