Ryman Hospitality Properties, Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
RHP$132.05+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001558370-25-006183
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001558370-25-010229
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 171 previous paragraphs and 180 current paragraphs.
90 unchanged; 73 reworded; 9 added; 2 removed; 6 previous and 8 current paragraphs rearranged.
Tables are not compared: 80 previous and 95 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
In addition, the increase in total operating expenses for the three and six months ended June 30, 2025, as compared to the same period in 2024, is partially attributable to the prior year periods including a reduction in total operating expenses of $9.1 million related to a refund of Tennessee franchise tax for prior years caused by a change in tax law.
Current report
negatively impacted by several weather-related events. Entertainment segment results benefited from the operation of Category 10, which opened in November 2024, as well as the W Austin, which faced construction-related disruptions in the prior year period.
Current report
JW Marriott Desert Ridge Results. We purchased JW Marriott Desert Ridge on June 10, 2025. The results of JW Marriott Desert Ridge for the period ended June 30, 2025 is as follows (in thousands, except percentages and performance metrics):
Current report
Entertainment segment operating expenses increased in the 2025 periods, as compared to the 2024 periods, primarily related to Southern Entertainment and the operations of Category 10, as well as a refund of Tennessee franchise tax for prior years caused by a change in tax law, which reduced operating expenses in the 2024 periods.
Current report
As a result of the April 2025 incremental borrowings under the OEG credit agreement and the defeasance of the Block 21 CMBS loan, we recognized a loss on extinguishment of debt of $2.5 million in the three and six months ended June 30, 2025.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. We are currently evaluating the potential tax implications of the OBBBA, but based on our preliminary assessment, we do not expect the legislation to have a material impact on our financial statements.
Current report
$625 Million 6.50% Senior Notes. On June 4, 2025, the Operating Partnership and Finco completed the private placement of $625.0 million in aggregate principal amount of 6.50% senior notes due 2033, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $625 Million 6.50% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank Trust Company, National Association, as trustee. The $625 Million 6.50% Senior Notes have a maturity date of June 15, 2033 and bear interest at 6.50% per annum, payable semi-annually in cash in arrears on June 15 and December 15 each year, beginning on December 15, 2025. The $625 Million 6.50% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the$1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $625 Million 6.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $625 Million 6.50% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $625 Million 6.50% Senior Notes.
Current report
The $400 Million 7.25% Senior Notes are currently redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is currently 103.625% and will be 101.813% and 100.000% beginning on July 15 of 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.
Current report
At June 30, 2025, $427.4 million was outstanding under the OEG Term Loan, and there were no amounts outstanding under the OEG Revolver.
Removed paragraphs (2)
Previous report
Entertainment segment operating expenses increased in the 2025 period, as compared to the 2024 period, primarily due to the opening of Category 10, as well as increases in variable expenses associated with the increase in revenue.
Previous report
At March 31, 2025, $298.5 million was outstanding under the 2024 OEG Term Loan and $17.0 million was outstanding under the OEG Revolver. At the closing of the Incremental Loan, $428.5 million was outstanding under the OEG Term Loan and $12.0 million was outstanding under the OEG Revolver.
Reworded paragraphs (73)
Previous wording
This Quarterly Report on Form 10-Q contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. These may also include statements regarding (i) the future performance of our business, anticipated business levels and our anticipated financial results during future periods; (ii) the effect of our election to be taxed as a REIT and maintain REIT status for federal income tax purposes; (iii) the holding of our non-qualifying REIT assets in one or more taxable REIT subsidiaries (“TRSs”); (iv) our dividend policy, including the frequency and amount of any dividend we may pay; (v) our strategic goals and potential growth opportunities, including future expansion of the geographic diversity of our existing asset portfolio through acquisitions and investment in joint ventures; (vi) Marriott International, Inc.’s (“Marriott”) ability to effectively manage our hotels and other properties; (vii) our anticipated capital expenditures and investments; (viii) the potential operating and financial restrictions imposed on our activities under existing and future financing agreements including our credit facility and other contractual arrangements with third parties, including management agreements with Marriott; (ix) our ability to borrow available funds under our credit facility; (x) our expectations about successfully amending the agreements governing our indebtedness should the need arise; (xi) the effects of inflation, other macroeconomic conditions and increased costs on our business and on our customers, including group customers at our hotels; and (xii) any other business or operational matters. We have based these forward-looking statements on our current expectations and projections about future events.
