Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-13079 | |
Entity Registrant Name | RYMAN HOSPITALITY PROPERTIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-0664379 | |
Entity Address, Address Line One | One Gaylord Drive | |
Entity Address, City or Town | Nashville | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37214 | |
City Area Code | 615 | |
Local Phone Number | 316-6000 | |
Title of 12(b) Security | Common stock, par value $.01 | |
Trading Symbol | RHP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,253,921 | |
Entity Central Index Key | 0001040829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Property and equipment, net | $ 3,163,900 | $ 3,171,708 |
Cash and cash equivalents - unrestricted | 318,512 | 334,194 |
Cash and cash equivalents - restricted | 95,113 | 110,136 |
Notes receivable, net | 64,209 | 67,628 |
Trade receivables, net | 147,215 | 116,836 |
Prepaid expenses and other assets | 141,024 | 134,170 |
Intangible assets, net | 104,706 | 105,951 |
Total assets | 4,034,679 | 4,040,623 |
LIABILITIES AND EQUITY: | ||
Debt and finance lease obligations | 2,866,898 | 2,862,592 |
Accounts payable and accrued liabilities | 332,068 | 385,159 |
Dividends payable | 42,189 | 14,121 |
Deferred management rights proceeds | 166,715 | 167,495 |
Operating lease liabilities | 126,188 | 125,759 |
Deferred income tax liabilities, net | 13,682 | 12,915 |
Other liabilities | 66,909 | 64,824 |
Total liabilities | 3,614,649 | 3,632,865 |
Commitments and contingencies | ||
Noncontrolling interest in consolidated joint venture | 319,753 | 311,857 |
Equity: | ||
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding | ||
Common stock, $.01 par value, 400,000 shares authorized, 55,254 and 55,167 shares issued and outstanding, respectively | 553 | 552 |
Additional paid-in capital | 1,093,839 | 1,102,733 |
Treasury stock of 648 and 648 shares, at cost | (18,467) | (18,467) |
Distributions in excess of retained earnings | (959,199) | (978,619) |
Accumulated other comprehensive loss | (17,215) | (10,923) |
Total stockholders' equity | 99,511 | 95,276 |
Noncontrolling interest in Operating Partnership | 766 | 625 |
Total equity | 100,277 | 95,901 |
Total liabilities and equity | $ 4,034,679 | $ 4,040,623 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 55,254,000 | 55,167,000 |
Common stock, shares outstanding (in shares) | 55,254,000 | 55,167,000 |
Treasury Stock, Shares [Abstract] | ||
Treasury stock, shares (in shares) | 648,000 | 648,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Total revenues | $ 491,719 | $ 299,135 |
Operating expenses: | ||
Total hotel operating expenses | 275,494 | 193,172 |
Entertainment | 51,434 | 31,731 |
Corporate | 10,594 | 9,557 |
Preopening costs | 190 | 304 |
Loss on sale of assets | 469 | |
Depreciation and amortization | 48,357 | 56,028 |
Total operating expenses | 386,069 | 291,261 |
Operating income | 105,650 | 7,874 |
Interest expense | (42,528) | (31,937) |
Interest income | 2,547 | 1,381 |
Loss from unconsolidated joint ventures | (2,806) | (2,627) |
Other gains and (losses), net | (236) | 447 |
Income (loss) before income taxes | 62,627 | (24,862) |
(Provision) benefit for income taxes | (1,633) | 65 |
Net income (loss) | 60,994 | (24,797) |
Net loss attributable to noncontrolling interest in consolidated joint venture | 763 | |
Net (income) loss attributable to noncontrolling interest in Operating Partnership | (437) | 176 |
Net income (loss) available to common stockholders | $ 61,320 | $ (24,621) |
Basic income (loss) per share available to common stockholders | $ 1.11 | $ (0.45) |
Diluted income (loss) per share available to common stockholders | $ 1.02 | $ (0.45) |
Rooms [Member] | ||
Revenues: | ||
Total revenues | $ 161,251 | $ 101,593 |
Operating expenses: | ||
Total hotel operating expenses | 42,059 | 30,136 |
Food and Beverage [Member] | ||
Revenues: | ||
Total revenues | 215,804 | 112,116 |
Operating expenses: | ||
Total hotel operating expenses | 115,181 | 71,329 |
Hotel, Other [Member] | ||
Revenues: | ||
Total revenues | 47,384 | 47,402 |
Operating expenses: | ||
Total hotel operating expenses | 103,059 | 86,643 |
Management Service [Member] | ||
Operating expenses: | ||
Total hotel operating expenses | 15,195 | 5,064 |
Entertainment Segment [Member] | ||
Revenues: | ||
Total revenues | $ 67,280 | $ 38,024 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive income (loss), net of taxes | $ 54,702 | $ (14,811) |
Comprehensive income (loss) available to common stockholders | 55,295 | (14,706) |
Consolidated Joint Venture [Member] | ||
Comprehensive loss attributable to noncontrolling interest in consolidated joint venture | 985 | |
Operating Partnership [Member] | ||
Comprehensive loss attributable to noncontrolling interest in consolidated joint venture | $ (392) | $ 105 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 60,994 | $ (24,797) |
Amounts to reconcile net income (loss) to net cash flows provided by (used in) operating activities: | ||
Provision (benefit) for deferred income taxes | 767 | (415) |
Depreciation and amortization | 48,357 | 56,028 |
Amortization of deferred financing costs | 2,674 | 2,229 |
Loss from unconsolidated joint ventures | 2,806 | 2,627 |
Stock-based compensation expense | 3,739 | 3,786 |
Changes in: | ||
Trade receivables | (30,379) | (8,488) |
Accounts payable and accrued liabilities | (56,294) | (17,330) |
Other assets and liabilities | (953) | (17,814) |
Net cash flows provided by (used in) operating activities | 31,711 | (4,174) |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (36,771) | (9,716) |
Collection of notes receivable | 2,143 | 2,381 |
Other investing activities, net | (9,916) | 816 |
Net cash flows used in investing activities | (48,544) | (8,564) |
Cash Flows from Financing Activities: | ||
Payment of dividends | (14,006) | (276) |
Payment of tax withholdings for share-based compensation | (4,080) | (3,761) |
Other financing activities, net | (84) | (66) |
Net cash flows used in financing activities | (13,872) | (5,353) |
Net change in cash, cash equivalents, and restricted cash | (30,705) | (18,091) |
Cash, cash equivalents, and restricted cash, beginning of period | 444,330 | 163,000 |
Cash, cash equivalents, and restricted cash, end of period | 413,625 | 144,909 |
$500 Million Term Loan B [Member] | ||
Cash Flows from Financing Activities: | ||
Repayments under loan | (1,250) | (1,250) |
$300M OEG Term Loan [Member] | ||
Cash Flows from Financing Activities: | ||
Repayments under loan | (750) | |
$65M OEG Revolver [Member] | ||
Cash Flows from Financing Activities: | ||
Borrowings under revolving credit facility | 7,000 | |
Block 21 CMBS Loan [Member] | ||
Cash Flows from Financing Activities: | ||
Repayments under loan | (702) | |
Circle [Member] | ||
Cash Flows from Investing Activities: | ||
Purchase of additional interest / Investment | $ (4,000) | $ (2,045) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet: | ||||
Cash and cash equivalents - unrestricted | $ 318,512 | $ 334,194 | $ 128,436 | |
Cash and cash equivalents - restricted | 95,113 | 110,136 | 16,473 | |
Cash, cash equivalents, and restricted cash, end of period | $ 413,625 | $ 444,330 | $ 144,909 | $ 163,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Deficit) And Noncontrolling Interest - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest In Joint Venture [Member] | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Transition adjustment related to adoption | $ 551 | $ 1,112,867 | $ (18,467) | $ (1,088,105) | $ (29,080) | $ (22,234) | $ (159) | $ (22,393) | |
Beginning balance at Dec. 31, 2021 | 551 | 1,112,867 | (18,467) | (1,088,105) | (29,080) | (22,234) | (159) | (22,393) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (24,621) | (24,621) | (176) | (24,621) | |||||
Net loss | (24,797) | ||||||||
Net loss | (176) | ||||||||
Other comprehensive income (loss), net of income taxes | 9,986 | 9,986 | 9,986 | ||||||
Restricted stock units and stock options surrendered | (3,761) | (3,761) | (3,761) | ||||||
Equity-based compensation expense | 3,786 | 3,786 | 3,786 | ||||||
Ending balance at Mar. 31, 2022 | 551 | 1,112,892 | (18,467) | (1,112,726) | (19,094) | (36,844) | (335) | (37,179) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Transition adjustment related to adoption | 551 | 1,112,892 | (18,467) | (1,112,726) | (19,094) | (36,844) | (335) | (37,179) | |
Transition adjustment related to adoption | 552 | 1,102,733 | (18,467) | (978,619) | (10,923) | 95,276 | 625 | 95,901 | |
Beginning balance at Dec. 31, 2022 | 552 | 1,102,733 | (18,467) | (978,619) | (10,923) | 95,276 | 625 | 95,901 | |
