What does Ryman Hospitality do and what are its main business segments?

What were the key takeaways from Ryman Hospitality’s earnings call?

What factors drove the changes in Ryman Hospitality's revenue and profit?

Did Ryman Hospitality beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Ryman Hospitality next quarter?

What is Ryman Hospitality's gross profit margin?

What is the revenue and EPS growth rate for Ryman Hospitality year over year?

What were the key takeaways from Ryman Hospitality's earnings call?

- **Hotel Strength**: RevPAR 141% of competitive set, transient ADR growth resumes, and group bookings for 2026 up 8% with +3% ADR.
- **Entertainment Expansion**: Opry 100's global success (1.2B media impressions in London) and Category 10 Las Vegas opening Q4 2026 with mid-teens IRRs.
- **Infrastructure Growth**: Nashville Airport expansion to 40M annual capacity by 2029, new stadium bids for major events, and East Bank development.
- **Resilience**: Despite government shutdown cancellations, corporate group leads remain strong, and Q4 leisure bookings pace ahead of 2024.

**【Management Remarks】**
- **Hotel Performance**: Third-quarter same-store RevPAR was 141% of the competitive set, driven by strong group business and leisure demand recovery in Nashville. Transient ADR growth for upscale/luxury hotels turned positive in September.
- **Entertainment Growth**: Opry 100's international expansion (e.g., London performance with 1.2B media impressions) highlights global country music popularity. New Category 10 venue in Las Vegas set to open Q4 2026 with mid-teens IRRs.
- **Long-Term Infrastructure**: Nashville Airport expansion (40M annual capacity by 2029) and East Bank development will enhance tourism appeal. New stadium construction supports major events like WrestleMania and Super Bowl bids.

**【CEO Commentary】**
- **Group Business Resilience**: Corporate group room nights down 20K vs. 2024, but spending per room night exceeded expectations. 2026 group bookings up 8% with ADR +3%, driven by corporate mix shift.
- **Leisure Momentum**: Gaylord Opryland leisure room nights +5% YoY, food & beverage sales up 13%. JW Marriott Desert Ridge renovations complete, with 5,000sqft meeting space conversion underway.
- **Capital Allocation**: $35M+ investments in meeting space expansions (e.g., Opryland, JW Hill Country) targeting mid-teens IRRs.

**【CFO Financial Commentary】**
- **Full-Year Guidance**: Adjusted EBITDA $772-802M (midpoint $787M, +6% YoY). Entertainment EBITDA reduced to $112M due to downtown Nashville competition, offset by Category 10/Block 21 growth.
- **Balance Sheet**: $483M unrestricted cash, $1.3B liquidity. 2025 capex $375-425M for projects like Category 10 Las Vegas and JW Hill Country renovations.
- **Dividend Policy**: Maintain 100% REIT taxable income payout, supported by stable cash flows.

**【Q&A Highlights】**
- **Government Shutdown Impact**: Elevated cancellations in government sector, but corporate group leads remain strong. October airline arrivals +10% YoY in Nashville suggests recovery.
- **Holiday Programming**: ICE ticket bookings +6% YoY, transient room nights +11K. Cautiously optimistic for Q4 leisure performance.
- **2026 Outlook**: Group ADR growth expected, with 7.9M room nights booked at higher rates. Entertainment expansion in Europe and U.S. markets (e.g., Category 10) to drive long-term growth.

Ryman Hospitality Properties, Inc. (RHP) Q3 2025 Earnings Call Transcript

- **Strategic Acquisition**: Secured JW Marriott Desert Ridge to enhance group rotation and Marriott brand synergy, with 2025 EBITDA contribution of $18M-$22M.
- **Revenue Resilience**: Same-store hospitality adjusted EBITDAre at $187M (second-highest on record) despite Easter timing and group mix headwinds.
- **Growth Drivers**: Gaylord Rockies and JW Hill Country set all-time revenue records, with outlet spend up 30% at Rockies.
- **Financial Guidance**: Full-year 2025 adjusted EBITDAre revised to $767M-$813M, reflecting Nashville transient risk and Entertainment investments.
- **Outlook Optimism**: 2026+ group bookings up 9%-10%, with Entertainment segment poised for Q4 margin recovery via Opry 100 programming.
- **Capital Allocation**: $350M-$450M 2025 capex focused on high-return projects, including JW Desert Ridge expansion potential.