Current wording
This Quarterly Report on Form 10-Q contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. These may also include statements regarding (i) the future performance of our business, anticipated business levels and our anticipated financial results during future periods; (ii) the effect of our election to be taxed as a REIT and maintain REIT status for federal income tax purposes; (iii) the holding of our non-qualifying REIT assets in one or more taxable REIT subsidiaries (“TRSs”); (iv) our dividend policy, including the frequency and amount of any dividend we may pay; (v) our strategic goals and potential growth opportunities, including future expansion of the geographic diversity of our existing asset portfolio through acquisitions and investment in joint ventures; (vi) Marriott International, Inc.’s (“Marriott”) ability to effectively manage our hotels and other properties; (vii) our anticipated capital expenditures and investments; (viii) the potential operating and financial restrictions imposed on our activities under existing and future financing agreements including our credit facility and other contractual arrangements with third parties, including management agreements with Marriott; (ix) our ability to borrow available funds under our credit facility; (x) our expectations about successfully amending the agreements governing our indebtedness should the need arise; (xi) the effects of inflation, other macroeconomic conditions and increased costs on our business and on our customers, including group customers at our hotels; (xii) risks associated with our acquisition of JW Marriott Desert Ridge; and (xiii) any other business or operational matters. We have based these forward-looking statements on our current expectations and projections about future events.
Previous wording
We operate as a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of five upscale, meetings-focused resorts totaling 9,917 rooms that are managed by Marriott under the Gaylord Hotels brand. These five resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”). Our other owned hotel assets managed by Marriott include the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”), the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.
Current wording
We operate as a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of upscale, meetings-focused resorts totaling 11,869 rooms that are managed by Marriott under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”). The two JW Marriott resorts, which we refer to as the JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) and, effective June 10, 2025, the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”). Our other hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.
Previous wording
Each of our award-winning Gaylord Hotels properties, as well as JW Marriott Hill Country, incorporates not only high-quality lodging, but also at least 400,000 square feet (268,000 in the case of JW Marriott Hill Country) of meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. As a result, our Gaylord Hotels properties and JW Marriott Hill Country provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties and JW Marriott Hill Country focus on the large group meetings market in the United States.
Current wording
Each of our award-winning Gaylord Hotels properties and JW Marriott properties incorporates not only high-quality lodging, but also large-scale meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. Our Gaylord Hotels properties each include at least 400,000 square feet of meeting, convention and exhibit space, and our JW Marriott properties each include at least 240,000 square feet of meeting, convention and exhibit space. As a result, our Gaylord Hotels properties and JW Marriott properties provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings market in the United States.
Previous wording
We also own a controlling approximate 70% equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which we report as our Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers for 99 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; Category 10, a Luke Combs-themed bar, music venue and event space that opened in November 2024; Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”), and as of January 3, 2025, a majority and controlling equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company.
Current wording
We also own an approximate 70% controlling equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which we report as our Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers for 99 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; Category 10, a Luke Combs-themed bar, music venue and event space that opened in November 2024; Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”), and as of January 3, 2025, a majority and controlling equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company.
Previous wording
Existing Hotel Property Design. Our Gaylord Hotels properties and JW Marriott Hill Country focus on the large group meetings and regional leisure transient markets in the United States and incorporate meeting and exhibition space, signature guest rooms, food and beverage offerings, fitness and spa facilities and other attractions within a large hotel property so attendees’ needs are met in one location. We believe this strategy creates a better experience for both meeting planners and guests and has led to our current Gaylord Hotels properties and JW Marriott Hill Country claiming a place among the leading convention hotels in the country.
Current wording
Existing Hotel Property Design. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings and regional leisure transient markets in the United States and incorporate meeting and exhibition space, signature guest rooms, food and beverage offerings, fitness and spa facilities and other attractions within a large hotel property so attendees’ needs are met in one location. We believe this strategy creates a better experience for both meeting planners and guests and has led to our current Gaylord Hotels properties and JW Marriott properties claiming a place among the leading convention hotels in the country.