Beginning balance at Dec. 31, 2022 | $ 311,857 | 311,857 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 61,320 | 61,320 | 437 | 61,320 | |||||
Net loss | 61,757 | ||||||||
Net income (loss) | (763) | ||||||||
Net loss | (763) | ||||||||
Net loss | 437 | ||||||||
Adjustment of noncontrolling interest to redemption value | (8,659) | (8,659) | 8,659 | (8,659) | |||||
Other comprehensive income (loss), net of income taxes | (6,292) | (6,292) | (6,292) | ||||||
Payment of dividends | 106 | (41,900) | (41,794) | (296) | (42,090) | ||||
Restricted stock units and stock options surrendered | 1 | (4,080) | (4,079) | (4,079) | |||||
Equity-based compensation expense | 3,739 | 3,739 | 3,739 | ||||||
Ending balance at Mar. 31, 2023 | 553 | 1,093,839 | (18,467) | (959,199) | (17,215) | 99,511 | 766 | 100,277 | |
Ending balance at Mar. 31, 2023 | $ 319,753 | 319,753 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Transition adjustment related to adoption | $ 553 | $ 1,093,839 | $ (18,467) | $ (959,199) | $ (17,215) | $ 99,511 | $ 766 | $ 100,277 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Deficit) And Noncontrolling Interest (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Statement of Stockholders' Equity (Deficit) And Noncontrolling Interest [Abstract] | |
Dividend amount for current period (in dollars per share) | $ 0.75 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation | |
Basis of Presentation | 1. BASIS OF PRESENTATION: On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These five resorts, which the Company refers to as the 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 Company’s other owned 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. The Company also owns a controlling 70% equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group, which the Company reports as its Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; two Nashville-based assets managed by Marriott – the Wildhorse Saloon and the General Jackson Showboat; and as of May 31, 2022, Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”). See Note 2, “Block 21 Transaction,” for further disclosure regarding Block 21. Opry Entertainment Group also owns a 50% interest in a joint venture that creates and distributes a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”). As further disclosed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, on June 16, 2022, the Company and certain of its subsidiaries, including OEG Attractions Holdings, LLC (“OEG”), which directly or indirectly owns the assets that comprise the Company’s Entertainment segment, consummated the transactions contemplated by an investment agreement with Atairos Group, Inc. (“Atairos”) and A-OEG Holdings, LLC, an affiliate of Atairos (the “OEG Investor”), pursuant to which OEG issued and sold to the OEG Investor, and the OEG Investor acquired, 30% of the equity interests of OEG for approximately $296.0 million (the “OEG Transaction”). The Company retains a controlling 70% equity interest in OEG and continues to consolidate the assets, liabilities and results of operations of OEG in the accompanying condensed consolidated financial statements. The portion of OEG that the Company does not own is recorded as noncontrolling interest in consolidated joint venture, which is classified as mezzanine equity in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statement of equity (deficit) and noncontrolling interest. See Note 4, “Income (Loss) Per Share,” for further disclosure. The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations. The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other. Newly Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, “ Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform – Deferral of the Sunset Date of Topic 848 |
Block 21 Transaction
Block 21 Transaction | 3 Months Ended |
Mar. 31, 2023 | |
Block 21 Transaction | |
Block 21 Transaction | 2. BLOCK 21 TRANSACTION: As further disclosed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, on May 31, 2022, the Company purchased Block 21 for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which includes the assumption of approximately $136 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin Hotel, which Marriott manages, the 3TEN at ACL Live club and approximately 53,000 square feet of other Class A commercial space. The Company funded the cash portion of the purchase price with cash on hand and borrowings under its revolving credit facility. The acquisition was accounted for as a business combination, given the different nature of the principal operations acquired (a hotel and an entertainment venue). Block 21 assets are reflected in the Company’s Entertainment segment as of May 31, 2022. During the current quarter, the Company concluded its valuation of the fair value of the acquired assets and liabilities as of May 31, 2022, and no significant changes were made to the provisional amounts disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Revenues | |
Revenues | 3. REVENUES: Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle is eliminated for the portion of Circle that the Company owns. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency. The Company’s revenues disaggregated by major source are as follows (in thousands): Three Months Ended March 31, 2023 2022 Hotel group rooms $ 120,513 $ 62,478 Hotel transient rooms 40,738 39,115 Hotel food and beverage - banquets 160,499 72,824 Hotel food and beverage - outlets 55,305 39,292 Hotel other 47,384 47,402 Entertainment admissions/ticketing 22,156 15,549 Entertainment food and beverage 24,066 14,361 Entertainment produced content 1,134 1,468 Entertainment retail and other 19,924 6,646 Total revenues $ 491,719 $ 299,135 The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands): Three Months Ended March 31, 2023 2022 Gaylord Opryland $ 111,806 $ 73,519 Gaylord Palms 84,546 59,848 Gaylord Texan 86,398 56,636 Gaylord National 72,772 32,587 Gaylord Rockies 64,047 34,787 AC Hotel 2,211 1,607 Inn at Opryland 2,659 2,127 Total Hospitality segment revenues $ 424,439 $ 261,111 The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee and Austin, Texas. The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms and advanced ticketing at its OEG venues. At March 31, 2023 and December 31, 2022, the Company had $163.4 million and $136.5 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2022, approximately $70.1 million was recognized in revenue during the three months ended March 31, 2023. |
Income (Loss) Per Share
Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Numerator: | |
Income (Loss) Per Share | 4. INCOME (LOSS) PER SHARE: The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) available to common stockholders $ 61,320 $ (24,621) Net loss attributable to noncontrolling interest in consolidated joint venture (763) — Net income (loss) available to common stockholders - if-converted method $ 60,557 $ (24,621) Denominator: Weighted average shares outstanding - basic 55,182 55,086 Effect of dilutive stock-based compensation 281 — Effect of dilutive put rights 3,863 — Weighted average shares outstanding - diluted 59,326 55,086 Basic income (loss) per share available to common stockholders $ 1.11 $ (0.45) Diluted income (loss) per share available to common stockholders $ 1.02 $ (0.45) For the three months ended March 31, 2022, the effect of dilutive stock-based compensation was the equivalent of 0.3 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in the three months ended March 31, 2022, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive. As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, although currently not exercisable, the OEG Investor has certain put rights (the “OEG Put Rights”) to require the Company to purchase the OEG Investor’s equity interest in OEG, which the Company may pay in cash or Company stock, at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the OEG Investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock. The operating partnership units (“OP Units”) held by the noncontrolling interest holders in the Operating Partnership have been excluded from the denominator of the diluted income (loss) per share calculation for the three months ended March 31, 2023 and 2022 as there would be no effect on the calculation of diluted income (loss) per share because the income (loss) attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net income (loss) available to common stockholders. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Equity | |