**【Executive Chairman Opening Remarks】**
- Announced the acquisition of JW Marriott Desert Ridge in Phoenix, a long-term strategic priority to enhance group rotation opportunities.
- Highlighted record consolidated revenue and second-highest same-store hospitality adjusted EBITDAre in history, trailing only Q2 2024.
- Discussed the impact of new hotel supply in Nashville on transient occupancy and rate trends, expecting improvement as tourism grows.
- Emphasized the strength of customer relationships and future bookings, with 2026 and 2027 group room revenue up 9% and 10% year-over-year.

**【CEO Strategic Update】**
- Detailed the JW Desert Ridge acquisition, noting its potential for expansion to 1,500 rooms and alignment with Marriott's sales strategy.
- Reported Q2 same-store hospitality revenue growth challenges due to Easter timing and group mix shift (corporate to association), with adjusted EBITDAre down 280bps year-over-year.
- Highlighted standout performances at Gaylord Rockies and JW Marriott Hill Country, with outlet spend per room up nearly 30%.
- Provided guidance for 2025, revising adjusted EBITDAre range to $767M-$813M due to transient rate risk in Nashville and Entertainment segment investments.

**【CFO Financial Commentary】**
- Announced $625M senior unsecured notes issuance and equity offering to fund the JW Desert Ridge acquisition, resulting in a net leverage ratio of 4.4x.
- Projected 2025 capital expenditures of $350M-$450M, including incremental investments at Desert Ridge.
- Updated Q3/Q4 outlook: Q3 same-store RevPAR decline (low-mid single digits), Q4 growth (low-mid single digits) driven by Gaylord Palms expansion and easier comparisons.
- Entertainment segment Q2 revenue of $143M, with margin decline due to Southern Entertainment investments and one-time tax refunds.

**【Q&A Highlights】**
- **Group Demand & Mix**: Lead volumes down 16% YOY for 2025, but closure rates up and 2026+ bookings strong. Association mix expected to normalize in 2026.
- **Nashville Transient Business**: Softness due to new supply, but visitation trends healthy; transient occupancy and rates expected to improve.
- **Entertainment Growth**: Festival business (e.g., Southern Entertainment) shows long-term potential with capital-light expansion; Opry 100 programming to drive Q4 margin recovery.
- **JW Brand Strategy**: Exploring additional JW acquisitions in top markets to leverage group rotation opportunities and higher ADRs.
- **Balance Sheet Strength**: Undrawn revolving credit facilities and $421M unrestricted cash provide liquidity for future investments.

Ryman Hospitality Properties, Inc. (RHP) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: 11% revenue growth, 15% EBITDA expansion, despite macro headwinds.
- **Guidance Adjustment**: 2025 RevPAR range narrowed to 1.25-3.75% due to gov't business pullback, but EBITDA/AFFO unchanged.
- **Resilient Long-Term Bookings**: 2026+ group bookings up 13%, associations (28% mix) showing stickiness.
- **Cost Control Success**: $28-30M profit improvements offset demand weakness, 60bps labor efficiency gains.
- **Entertainment Growth**: 34% revenue rise, Gaylord Rockies outlet revenue +30%.
- **Liquidity Strength**: $1.2B available cash, no near-term debt maturities.

**【Executive Chairman Opening Remarks】**
- Q1 2025 marked record top and bottom line performance, with double-digit growth in group room nights booked and record ADR. 
- Adjusted EBITDA of $185 million and AFFO per share of $2.15 beat expectations.
- However, macro uncertainty from federal trade policies has caused near-term booking hesitancy, leading to a cautious outlook for 2025 group business.
- Proactive measures include $28-30 million in profit improvement initiatives and diversified supply chain to mitigate tariffs.

**【CEO Mark Fioravanti Key Highlights】**
- Hospitality segment delivered 10% RevPAR growth (13% ADR growth) driven by group and transient segments.
- Entertainment segment revenue up 34% YoY, with Gaylord Rockies and Palms renovations driving 30%+ outlet revenue growth.
- 2026+ group bookings up 13% YoY, with associations (28% of mix) showing resilience despite lower outside-the-room spend.
- 2025 capital expenditure reduced to $350-450 million due to construction timelines, but multi-year deployment plan remains intact.

**【CFO Jennifer Hutcheson Financial Updates】**
- Full year 2025 guidance revised: 
  - Hospitality RevPAR: 1.25-3.75% (prev. 2.5-5.0%)
  - Total RevPAR: 0.75-3.25% (prev. 2.0-4.5%)
  - Adjusted EBITDA: $749-801 million (unchanged)
  - AFFO per share: $8.24-8.86 (unchanged)
- Q2 2025 expectations: Flat RevPAR growth, negative low-single-digit total RevPAR due to Easter shift and higher assoc. mix.
- Liquidity remains strong at $1.2 billion, with $440 million unrestricted cash.