Previous wording
Expansion of Hotel Asset Portfolio. Part of our long-term growth strategy includes acquisitions or developments of other hotels, particularly in the group meetings sector of the hospitality industry, either alone or through joint ventures or alliances with one or more third parties. We will consider attractive investment opportunities which meet our acquisition parameters, specifically, group-oriented large hotels and overflow hotels with existing or potential leisure appeal. We are generally interested in highly accessible upper-upscale or luxury assets with over 400 hotel rooms in urban and resort group destination markets. We also consider assets that possess significant meeting space or present a repositioning opportunity and/or would significantly benefit from capital investment in additional rooms or meeting space. We are consistently considering acquisitions that would expand the geographic diversity of our existing asset portfolio. To this end, we purchased JW Marriott Hill Country in June 2023.
Current wording
Expansion of Hotel Asset Portfolio. Part of our long-term growth strategy includes acquisitions or developments of other hotels, particularly in the group meetings sector of the hospitality industry, either alone or through joint ventures or alliances with one or more third parties. We will consider attractive investment opportunities which meet our acquisition parameters, specifically, group-oriented large hotels and overflow hotels with existing or potential leisure appeal. We are generally interested in highly accessible upper-upscale or luxury assets with over 400 hotel rooms in urban and resort group destination markets. We also consider assets that possess significant meeting space or present a repositioning opportunity and/or would significantly benefit from capital investment in additional rooms or meeting space. We are consistently considering acquisitions that would expand the geographic diversity of our existing asset portfolio. To this end, we purchased JW Marriott Hill Country in June 2023 and JW Marriott Desert Ridge in June 2025.
Previous wording
Continued Investment in Our Existing Properties. We continuously evaluate and invest in our current portfolio and consider enhancements or expansions as part of our long-term strategic plan. In 2024, we completed a $98 million multi-year interior and exterior enhancement project at Gaylord Rockies to better position the property for our group customers. In early 2024, we identified over $1 billion in capital investment opportunities across our entire hotel portfolio, comprised of projects that we anticipate completing in phases through 2027. We have previously announced plans for a nearly $225 million multi-phase capital improvement plan at Gaylord Opryland that includes the currently ongoing expansion of approximately 108,000 square feet of premium, carpeted meeting space; the construction of a sports bar, event lawn and pavilion; and the renovation of multiple ballrooms and pre-function space.
Current wording
Continued Investment in Our Existing Properties. We continuously evaluate and invest in our current portfolio and consider enhancements or expansions as part of our long-term strategic plan. In 2024, we completed a $98 million multi-year interior and exterior enhancement project at Gaylord Rockies to better position the property for our group customers. In early 2024, we identified over $1 billion in capital investment opportunities across our entire hotel portfolio, comprised of projects that we anticipate completing in phases through 2027. We have previously announced plans for a nearly $225 million multi-phase capital improvement plan at Gaylord Opryland that includes the currently
Previous wording
Leverage Brand Name Awareness. We believe the Grand Ole Opry is one of the most recognized entertainment brands in the United States. We promote the Grand Ole Opry name through various media, including our WSM-AM radio station, the Internet and television, and through performances by the Grand Ole Opry’s members, many of whom are renowned country music artists. As such, we have alliances in place with multiple distribution partners in an effort to foster brand extension. We believe that licensing our brand for products may provide an opportunity to increase revenues and cash flow with relatively little capital investment. We are continuously exploring additional products, such as
Current wording
Leverage Brand Name Awareness. We believe the Grand Ole Opry is one of the most recognized entertainment brands in the United States. We promote the Grand Ole Opry name through various media, including our WSM-AM radio station, the Internet and television, and through performances by the Grand Ole Opry’s members, many of whom are renowned country music artists. As such, we have alliances in place with multiple distribution partners in an effort to foster brand extension. We believe that licensing our brand may provide an opportunity to increase revenues and cash flow with relatively little capital investment. We are continuously exploring additional products, such as television specials and retail products, through which we can capitalize on our brand affinity and awareness. To this end, we have invested in six Ole Red locations, purchased Block 21, opened Category 10 in November 2024, and purchased a majority interest in Southern Entertainment in January 2025. Further, in 2022, we completed a strategic transaction to sell a minority interest in OEG to an affiliate of Atairos Group, Inc. and its strategic partner NBCUniversal Media, LLC, who we believe will continue to help us expand the distribution of our OEG brands.