Accumulated Other Comprehensive Loss | 5. ACCUMULATED OTHER COMPREHENSIVE LOSS: The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 12, “Pension Plans,” interest rate derivatives designated as cash flow hedges related to the Company’s outstanding debt as discussed in Note 8, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 7, “Notes Receivable,” to the condensed consolidated financial statements included herein. Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2022 $ (18,021) $ (3,087) $ 10,185 $ (10,923) Losses arising during period — — (1,010) (1,010) Amounts reclassified from accumulated other comprehensive loss (67) 53 (5,268) (5,282) Net other comprehensive income (loss) (67) 53 (6,278) (6,292) Balance, March 31, 2023 $ (18,088) $ (3,034) $ 3,907 $ (17,215) Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2021 $ (16,419) $ (3,298) $ (9,363) $ (29,080) Gains arising during period — — 6,070 6,070 Amounts reclassified from accumulated other comprehensive loss (86) 53 3,949 3,916 Net other comprehensive income (loss) (86) 53 10,019 9,986 Balance, March 31, 2022 $ (16,505) $ (3,245) $ 656 $ (19,094) |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property and Equipment | |
Property and Equipment | 6. PROPERTY AND EQUIPMENT: Property and equipment, including right-of-use finance lease assets, at March 31, 2023 and December 31, 2022 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands): March 31, December 31, 2023 2022 Land and land improvements $ 451,422 $ 443,469 Buildings 3,801,386 3,785,968 Furniture, fixtures and equipment 1,027,535 1,015,078 Right-of-use finance lease assets 1,613 1,613 Construction-in-progress 53,128 50,312 5,335,084 5,296,440 Accumulated depreciation and amortization (2,171,184) (2,124,732) Property and equipment, net $ 3,163,900 $ 3,171,708 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Notes Receivable | |
Notes Receivable | 7. NOTES RECEIVABLE: As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $64.2 million and $67.6 million at March 31, 2023 and December 31, 2022, respectively, net of credit loss reserve of $38.0 million at each of March 31, 2023 and December 31, 2022. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method. The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel. As a result of reduced tax revenue projections over the remaining life of the bonds, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances. During each of the three months ended March 31, 2023 and 2022, the Company recorded interest income of $1.3 million on these bonds. The Company received payments of $4.7 million and $5.1 million during the three months ended March 31, 2023 and 2022, respectively, relating to these bonds. At March 31, 2023 and December 31, 2022, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $39.8 million and $41.0 million, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt | |
Debt | 8. DEBT: The Company’s debt and finance lease obligations at March 31, 2023 and December 31, 2022 consisted of (in thousands): March 31, December 31, 2023 2022 $700M Revolving Credit Facility, interest at LIBOR plus 1.50%, maturing March 31, 2024 $ — $ — $500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024 370,000 371,250 $600M Senior Notes, interest at 4.50%, maturing February 15, 2029 600,000 600,000 $700M Senior Notes, interest at 4.75%, maturing October 15, 2027 700,000 700,000 $800M Gaylord Rockies Term Loan, interest at LIBOR plus 2.50%, maturing July 2, 2023 800,000 800,000 $300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029 298,500 299,250 $65M OEG Revolver, interest at SOFR plus 4.75%, maturing June 16, 2027 7,000 — Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026 133,934 134,636 Finance lease obligations 618 685 Unamortized deferred financing costs (30,912) (30,482) Unamortized discount (12,242) (12,747) Total debt $ 2,866,898 $ 2,862,592 Amounts due within one year consist of the $800 million Gaylord Rockies term loan, the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, amortization payments for the $300 million OEG term loan of 1.0% of the original principal balance, and amortization of the Block 21 CMBS loan based on a 30-year amortization. The Gaylord Rockies term loan has three, one-year extension options, subject to certain requirements in the Gaylord Rockies term loan. The Company has fulfilled the necessary requirements to exercise the first of these extension options. At March 31, 2023, there were no defaults under the covenants related to the Company’s outstanding debt. Interest Rate Derivatives The Company has entered into interest rate swaps to manage interest rate risk associated with the Company’s $500 million term loan B, the Gaylord Rockies $800 million term loan and the $300 million OEG term loan. Each swap has been designated as a cash flow hedge whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges. For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $5.9 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense in the next twelve months. The estimated fair value of the Company’s derivative financial instruments at March 31, 2023 and December 31, 2022 is as follows (in thousands): Estimated Fair Value Asset (Liability) Balance Strike Notional March 31, December 31, Hedged Debt Type Rate Index Maturity Date Amount 2023 2022 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 $ 87,500 $ 356 $ 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 356 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 356 1,096 Term Loan B Interest Rate Swap 1.2315% 1-month LIBOR May 11, 2023 87,500 355 1,093 Gaylord Rockies Term Loan Interest Rate Swap 3.3410% 1-month LIBOR August 1, 2023 800,000 4,388 6,969 OEG Term Loan Interest Rate Swap 4.5330% 3-month SOFR December 18, 2025 100,000 (1,904) (1,164) $ 3,907 $ 10,186 Derivative financial instruments in an asset position are included in prepaid expenses and other assets, and those in a liability position are included in other liabilities in the accompanying condensed consolidated balance sheets. The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands): Amount of Gain (Loss) Amount of Gain (Loss) Recognized in OCI on Reclassified from Accumulated Derivative Location of Gain (Loss) OCI into Income (Expense) Three Months Ended Reclassified from Three Months Ended March 31, Accumulated OCI March 31, 2023 2022 into Income (Expense) 2023 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ (1,010) $ 6,070 Interest expense $ 5,268 $ (3,949) Total derivatives $ (1,010) $ 6,070 $ 5,268 $ (3,949) Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for the three months ended March 31, 2023 and 2022 was $42.5 million and $31.9 million, respectively. At March 31, 2023, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.9 million. As of March 31, 2023, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $2.0 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. |
Deferred Management Rights Proc
Deferred Management Rights Proceeds | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Management Rights Proceeds | |
Deferred Management Rights Proceeds | 9. DEFERRED MANAGEMENT RIGHTS PROCEEDS: On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. The Company allocated $190.0 million of the purchase price to the Management Rights, based on the Company’s estimates of the fair values for the respective components. For financial accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight-line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Leases | 10. LEASES: The Company is a lessee of a 65.3-acre site in Osceola County, Florida on which Gaylord Palms is located; building or land leases for Ole Red Gatlinburg, Ole Red Orlando, Ole Red Tishomingo, Ole Red Nashville International Airport and Ole Red Las Vegas; and various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through January 2101 five five The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms, and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applies judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “ Leases The Company’s lease costs for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 4,657 $ 3,536 Finance lease cost: Amortization of right-of-use assets 31 31 Interest on lease liabilities 6 8 Net lease cost $ 4,694 $ 3,575 Future minimum lease payments under non-cancelable leases at March 31, 2023 are as follows (in thousands): Operating Finance Leases Leases Year 1 $ 7,883 $ 153 Year 2 8,885 46 Year 3 8,886 46 Year 4 8,983 46 Year 5 8,979 46 Years thereafter 562,853 462 Total future minimum lease payments 606,469 799 Less amount representing interest (480,281) (181) Total present value of minimum payments $ 126,188 $ 618 Weighted-average remaining lease term: Operating leases 44.0 years Finance leases 12.4 years Weighted-average discount rate: Operating leases 7.0 % Finance leases 4.0 % |