**【Q&A Key Takeaways】**
- April booking trends show improvement: Lead volumes down 8% vs. 50% in March, rate maintained despite demand flattish.
- Government business exposure minimal (~$1 million/day), stress-tested to full cancellation with no impact to EBITDA guidance.
- Southern Entertainment acquisition adds $15 million/year EBITDA, with runway for OEG spin-off due to growing hotel business scale.
- Tariff mitigation: 90-day import window used for 2025 projects, steel costs <1% of total budget.
- Leisure transient growth (3% ADR) resilient, spring break performance strong despite macro uncertainty.

Ryman Hospitality Properties (RHP)-2 May 25-2025 Q1 Earnings call transcript

- **2024 Results**: Full year revenue +8%, EBITDAre +10%, AFFO +12% despite Q4 disruption.
- **Booking Momentum**: 2025 group room nights up 3-11% across portfolio, ADR +4-6%.
- **2025 Outlook**: EBITDAre $749M-$801M, guided for 2.25%-4.75% RevPAR growth.
- **Strategic Focus**: $400M+ capex for Opryland/Texan renovations, targeting 2027 $900M-$1B EBITDAre.
- **Risk Management**: 2025 disruption impact capped at $30M-$35M, with 2026+ projects less disruptive.


**【CEO Opening Remarks】**
- Q4 revenue grew 2% YoY to $496M, but fell short of expectations due to underperformance in leisure demand at Gaylord Texan and Opryland during the final 2 weeks of December.
- Full year consolidated revenue up 8%, EBITDAre up 10%, and AFFO up 12%.
- 2027 outlook remains on track: targeting $900M-$1B EBITDAre, despite macro challenges.

**【Mark Fioravanti - Q4 Financials】**
- Same-store group bookings for 2025+ reached 1.3M room nights (5% YoY increase), with ADR up 4% to $284.
- JW Hill Country booked 214K group room nights for 2025+, up 57% YoY.
- Gaylord Texan and Opryland group room nights on books for 2025 up 3% and 11% YoY, with ADR up 4-6%.

**【Jennifer Hutcheson - 2025 Guidance】**
- Hospitality RevPAR growth: 2.25%-4.75%, EBITDAre: $675M-$715M (includes 250-350bps disruption impact).
- Entertainment EBITDAre: $110M-$120M, driven by OEG expansion and Southern Entertainment.
- AFFO per share: $8.24-$8.86, reflecting $400M-$500M capex for Opryland and Texan renovations.

**【Key Q&A Takeaways】**
- 2025 disruption peak expected at Opryland meeting space expansion, with 2026+ projects less disruptive.
- Labor costs up 3.3% in 2024, 3%-4% expected in 2025, offset by productivity gains.
- Entertainment expansion includes Category 10 music festival platform and Block 21 renovation.
- Corporate group mix improving, with 2025 association business offset by higher ADR corporate bookings.


Ryman Hospitality Properties (RHP)-21 Feb 25-2024 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-5 Nov 24-2024 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-1 Aug 24-2024 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-2 May 24-2024 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-23 Feb 24-2023 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-7 Nov 23-2023 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-4 Aug 23-2023 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-24 Feb 23-2022 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-1 Nov 22-2022 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-2 Aug 22-2022 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-3 May 22-2022 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-25 Feb 22-2021 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-2 Nov 21-2021 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-3 Aug 21-2021 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-4 May 21-2021 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-26 Feb 21-2020 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-3 Nov 20-2020 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-4 Aug 20-2020 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-10 May 20-2020 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-25 Feb 20-2019 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-5 Nov 19-2019 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-6 Aug 19-2019 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-7 May 19-2019 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-26 Feb 19-2018 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-11 Nov 18-2018 Q3 Earnings call transcript

Ryman Hospitality Properties (RHP)-7 Aug 18-2018 Q2 Earnings call transcript

Ryman Hospitality Properties (RHP)-1 May 18-2018 Q1 Earnings call transcript

Ryman Hospitality Properties (RHP)-23 Feb 18-2017 Q4 Earnings call transcript

Ryman Hospitality Properties (RHP)-10 Nov 17-2017 Q3 Earnings call transcript

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