Previous wording
For the three months ended March 31, 2025 and 2024, our total revenues were divided among these business segments as follows:
Current wording
For the three and six months ended June 30, 2025 and 2024, our total revenues were divided among these business segments as follows:
Previous wording
The following table contains our unaudited selected summary financial data for the three months ended March 31, 2025 and 2024. The table also shows the percentage relationships to total revenues and, in the case of segment operating income, its relationship to segment revenues (in thousands, except percentages).
Current wording
The following table contains our unaudited selected summary financial data for the three and six months ended June 30, 2025 and 2024. The table also shows the percentage relationships to total revenues and, in the case of segment operating income, its relationship to segment revenues (in thousands, except percentages).
Previous wording
The following table summarizes our financial results for the three months ended March 31, 2025 and 2024 (in thousands, except percentages and per share data):
Current wording
The following table summarizes our financial results for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages and per share data):
Previous wording
The increase in our total revenues for the three months ended March 31, 2025, as compared to the same period in 2024, is primarily attributable to an increase in our Hospitality segment and Entertainment segment of $36.3 million and $22.7 million, respectively, as presented in the tables below.
Current wording
The increase in our total revenues for the three months ended June 30, 2025, as compared to the same period in 2024, is primarily attributable to an increase in our Entertainment segment of $49.1 million, driven primarily by the inclusion of Southern Entertainment in the 2025 period, partially offset by a decrease in our Hospitality segment of $2.9 million, as presented in the tables below. The decrease in Hospitality segment revenue in the three months ended June 30, 2025, as compared to the same period in 2024, was partially offset by $5.3 million in revenue at JW Marriott Desert Ridge. The increase in our total revenues for the six months ended June 30, 2025, as compared to the same period in 2024, is primarily attributable to an increase in our Entertainment segment and Hospitality segment of $71.8 million and $33.4 million, respectively, as presented in the tables below.
Previous wording
The increase in our total operating expenses for the three months ended March 31, 2025, as compared to the same period in 2024, is primarily the result of increases in our Hospitality segment and Entertainment segment of $17.8 million and $17.2 million, respectively, and an increase of $6.5 million in depreciation and amortization expense, as presented in the tables below.
Current wording
The increase in our total operating expenses for the three months ended June 30, 2025, as compared to the same period in 2024, is primarily the result of an increase in our Entertainment segment of $50.8 million, driven primarily by the inclusion of Southern Entertainment in the 2025 period, an increase in our Hospitality segment of $15.2 million, and an increase of $8.4 million in depreciation and amortization expense, as presented in the tables below. The increase in Hospitality segment operating expenses in the three months ended June 30, 2025, as compared to the same period in 2024, includes $6.0 million in operating expenses at JW Marriott Desert Ridge. The increase in our total operating expenses for the six months ended June 30, 2025, as compared to the same period in 2024, is primarily the result of increases in our Entertainment segment and Hospitality segment of $68.0 million and $33.0 million, respectively, and an increase of $14.9 million in depreciation and amortization expense, as presented in the tables below.
Previous wording
The above factors resulted in a $19.7 million improvement in operating income for the three months ended March 31, 2025, as compared to the 2024 period.
Current wording
The above factors resulted in a decrease of $28.6 million and $8.9 million in operating income for the three and six months ended June 30, 2025, respectively, as compared to the 2024 periods.