Stock Plans
Stock Plans | 3 Months Ended |
Mar. 31, 2023 | |
Stock Plans | |
Stock Plans | 11. STOCK PLANS: During the three months ended March 31, 2023, the Company granted 0.2 million restricted stock units with a weighted-average grant date fair value of $86.59 per unit. There were 0.6 million restricted stock units outstanding at each of March 31, 2023 and December 31, 2022. Compensation expense for the Company’s stock-based compensation plans was $3.7 million and $3.8 million for the three months ended March 31, 2023 and 2022, respectively. |
Pension Plans
Pension Plans | 3 Months Ended |
Mar. 31, 2023 | |
Pension Plans | |
Pension Plans | 12. PENSION PLANS: Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): Three Months Ended March 31, 2023 2022 Interest cost $ 825 $ 526 Expected return on plan assets (730) (1,031) Amortization of net actuarial loss 228 200 Total net periodic pension (income) expense $ 323 $ (305) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes | |
Income Taxes | 13. INCOME TAXES: The Company elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company is not subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company continues to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”). For the three months ended March 31, 2023 and 2022, the Company recorded an income tax provision (benefit) of $1.6 million and $(0.1) million, respectively, related to its TRSs. At March 31, 2023 and December 31, 2022, the Company had no unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES: The Company has entered into limited repayment and carry guaranties related to the Second Amended and Restated Loan Agreement, as amended, related to Gaylord Rockies (the “Gaylord Rockies Loan”) that, in the aggregate, guarantee repayment of 10% of the principal debt, together with interest and operating expenses, which are to be released once Gaylord Rockies achieves a certain debt service coverage threshold as defined in the Gaylord Rockies Loan. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to (i) those limited guaranties and (ii) customary non-recourse carve-outs. In connection with the purchase of Block 21, the Company provided (i) limited guarantees to the Block 21 lenders under the Block 21 CMBS Loan via a guaranty agreement, a guaranty of completion agreement and an environmental indemnity, and (2) a letter of credit drawable by the Block 21 lenders in the event of a default of the Block 21 CMBS Loan. In April 2019, a subsidiary of the Company acquired a 50% equity interest in Circle and has made capital contributions of $35.0 million through March 31, 2023. In addition, the Company intends to contribute up to an additional $8.2 million through December 31, 2023 for working capital needs. The Company accounts for its investment in this joint venture under the equity method of accounting. The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control. The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity | |
Equity | 15. EQUITY Dividends On February 23, 2023, the Company’s board of directors declared the Company’s first quarter 2023 cash dividend in the amount of $0.75 per share of common stock, or an aggregate of approximately $41.7 million in cash, which was paid on April 17, 2023 to stockholders of record as of the close of business on March 31, 2023. Any future dividend is subject to the Company’s board of directors’ determination as to the amount of distributions and the timing thereof. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP Units held by the noncontrolling limited partners are redeemable for cash, or if the Company so elects, in shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. At March 31, 2023, 0.4 million outstanding OP Units, or less than 1% of the outstanding OP Units, were held by the noncontrolling limited partners and are included as a component of equity in the accompanying condensed consolidated balance sheets. The Company owns, directly or indirectly, the remaining 99.3% of the outstanding OP Units. At-the-Market (“ATM”) Equity Distribution Agreement On May 27, 2021, the Company entered into an ATM equity distribution agreement (the “ATM Agreement”) with a consortium of banks (each a “Sales Agent” and collectively, the “Sales Agents”), pursuant to which the Company may offer and sell to or through the Sales Agents (the “ATM Offering”), from time to time, up to 4.0 million shares (the “Shares”) of the Company’s common stock in such share amounts as the Company may specify by notice to the Sales Agents, in accordance with the terms and conditions set forth in the ATM Agreement. Under the ATM Agreement, the Company will set the parameters for the sale of the Shares, including the number of the Shares to be issued, the time period during which sales are requested to be made, limitation on the number of the Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Each Sales Agent will use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell such Shares up to the amount specified, and otherwise in accordance with mutually agreed terms between the Sales Agent and the Company. Neither the Company nor any of the Sales Agents are obligated to sell any specific number or dollar amount of Shares under the ATM Agreement. The Sales Agents will be paid a commission of up to 2.0% of the gross sales price from the sale of any Shares. The Company intends to use the net proceeds from any sale of Shares for the repayment of outstanding indebtedness, which may include the repayment of amounts outstanding under the Company’s credit agreement governing the Company’s revolving credit facility. Net proceeds which are not used for the repayment of outstanding indebtedness (to the extent then permitted by the Company’s credit agreement) may be used for general corporate purposes. No shares were issued under the ATM Agreement during the three months ended March 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 16. FAIR VALUE MEASUREMENTS: The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1. The Company’s interest rate swaps consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2. The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument. The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022, were as follows (in thousands): Markets for Observable Unobservable March 31, Identical Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 30,335 $ 30,335 $ — $ — Variable to fixed interest rate swaps 5,811 — 5,811 — Total assets measured at fair value $ 36,146 $ 30,335 $ 5,811 $ — Variable to fixed interest rate swaps $ 1,904 $ — $ 1,904 $ — Total liabilities measured at fair value $ 1,904 $ — $ 1,904 $ — Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 29,245 $ 29,245 $ — $ — Variable to fixed interest rate swaps 11,350 — 11,350 — Total assets measured at fair value $ 40,595 $ 29,245 $ 11,350 $ — Variable to fixed interest rate swaps $ 1,164 $ — $ 1,164 $ — Total liabilities measured at fair value $ 1,164 $ — $ 1,164 $ — The remainder of the assets and liabilities held by the Company at March 31, 2023 are not required to be recorded at fair value, and the carrying value of these assets and liabilities approximates fair value, except as described below. The Company has outstanding $600.0 million in aggregate principal amount of $600 million 4.50% senior notes. The carrying value of these notes at March 31, 2023 was $592.1 million, net of unamortized deferred financing costs (“DFCs”). The fair value of these notes, based upon quoted market prices (Level 1), was $542.2 million at March 31, 2023. The Company has outstanding $700.0 million in aggregate principal amount of $700 million 4.75% senior notes. The carrying value of these notes at March 31, 2023 was $694.0 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $658.9 million at March 31, 2023. |
Financial Reporting By Business
Financial Reporting By Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Financial Reporting By Business Segments | |
