On March 20, 2009, the resort filed for bankruptcy, listing debt of up to $500 million and assets of $100 million. It had suffered from competition from a wide variety of resorts, and declining traffic since the postwar period as patrons shifted to destinations they could reach by automobile. The resort lost $35 million in 2008 and had to lay off 650 employees, half its workforce, in early 2009. Pending court and regulatory approval, it was announced in March 2009 that the resort was to be sold to the Marriott hotel chain, contingent upon significant concessions from the unions and approval of $50 million in financing from CSX.