Previous wording
Our $20.3 million increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to the changes in our revenues and operating expenses reflected above, partially impacted by the following factors, each as described more fully below:
Current wording
Our $28.9 million decrease in net income for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to the changes in our revenues and operating expenses reflected above, impacted by the following factors, each as described more fully below:
Previous wording
Other important factors and trends for the three months ended, and as of, March 31, 2025 include:
Current wording
Other important factors and trends for the three and six months ended, and as of, June 30, 2025 include:
Previous wording
*Total Segment Results.*The following presents the financial results of our Hospitality segment for the three months ended March 31, 2025 and 2024 (in thousands, except percentages and performance metrics):
Current wording
*Total Segment Results.*The following presents the financial results of our Hospitality segment for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages and performance metrics):
Previous wording
Total Hospitality segment revenues in the three months ended March 31, 2025 include $6.7 million in attrition and cancellation fee revenue, a decrease of $1.7 million in attrition and cancellation fee collections from the 2024 period.
Current wording
Total Hospitality segment revenues in the three and six months ended June 30, 2025 include $9.5 million and $16.2 million, respectively, in attrition and cancellation fee revenue, a decrease of $0.3 million and $2.1 million, respectively, in attrition and cancellation fee collections from the 2024 periods.
Previous wording
Other hotel expenses for the three months ended March 31, 2025 and 2024 consist of the following (in thousands):
Current wording
Other hotel expenses for the three and six months ended June 30, 2025 and 2024 consist of the following (in thousands):
Previous wording
Administrative employment costs include salaries and benefits for hotel administrative functions, including, among others, senior management, accounting, human resources, sales, conference services, engineering and security. Administrative employment costs increased slightly and utilities decreased slightly in the three months ended March 31, 2025, as compared to the same period in 2024. The increase in property taxes during the three months ended March 31, 2025, as compared to the 2024 period, was primarily due to an increase at Gaylord National due to the 2024 period including a settlement of an appeal from prior tax years. The increase in other expenses, which include supplies, advertising, maintenance costs and consulting costs, during the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to increases at JW Marriott Hill Country and Gaylord National due to various increases associated with the increases in revenue.
Current wording
Administrative employment costs include salaries and benefits for hotel administrative functions, including, among others, senior management, accounting, human resources, sales, conference services, engineering and security. Administrative employment costs and utility costs increased in the three and six months ended June 30, 2025, as compared to the same periods in 2024, primarily due to JW Marriott Desert Ridge. The increase in property taxes during the three and six months ended June 30, 2025, as compared to the 2024 periods, was primarily due to slight increases at several Hospitality segment properties due to recent reappraisals. The increase in other expenses, which include supplies, advertising, maintenance costs and consulting costs, during the three and six months ended June 30, 2025, as compared to the same periods in 2024, was primarily due to the 2024 periods including a refund of $5.6 million of Tennessee franchise tax for prior years caused by a change in tax law, which reduced other expenses in the 2024 periods, as well as slight increases of various miscellaneous expenses across the Hospitality segment.
Previous wording
Each of our management agreements with Marriott requires us to pay Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for our Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies is approximately 3% of gross revenues, and JW Marriott Hill Country is approximately 3.5% of gross revenues. Additionally, we pay Marriott an incentive management fee based on the profitability of our hotels. In the three months ended March 31, 2025 and 2024, we incurred $11.6 million and $10.8 million, respectively, related to base management fees for our Hospitality segment and $7.6 million and $8.0 million, respectively, related to incentive management fees for our Hospitality segment. Management fees are presented throughout this Quarterly Report on Form 10-Q net of the amortization of the deferred management rights proceeds discussed in Note 8, “Deferred Management Rights Proceeds,” to the accompanying condensed consolidated financial statements included herein.
Current wording
Each of our management agreements with Marriott requires us to pay Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for our Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies is approximately 3% of gross revenues, JW Marriott Hill Country is approximately 3.5% of gross revenues, and JW Marriott Desert Ridge is approximately 3% of gross revenues. Additionally, we pay Marriott an incentive management fee based on the profitability of our hotels. In each of the three months ended June 30, 2025 and 2024, we incurred $12.3 million and in the six months ended June 30, 2025 and 2024, we incurred $23.9 million and $23.0 million, respectively, related to base management fees for our Hospitality segment. In the three months ended June 30, 2025 and 2024, we incurred $6.4 million and $10.0 million, respectively, and in the six months ended June 30, 2025 and 2024, we incurred $14.0 million and $17.9 million, respectively, related to incentive management fees for our Hospitality segment. Management fees are presented throughout this Quarterly Report on Form 10-Q net of the amortization of the deferred management rights proceeds discussed in Note 9, “Deferred Management Rights Proceeds,” to the accompanying condensed consolidated financial statements included herein.