Financial Reporting By Business Segments | 17. FINANCIAL REPORTING BY BUSINESS SEGMENTS: The Company’s operations are organized into three principal business segments: ● Hospitality , which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel; ● Entertainment , which includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and ● Corporate and Other , which includes the Company’s corporate expenses. The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): Three Months Ended March 31, 2023 2022 Revenues: Hospitality $ 424,439 $ 261,111 Entertainment 67,280 38,024 Corporate and Other — — Total $ 491,719 $ 299,135 Depreciation and amortization: Hospitality $ 42,875 $ 52,271 Entertainment 5,265 3,552 Corporate and Other 217 205 Total $ 48,357 $ 56,028 Operating income (loss): Hospitality $ 106,070 $ 15,668 Entertainment 10,581 2,741 Corporate and Other (10,811) (9,762) Preopening costs (190) (304) Loss on sale of assets — (469) Total operating income 105,650 7,874 Interest expense (42,528) (31,937) Interest income 2,547 1,381 Loss from unconsolidated joint ventures (2,806) (2,627) Other gains and (losses), net (236) 447 Income (loss) before income taxes $ 62,627 $ (24,862) March 31, December 31, 2023 2022 Identifiable assets: Hospitality $ 3,213,984 $ 3,314,444 Entertainment 518,029 502,913 Corporate and Other 302,666 223,266 Total identifiable assets $ 4,034,679 $ 4,040,623 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation | |
Revenue Recognition | Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle is eliminated for the portion of Circle that the Company owns. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency. |
Deferred Revenue | The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms and advanced ticketing at its OEG venues. |
Newly Issued Accounting Standards | Newly Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, “ Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform – Deferral of the Sunset Date of Topic 848 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenues | |
Revenues Disaggregated by Major Source | The Company’s revenues disaggregated by major source are as follows (in thousands): Three Months Ended March 31, 2023 2022 Hotel group rooms $ 120,513 $ 62,478 Hotel transient rooms 40,738 39,115 Hotel food and beverage - banquets 160,499 72,824 Hotel food and beverage - outlets 55,305 39,292 Hotel other 47,384 47,402 Entertainment admissions/ticketing 22,156 15,549 Entertainment food and beverage 24,066 14,361 Entertainment produced content 1,134 1,468 Entertainment retail and other 19,924 6,646 Total revenues $ 491,719 $ 299,135 |
Hospitality Segment Revenues Disaggregated by Location | The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands): Three Months Ended March 31, 2023 2022 Gaylord Opryland $ 111,806 $ 73,519 Gaylord Palms 84,546 59,848 Gaylord Texan 86,398 56,636 Gaylord National 72,772 32,587 Gaylord Rockies 64,047 34,787 AC Hotel 2,211 1,607 Inn at Opryland 2,659 2,127 Total Hospitality segment revenues $ 424,439 $ 261,111 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Numerator: | |
Weighted Average Number of Common Shares Outstanding | The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) available to common stockholders $ 61,320 $ (24,621) Net loss attributable to noncontrolling interest in consolidated joint venture (763) — Net income (loss) available to common stockholders - if-converted method $ 60,557 $ (24,621) Denominator: Weighted average shares outstanding - basic 55,182 55,086 Effect of dilutive stock-based compensation 281 — Effect of dilutive put rights 3,863 — Weighted average shares outstanding - diluted 59,326 55,086 Basic income (loss) per share available to common stockholders $ 1.11 $ (0.45) Diluted income (loss) per share available to common stockholders $ 1.02 $ (0.45) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity | |
Summary of Changes in Accumulated Other Comprehensive Loss by Component | Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2022 $ (18,021) $ (3,087) $ 10,185 $ (10,923) Losses arising during period — — (1,010) (1,010) Amounts reclassified from accumulated other comprehensive loss (67) 53 (5,268) (5,282) Net other comprehensive income (loss) (67) 53 (6,278) (6,292) Balance, March 31, 2023 $ (18,088) $ (3,034) $ 3,907 $ (17,215) Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2021 $ (16,419) $ (3,298) $ (9,363) $ (29,080) Gains arising during period — — 6,070 6,070 Amounts reclassified from accumulated other comprehensive loss (86) 53 3,949 3,916 Net other comprehensive income (loss) (86) 53 10,019 9,986 Balance, March 31, 2022 $ (16,505) $ (3,245) $ 656 $ (19,094) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property and Equipment | |
Property and Equipment | Property and equipment, including right-of-use finance lease assets, at March 31, 2023 and December 31, 2022 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands): March 31, December 31, 2023 2022 Land and land improvements $ 451,422 $ 443,469 Buildings 3,801,386 3,785,968 Furniture, fixtures and equipment 1,027,535 1,015,078 Right-of-use finance lease assets 1,613 1,613 Construction-in-progress 53,128 50,312 5,335,084 5,296,440 Accumulated depreciation and amortization (2,171,184) (2,124,732) Property and equipment, net $ 3,163,900 $ 3,171,708 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt | |
Summary of Debt and Finance Lease Obligations | The Company’s debt and finance lease obligations at March 31, 2023 and December 31, 2022 consisted of (in thousands): March 31, December 31, 2023 2022 $700M Revolving Credit Facility, interest at LIBOR plus 1.50%, maturing March 31, 2024 $ — $ — $500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024 370,000 371,250 $600M Senior Notes, interest at 4.50%, maturing February 15, 2029 600,000 600,000 $700M Senior Notes, interest at 4.75%, maturing October 15, 2027 700,000 700,000 $800M Gaylord Rockies Term Loan, interest at LIBOR plus 2.50%, maturing July 2, 2023 800,000 800,000 $300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029 298,500 299,250 $65M OEG Revolver, interest at SOFR plus 4.75%, maturing June 16, 2027 7,000 — Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026 133,934 134,636 Finance lease obligations 618 685 Unamortized deferred financing costs (30,912) (30,482) Unamortized discount (12,242) (12,747) Total debt $ 2,866,898 $ 2,862,592 |
Schedule of Fair Value of the Company's Derivative Financial Instruments | The estimated fair value of the Company’s derivative financial instruments at March 31, 2023 and December 31, 2022 is as follows (in thousands): Estimated Fair Value Asset (Liability) Balance Strike Notional March 31, December 31, Hedged Debt Type Rate Index Maturity Date Amount 2023 2022 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 $ 87,500 $ 356 $ 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 356 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 356 1,096 Term Loan B Interest Rate Swap 1.2315% 1-month LIBOR May 11, 2023 87,500 355 1,093 Gaylord Rockies Term Loan Interest Rate Swap 3.3410% 1-month LIBOR August 1, 2023 800,000 4,388 6,969 OEG Term Loan Interest Rate Swap 4.5330% 3-month SOFR December 18, 2025 100,000 (1,904) (1,164) $ 3,907 $ 10,186 |
Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations | The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands): Amount of Gain (Loss) Amount of Gain (Loss) Recognized in OCI on Reclassified from Accumulated Derivative Location of Gain (Loss) OCI into Income (Expense) Three Months Ended Reclassified from Three Months Ended March 31, Accumulated OCI March 31, 2023 2022 into Income (Expense) 2023 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ (1,010) $ 6,070 Interest expense $ 5,268 $ (3,949) Total derivatives $ (1,010) $ 6,070 $ 5,268 $ (3,949) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Schedule of Company's Lease Cost | The Company’s lease costs for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 4,657 $ 3,536 Finance lease cost: Amortization of right-of-use assets 31 31 Interest on lease liabilities 6 8 Net lease cost $ 4,694 $ 3,575 |
Summary of Maturities of Operating Lease Liabilities | Future minimum lease payments under non-cancelable leases at March 31, 2023 are as follows (in thousands): Operating Finance Leases Leases Year 1 $ 7,883 $ 153 Year 2 8,885 46 Year 3 8,886 46 Year 4 8,983 46 Year 5 8,979 46 Years thereafter 562,853 462 Total future minimum lease payments 606,469 799 Less amount representing interest (480,281) (181) Total present value of minimum payments $ 126,188 $ 618 |
Summary of Maturities of Finance Lease Liabilities | Operating Finance Leases Leases Year 1 $ 7,883 $ 153 Year 2 8,885 46 Year 3 8,886 46 Year 4 8,983 46 Year 5 8,979 46 Years thereafter 562,853 462 Total future minimum lease payments 606,469 799 Less amount representing interest (480,281) (181) Total present value of minimum payments $ 126,188 $ 618 |
Schedule of Remaining Lease Term and Discount Rate of Leases | Weighted-average remaining lease term: Operating leases 44.0 years Finance leases 12.4 years Weighted-average discount rate: Operating leases 7.0 % Finance leases 4.0 % |
