Q3 2024 Ryman Hospitality Properties Inc Earnings Call Transcript

Nov 05, 2024 / 04:00PM GMT

Transcript 10-Q8-K

Key Points

Positve

Ryman Hospitality Properties Inc (RHP) reported record third-quarter revenue and adjusted EBITDAre, driven by strong performance in both the hospitality and entertainment segments.
The company's same-store hospitality segment achieved year-over-year RevPAR growth of 2.1% and total RevPAR growth of 4.2%, with a record ADR of $245.
RHP's entertainment business delivered record third-quarter revenue, bolstered by the success of the Ole Red Las Vegas venue and the opening of the Category 10 brand in Nashville.
The company has a robust pipeline of group bookings, with significant room night and revenue production increases for future years, indicating strong demand.
RHP maintains a strong liquidity position with $1.3 billion in available liquidity, supporting its capital allocation priorities and dividend growth.

Negative

Leisure transient softness in the Nashville and Orlando markets continued into the third quarter, impacting overall performance.
Incremental construction disruptions at the Gaylord Palms and the W Austin Hotel affected the entertainment segment's performance.
The company revised its full-year guidance downward due to leisure softness, construction disruptions, and impacts from Hurricane Milton.
RHP faces ongoing challenges in the Orlando market, potentially due to consumer anticipation of the new Universal Theme Park opening.
The entertainment segment experienced sequential softness in EBITDA and margins due to venue closures and construction disruptions.

Operator

Good day, everyone, and welcome to the Ryman Hospitality Properties' third-quarter 2024 earnings conference call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr.

Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer of Opry Entertainment Group. This call will be available for digital replay. The number will be 1800-839-5685 with no conference ID required. (Operator Instructions)

It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin.

Jennifer Hutcheson

Ryman Hospitality Properties Inc - Chief Financial Officer, Executive Vice President, Chief Accounting Officer, Corporate Controller

Good morning. Thank you for joining us today.

This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial

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