Previous wording
Total Hospitality segment depreciation and amortization expense increased in the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to increases at Gaylord Palms and Gaylord Rockies associated with the addition of depreciable assets associated with the properties’ rooms and lobby renovation and grand lodge, events pavilion and food and beverage outlet repositioning, respectively.
Current wording
Total Hospitality segment depreciation and amortization expense increased in the three and six months ended June 30, 2025, as compared to the same period in 2024, primarily due to an increase at Gaylord Palms associated with the addition of depreciable assets associated with the property’s rooms and lobby renovation, as well as the increase in depreciable assets associated with JW Marriott Desert Ridge.
Previous wording
*Property-Level Results.*The following presents the property-level financial results of our Hospitality segment for the three months ended March 31, 2025 and 2024.
Current wording
*Property-Level Results.*The following presents the property-level financial results of our Hospitality segment for the three and six months ended June 30, 2025 and 2024.
Previous wording
*Gaylord Opryland Results.*The results of Gaylord Opryland for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Opryland Results.*The results of Gaylord Opryland for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord Palms Results.*The results of Gaylord Palms for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Palms Results.*The results of Gaylord Palms for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord Texan Results.*The results of Gaylord Texan for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord Texan Results.*The results of Gaylord Texan for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Gaylord National Results.*The results of Gaylord National for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
*Gaylord National Results.*The results of Gaylord National for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
Gaylord Rockies Results. The results of Gaylord Rockies for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
Gaylord Rockies Results. The results of Gaylord Rockies for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
JW Marriott Hill Country Results. The results of JW Marriott Hill Country for the three months ended March 31, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Current wording
JW Marriott Hill Country Results. The results of JW Marriott Hill Country for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except percentages and performance metrics):
Previous wording
*Total Segment Results.*The following presents the financial results of our Entertainment segment for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
*Total Segment Results.*The following presents the financial results of our Entertainment segment for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Revenues increased in our Entertainment segment in the three months ended March 31, 2025, as compared to the prior year period, primarily related to Category 10, which opened in November 2024, as well as increases across the majority of our other venues.
Current wording
Revenues increased in our Entertainment segment in the three and six months ended June 30, 2025, as compared to the prior year periods, primarily related to Southern Entertainment, which we purchased in January 2025, Category 10, which opened in November 2024, and the W Austin, which faced construction-related disruptions in the prior year periods.
Previous wording
Depreciation and amortization increased in the 2025 period, as compared to the 2024 period, primarily due to the depreciable assets associated with Category 10.
Current wording
Depreciation and amortization increased in the 2025 periods, as compared to the 2024 periods, primarily associated with the increase in depreciable assets associated with Category 10 and Southern Entertainment, as well as increased depreciation and amortization related to Block 21 attributable to construction enhancements completed at the property in 2024 and the first half of 2025.
Previous wording
*Total Segment Results.*The following presents the financial results of our Corporate and Other segment for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
*Total Segment Results.*The following presents the financial results of our Corporate and Other segment for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Corporate and Other operating expenses consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative costs. Corporate and Other segment operating expenses decreased in the three months ended March 31, 2025, as compared to the prior year period, primarily as a result of a decrease in employment and consulting expenses.
Current wording
Corporate and Other operating expenses consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative costs. Corporate and Other segment operating expenses increased in the three and six months ended June 30, 2025, as compared to the prior year periods, primarily as a result of increased employment expenses.
Previous wording
Preopening costs during the three months ended March 31, 2024 primarily include costs associated with Ole Red Las Vegas, which opened in January 2024, and Category 10, which opened November 2024.
Current wording
Preopening costs during the six months ended June 30, 2024 primarily include costs associated with Category 10, which opened in November 2024.
Previous wording
Gain on sale of assets during the three months ended March 31, 2024 includes the sale of miscellaneous corporate assets.
Current wording
Gain on sale of assets during the six months ended June 30, 2024 includes the sale of miscellaneous corporate assets.