Pension Plans (Tables)
Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): Three Months Ended March 31, 2023 2022 Interest cost $ 825 $ 526 Expected return on plan assets (730) (1,031) Amortization of net actuarial loss 228 200 Total net periodic pension (income) expense $ 323 $ (305) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022, were as follows (in thousands): Markets for Observable Unobservable March 31, Identical Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 30,335 $ 30,335 $ — $ — Variable to fixed interest rate swaps 5,811 — 5,811 — Total assets measured at fair value $ 36,146 $ 30,335 $ 5,811 $ — Variable to fixed interest rate swaps $ 1,904 $ — $ 1,904 $ — Total liabilities measured at fair value $ 1,904 $ — $ 1,904 $ — Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 29,245 $ 29,245 $ — $ — Variable to fixed interest rate swaps 11,350 — 11,350 — Total assets measured at fair value $ 40,595 $ 29,245 $ 11,350 $ — Variable to fixed interest rate swaps $ 1,164 $ — $ 1,164 $ — Total liabilities measured at fair value $ 1,164 $ — $ 1,164 $ — |
Financial Reporting By Busine_2
Financial Reporting By Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Financial Reporting By Business Segments | |
Segments' Internal Financial Reports | The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): Three Months Ended March 31, 2023 2022 Revenues: Hospitality $ 424,439 $ 261,111 Entertainment 67,280 38,024 Corporate and Other — — Total $ 491,719 $ 299,135 Depreciation and amortization: Hospitality $ 42,875 $ 52,271 Entertainment 5,265 3,552 Corporate and Other 217 205 Total $ 48,357 $ 56,028 Operating income (loss): Hospitality $ 106,070 $ 15,668 Entertainment 10,581 2,741 Corporate and Other (10,811) (9,762) Preopening costs (190) (304) Loss on sale of assets — (469) Total operating income 105,650 7,874 Interest expense (42,528) (31,937) Interest income 2,547 1,381 Loss from unconsolidated joint ventures (2,806) (2,627) Other gains and (losses), net (236) 447 Income (loss) before income taxes $ 62,627 $ (24,862) March 31, December 31, 2023 2022 Identifiable assets: Hospitality $ 3,213,984 $ 3,314,444 Entertainment 518,029 502,913 Corporate and Other 302,666 223,266 Total identifiable assets $ 4,034,679 $ 4,040,623 |
Basis of Presentation (Details)
Basis of Presentation (Details) - item | Mar. 31, 2023 | Apr. 30, 2019 |
Ryman Hospitality Properties, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Retained equity interest | 99.30% | |
Circle [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50% | 50% |
Opry Entertainment Group [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Nashville based assets managed by Marriott | 2 | |
Opry Entertainment Group [Member] | Ryman Hospitality Properties, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 70% | |
Retained equity interest | 70% |
Basis of Presentation - OEG Tra
Basis of Presentation - OEG Transaction (Details) - USD ($) $ in Millions | Jun. 16, 2022 | Mar. 31, 2023 |
Ryman Hospitality Properties, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Retained equity interest | 99.30% | |
Ryman Hospitality Properties, Inc [Member] | Opry Entertainment Group [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Retained equity interest | 70% | |
Investor | OEG Attractions Holdings, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Sale proceeds | $ 296 | |
Investor | OEG Attractions Holdings, LLC | Noncontrolling Investor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 30% |
Block 21 Transaction - Narrativ
Block 21 Transaction - Narratives (Details) - Block 21 [Member] $ in Millions | May 31, 2022 USD ($) ft² room item |
Business Acquisition [Line Items] | |
Stated purchase price | $ 260 |
Purchase price | 255 |
Liabilities assumed | $ 136 |
ACL Live at Moody Theater [Member] | |
Business Acquisition [Line Items] | |
Seat capacity | item | 2,750 |
W Austin Hotel [Member] | |
Business Acquisition [Line Items] | |
Number of hotel rooms | room | 251 |
Class A Commercial Space [Member] | |
Business Acquisition [Line Items] | |
Net rentable area, commercial space | ft² | 53,000 |
Revenues - Revenues Disaggregat
Revenues - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 491,719 | $ 299,135 |
Rooms [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 161,251 | 101,593 |
Hotel Group Rooms [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 120,513 | 62,478 |
Hotel Transient Rooms [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 40,738 | 39,115 |
Food and Beverage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 215,804 | 112,116 |
Hotel Food And Beverage Banquets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 160,499 | 72,824 |
Hotel Food And Beverage Outlets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 55,305 | 39,292 |
Hotel, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 47,384 | 47,402 |
Entertainment Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 67,280 | 38,024 |
Entertainment Admissions And Ticketing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,156 | 15,549 |
Entertainment Food And Beverage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 24,066 | 14,361 |
Entertainment Produced Content [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,134 | 1,468 |
Entertainment Retail And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 19,924 | $ 6,646 |
Revenues - Hospitality Segment
Revenues - Hospitality Segment Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 491,719 | $ 299,135 |
Hospitality [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 424,439 | 261,111 |
Hospitality [Member] | Gaylord Opryland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 111,806 | 73,519 |
Hospitality [Member] | Gaylord Palms [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 84,546 | 59,848 |
Hospitality [Member] | Gaylord Texan [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 86,398 | 56,636 |
Hospitality [Member] | Gaylord National [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 72,772 | 32,587 |
Hospitality [Member] | Gaylord Rockies [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 64,047 | 34,787 |
Hospitality [Member] | AC Hotel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,211 | 1,607 |
Hospitality [Member] | Inn at Opryland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 2,659 | $ 2,127 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Liability [Abstract] | ||
Deferred revenues | $ 163.4 | $ 136.5 |
Change in Contract with Customer, Liability [Abstract] | ||
Revenue recognized | $ 70.1 |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income (loss) available to common shareholders | $ 61,320 | $ (24,621) |
Net income attributable to noncontrolling interest in consolidated joint venture | (763) | |
Net income (loss) available to common shareholders - if-converted method | $ 60,557 | $ (24,621) |
Denominator: | ||
Weighted average shares outstanding - basic (in shares) | 55,182 | 55,086 |
Effect of dilutive stock-based compensation (in shares) | 281 | |
Effect of dilutive put rights (in shares) | 3,863 | |
Weighted average shares outstanding - diluted (in shares) | 59,326 | 55,086 |
Basic income (loss) per share available to common stockholders | $ 1.11 | $ (0.45) |
Diluted income (loss) per share available to common stockholders | $ 1.02 | $ (0.45) |
Income (Loss) Per Share - Addit
Income (Loss) Per Share - Additional Information (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2022 shares | |
Stock-based compensation | |
INCOME PER SHARE | |
Anti-dilutive securities excluded from EPS computation | 0.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 95,276 | ||
Transition adjustment | (959,199) | $ (978,619) | |
Transition adjustment | (17,215) | $ (10,923) | |
Ending balance | 99,511 | ||
Interest Rate Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 10,185 | $ (9,363) | |
Gains (losses) arising during period | (1,010) | 6,070 | |
Amounts reclassified from accumulated other comprehensive loss | (5,268) | 3,949 | |
Net other comprehensive income (loss) | (6,278) | 10,019 | |
Ending balance | 3,907 | 656 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (18,021) | (16,419) | |
Amounts reclassified from accumulated other comprehensive loss | (67) | (86) | |
Net other comprehensive income (loss) | (67) | (86) | |
Ending balance | (18,088) | (16,505) | |
Accumulated Other-than-Temporary Impairment of Investment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (3,087) | (3,298) | |
Amounts reclassified from accumulated other comprehensive loss | 53 | 53 | |
Net other comprehensive income (loss) | 53 | 53 | |
Ending balance | (3,034) | (3,245) | |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (10,923) | (29,080) | |
Gains (losses) arising during period | (1,010) | 6,070 | |
Amounts reclassified from accumulated other comprehensive loss | (5,282) | 3,916 | |
Net other comprehensive income (loss) | (6,292) | 9,986 | |
Ending balance | $ (17,215) | $ (19,094) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use finance lease assets | $ 1,613 | $ 1,613 |
Property and equipment, gross | 5,335,084 | 5,296,440 |
Accumulated depreciation | (2,171,184) | (2,124,732) |
Property and equipment, net | 3,163,900 | 3,171,708 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 451,422 | 443,469 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,801,386 | 3,785,968 |
Furniture and Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,027,535 | 1,015,078 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 53,128 | $ 50,312 |
Notes Receivable - General Info
Notes Receivable - General Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregate carrying values | $ 64,209 | $ 67,628 |
Transition adjustment | $ (959,199) | (978,619) |
Bonds A Series [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maturity date of notes receivable | Jul. 01, 2034 | |
Bonds B Series [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maturity date of notes receivable | Sep. 01, 2037 | |
Bonds A and B Series [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregate carrying values | $ 64,200 | $ 67,600 |
Credit loss reserve | $ 38,000 |
Notes Receivable - Interest Inc
Notes Receivable - Interest Income and Payment Received (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 2,547 | $ 1,381 | |
Payment received relating to notes receivables | 2,143 | 2,381 | |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment received relating to notes receivables | 4,700 | 5,100 | |
Accrued interest receivable | 39,800 | $ 41,000 | |
Bonds A and B Series [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 1,300 | $ 1,300 |
Debt - Debt and Capital Lease O
Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 618 | $ 685 |
Unamortized deferred financing costs | (30,912) | (30,482) |
Unamortized discount | (12,242) | (12,747) |
Total debt | 2,866,898 | 2,862,592 |
Line of Credit [Member] | $65M OEG Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit | 7,000 | |
Secured Debt [Member] | $500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 370,000 | 371,250 |
Secured Debt [Member] | $800M Gaylord Rockies Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 800,000 | 800,000 |
Secured Debt [Member] | $300M OEG Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 298,500 | 299,250 |
Secured Debt [Member] | Block 21 CMBS Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 133,934 | 134,636 |
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 600,000 | 600,000 |
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | $ 700,000 | $ 700,000 |
Debt - Summary of Debt and Capi
Debt - Summary of Debt and Capital Lease Obligations - General Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
$600 Million 4.50% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 600,000,000 | |
Line of Credit [Member] | $65M OEG Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 65,000,000 | |
Credit facility, maturity date | Jun. 16, 2027 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 700,000,000 | |
Credit facility, maturity date | Mar. 31, 2024 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 1.50% | |
Line of Credit [Member] | Revolving Credit Facility [Member] | $65M OEG Revolver [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 4.75% | |
Secured Debt [Member] | $500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 500,000,000 | $ 500,000,000 |
Debt instrument, maturity date | May 11, 2024 | |
Secured Debt [Member] | $500 Million Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 2% | |
Secured Debt [Member] | $800M Gaylord Rockies Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 800,000,000 | |
Debt instrument, maturity date | Jul. 02, 2023 | |
Secured Debt [Member] | $800M Gaylord Rockies Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 2.50% | |
Secured Debt [Member] | $300M OEG Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 300,000,000 | |
Debt instrument, maturity date | Jun. 16, 2029 | |
Secured Debt [Member] | $300M OEG Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 5% | |
Secured Debt [Member] | Block 21 CMBS Loan [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 5.58% | |
Debt instrument, maturity date | Jan. 05, 2026 | |
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 600,000,000 | |
Stated interest rate (as a percent) | 4.50% | |
Debt instrument, maturity date | Feb. 15, 2029 | |
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 700,000,000 | |
Stated interest rate (as a percent) | 4.75% | |
Debt instrument, maturity date | Oct. 15, 2027 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - Secured Debt [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Amortization term | 30 years | |
$800M Gaylord Rockies Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 800,000,000 | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | 500,000,000 | $ 500,000,000 |
Percentage of amortization of original principal balance (as a percent) | 1% | |
$300M OEG Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 300,000,000 | |
Percentage of amortization of original principal balance (as a percent) | 1% | |
Block 21 CMBS Loan [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 5.58% |
Debt - Block 21 CMBS Loan (Deta
Debt - Block 21 CMBS Loan (Details) - Secured Debt [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Amortization term | 30 years |
Block 21 CMBS Loan [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate (as a percent) | 5.58% |
Debt - Derivative Financial Ins
Debt - Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense | $ 42,528,000 | $ 31,937,000 | |
Derivatives in Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative | (1,010,000) | 6,070,000 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) | 5,268,000 | (3,949,000) | |
Derivatives in Cash Flow Hedging | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated reclassification from AOCI to interest expenses | 5,900,000 | ||
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value of derivative liability | 1,900,000 | ||
Termination value in case of breach of provisions | 2,000,000 | ||
Interest rate swaps | Derivatives in Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated Fair Value Asset (Liability) Balance | 3,907,000 | $ 10,186,000 | |
Amount of Gain (Loss) Recognized in OCI on Derivative | (1,010,000) | 6,070,000 | |
Interest rate swaps | Derivatives in Cash Flow Hedging | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) | $ 5,268,000 | $ (3,949,000) | |
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 1.2235% | ||
Derivative, maturity date | May 11, 2023 | ||
Notional amount | $ 87,500,000 | ||
Estimated Fair Value Asset (Liability) Balance | $ 356,000 | 1,096,000 | |
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 1.2235% | ||
Derivative, maturity date | May 11, 2023 | ||
Notional amount | $ 87,500,000 | ||
Estimated Fair Value Asset (Liability) Balance | $ 356,000 | 1,096,000 | |
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 1.2235% | ||
Derivative, maturity date | May 11, 2023 | ||
Notional amount | $ 87,500,000 | ||
Estimated Fair Value Asset (Liability) Balance | $ 356,000 | 1,096,000 | |
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 1.2315% | ||
Derivative, maturity date | May 11, 2023 | ||
Notional amount | $ 87,500,000 | ||
Estimated Fair Value Asset (Liability) Balance | 355,000 | 1,093,000 | |
$500 Million Term Loan B [Member] | Secured Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Face amount | $ 500,000,000 | 500,000,000 | |
$800M Gaylord Rockies Term Loan [Member] | Interest rate swaps | Derivative Instrument Gaylord Rockies Term Loan Maturing on August 1, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 3.341% | ||
Derivative, maturity date | Aug. 01, 2023 | ||
Notional amount | $ 800,000,000 | ||
Estimated Fair Value Asset (Liability) Balance | 4,388,000 | 6,969,000 | |
$800M Gaylord Rockies Term Loan [Member] | Secured Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Face amount | $ 800,000,000 | ||
$300M OEG Term Loan [Member] | Interest rate swaps | Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] | Derivatives in Cash Flow Hedging | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Strike rate | 4.533% | ||