Previous wording
The following table summarizes the other factors which affected our net income for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table summarizes the other factors which affected our net income for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
The following presents interest expense associated with our outstanding borrowings, including the impact of interest rate swaps, for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
The following presents interest expense associated with our outstanding borrowings, including the impact of interest rate swaps, for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Our weighted average interest rate on our borrowings, excluding capitalized interest, but including the impact of interest rate swaps, was 6.4% and 7.2% for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Our weighted average interest rate on our borrowings, excluding capitalized interest, but including the impact of interest rate swaps, was 6.5% and 6.7% for the three months ended June 30, 2025 and 2024, respectively, and 6.5% and 7.0% for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Interest income for the three months ended March 31, 2025 and 2024 primarily includes amounts earned on our cash balances, as well as the bonds that were received in connection with the development of Gaylord National, which we hold as notes receivable. See Note 6, “Notes Receivable,” to the accompanying condensed consolidated financial statements included herein for additional discussion of interest income on these bonds.
Current wording
Interest income for the three and six months ended June 30, 2025 and 2024 primarily includes amounts earned on our cash balances, as well as the bonds that were received in connection with the development of Gaylord National, which we hold as notes receivable. See Note 7, “Notes Receivable,” to the accompanying condensed consolidated financial statements included herein for additional discussion of interest income on these bonds.
Showing the first 40 of 73 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
ongoing expansion of approximately 108,000 square feet of premium, carpeted meeting space; the construction of a sports bar, event lawn and pavilion; and the renovation of multiple ballrooms and pre-function space.
Current report — wording carried from elsewhere
Our $8.6 million decrease in net income for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to the changes in our revenues and operating expenses reflected above.
Current report — wording carried from elsewhere
Important factors and trends contributing to our performance during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, were:
Current report — wording carried from elsewhere
For the three months ended June 30, 2025 and 2024, we recorded an income tax provision of $7.8 million and $12.2 million, respectively, and for the six months ended June 30, 2025 and 2024, we recorded an income tax provision of
Current report — wording carried from elsewhere
attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
Current report — wording carried from elsewhere
At June 30, 2025, the interest rate on the Term Loan B was Term SOFR plus 2.00%. Neither the First Incremental Agreement nor the Second Incremental Agreement changed the maturity dates under the Credit Agreement or resulted in
Current report — wording carried from elsewhere
The net proceeds from the issuance of the $625 Million 6.50% Senior Notes totaled approximately $614 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. We used these net proceeds to fund a portion of the purchase price for JW Marriott Desert Ridge.
Current report — wording carried from elsewhere
right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $600 Million 4.50% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $600 Million 4.50% Senior Notes.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
television specials and retail products, through which we can capitalize on our brand affinity and awareness. To this end, we have invested in six Ole Red locations, purchased Block 21, opened Category 10 in November 2024, and purchased a majority interest in Southern Entertainment in January 2025. Further, in 2022, we completed a strategic transaction to sell a minority interest in OEG to an affiliate of Atairos Group, Inc. and its strategic partner NBCUniversal Media, LLC, who we believe will continue to help us expand the distribution of our OEG brands.
Previous report — wording carried elsewhere
We anticipate investing in our operations during the remainder of 2025 by spending between approximately $235 million and $335 million in capital expenditures, which includes projects at Gaylord Opryland for the renovation of a ballroom and pre-function space, the development of a sports bar, pavilion and event lawn, and a meeting space
Previous report — wording carried elsewhere
Million 4.75% Senior Notes”). All other terms and conditions of the additional 2027 notes are identical to the $500 Million 4.75% Senior Notes.
Previous report — wording carried elsewhere
100.000% beginning on July 15 of 2025, 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.
Previous report — wording carried elsewhere
impact of increased interest rates, at March 31, 2025, 85% of our outstanding debt is fixed-rate debt, after considering the impact of interest rate swaps.
Previous report — wording carried elsewhere
Consolidated Financial Statements” presented in our Annual Report on Form 10-K for the year ended December 31, 2024. There were no newly identified critical accounting policies in the first three months of 2025, nor were there any material changes to the critical accounting policies and estimates discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.