Derivative, maturity date | Dec. 18, 2025 | ||
Notional amount | $ 100,000,000 | ||
Estimated Fair Value Asset (Liability) Balance | (1,904,000) | $ (1,164,000) | |
$300M OEG Term Loan [Member] | Secured Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Face amount | $ 300,000,000 |
Deferred Management Rights Pr_2
Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 01, 2012 | Mar. 31, 2023 | |
Deferred Management Rights Proceeds | ||
Sales price of management rights and intellectual property | $ 210 | |
Purchase price allocated to the management rights | $ 190 | |
Term of management rights for income amortization | 65 years |
Leases (Details)
Leases (Details) | 3 Months Ended |
Mar. 31, 2023 a | |
Ole Red [Member] | Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of lease | 5 years |
Operating lease, renewal term | 5 years |
Ole Red [Member] | Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of lease | 10 years |
Operating lease, renewal term | 55 years |
Land in Osceola County, Florida [Member] | |
Lessee, Lease, Description [Line Items] | |
Area of leased property | 65.3 |
Lease expiration year | 2074 |
Expiration date of lease under extension | Jan. 31, 2101 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases | ||
Operating lease cost | $ 4,657 | $ 3,536 |
Finance lease cost: | ||
Amortization of right-of-use assets | 31 | 31 |
Interest on lease liabilities | 6 | 8 |
Net lease cost | $ 4,694 | $ 3,575 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Year 1 | $ 7,883 | |
Year 2 | 8,885 | |
Year 3 | 8,886 | |
Year 4 | 8,983 | |
Year 5 | 8,979 | |
Years thereafter | 562,853 | |
Total future minimum lease payments | 606,469 | |
Less amount representing interest | (480,281) | |
Total present value of minimum payments | 126,188 | $ 125,759 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Year 1 | 153 | |
Year 2 | 46 | |
Year 3 | 46 | |
Year 4 | 46 | |
Year 5 | 46 | |
Years thereafter | 462 | |
Total future minimum lease payments | 799 | |
Less amount representing interest | (181) | |
Total present value of minimum payments | $ 618 | $ 685 |
Leases - Discount Rate (Details
Leases - Discount Rate (Details) | Mar. 31, 2023 |
Weighted-average remaining lease term (years): | |
Operating leases | 44 years |
Finance leases | 12 years 4 months 24 days |
Operating leases | 7% |
Finance leases | 4% |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock award granted by Company (in shares) | 0.2 | |
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share) | $ 86.59 | |
Restricted stock award, outstanding (in shares) | 0.6 | 0.6 |
Stock Plans - Compensation Expe
Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Plans | ||
Compensation cost on stock-based compensation plans | $ 3.7 | $ 3.8 |
Pension Plans - Net Periodic Be
Pension Plans - Net Periodic Benefit Cost (Credit) (Details) - Pension Plan [Member] - Qualified Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | $ 825 | $ 526 |
Expected return on plan assets | (730) | (1,031) |
Amortization of net actuarial loss | 228 | 200 |
Total net periodic pension (income) expense | $ 323 | $ (305) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions (Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Provision (benefit) for income taxes | $ 1,633 | $ (65) | |
Unrecognized tax benefits | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Apr. 30, 2019 | |
Gaylord Rockies [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of guarantee repayment of principal debt | 10% | |||
Circle [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest (as a percent) | 50% | 50% | ||
Payments to Acquire Interest in Joint Venture | $ 4,000 | $ 2,045 | ||
Capital contributions | $ 35,000 | |||
Circle [Member] | Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Additional possible contribution | $ 8,200 |
Equity - Dividends (Details)
Equity - Dividends (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares | |
Equity | |
Dividend payable date declared | Feb. 23, 2023 |
Dividends declared per common share | $ / shares | $ 0.75 |
Aggregated dividend paid | $ | $ 41.7 |
Dividend payable date of record | Mar. 31, 2023 |
Common stock dividend payable date | Apr. 17, 2023 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest (Details) | 3 Months Ended |
Mar. 31, 2023 shares | |
Schedule of Equity Method Investments [Line Items] | |
Redemption of Operating Partnership Units into Company's common stock (in shares) | 1 |
Outstanding Operating Partnership Units | 400,000 |
Gaylord Rockies [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of guarantee repayment of principal debt | 10% |
Noncontrolling Limited Partners [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 1% |
Percentage of outstanding Operating Partnership Units held by the noncontrolling limited partners | 1% |
Ryman Hospitality Properties, Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of outstanding Operating Partnership Units held by the company | 99.30% |
Equity - ATM Equity Distributio
Equity - ATM Equity Distribution Agreement (Details) - shares | 3 Months Ended | ||
May 27, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | |
At-the-Market Equity Distribution Agreement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Maximum commission percent of gross sales | 2% | ||
Shares issued | 0 | ||
At-the-Market Equity Distribution Agreement [Member] | Maximum [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 4,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 1,164 | |
Variable to fixed interest rate swaps | 11,350 | |
Deferred compensation plan investments | $ 30,335 | 29,245 |
Total assets measured at fair value | 36,146 | 40,595 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Variable to fixed interest rate swaps | 1,904 | 1,164 |
Variable to fixed interest rate swaps | 5,811 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,904 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | 30,335 | 29,245 |
Total assets measured at fair value | 30,335 | 29,245 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,904 | 1,164 |
Variable to fixed interest rate swaps | 11,350 | |
Total assets measured at fair value | 5,811 | 11,350 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Variable to fixed interest rate swaps | 1,904 | $ 1,164 |
Variable to fixed interest rate swaps | $ 5,811 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Mar. 31, 2023 USD ($) |
$600 Million 4.50% Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Face amount | $ 600,000,000 |
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Face amount | $ 600,000,000 |
Stated interest rate (as a percent) | 4.50% |
Debt amount | $ 592,100,000 |
Fair value of notes | 542,200,000 |
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Face amount | $ 700,000,000 |
Stated interest rate (as a percent) | 4.75% |
Debt amount | $ 694,000,000 |
Fair value of notes | $ 658,900,000 |
Financial Reporting By Busine_3
Financial Reporting By Business Segments - General Information (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of business segments | 3 |
Financial Reporting By Busine_4
Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Total revenues | $ 491,719 | $ 299,135 |
Depreciation and amortization | 48,357 | 56,028 |
Preopening costs | (190) | (304) |
Loss on sale of assets | (469) | |
Operating income (loss) | 105,650 | 7,874 |
Interest expense | (42,528) | (31,937) |
Interest income | 2,547 | 1,381 |
Loss from unconsolidated joint ventures | (2,806) | (2,627) |
Other gains and (losses), net | (236) | 447 |
Income (loss) before income taxes | 62,627 | (24,862) |
Hospitality [Member] | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Total revenues | 424,439 | 261,111 |
Depreciation and amortization | 42,875 | 52,271 |
Operating income (loss) | 106,070 | 15,668 |
Entertainment [Member] | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Total revenues | 67,280 | 38,024 |
Depreciation and amortization | 5,265 | 3,552 |
Operating income (loss) | 10,581 | 2,741 |
Corporate and Other [Member] | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Depreciation and amortization | 217 | 205 |
Operating income (loss) | $ (10,811) | $ (9,762) |
Financial Reporting By Busine_5
Financial Reporting By Business Segments - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 4,034,679 | $ 4,040,623 |
Hospitality [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 3,213,984 | 3,314,444 |
Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | 518,029 | 502,913 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable assets | $ 302,666 | $ 223,266 |