Q1 2025 Ryman Hospitality Properties Inc Earnings Call Transcript
Key Points
- Ryman Hospitality Properties Inc (RHP) reported a strong first quarter with consolidated revenue increasing by 11% and adjusted EBITDAre rising by 15%.
- The Hospitality segment achieved record first quarter revenue and adjusted EBITDAre, driven by RevPAR and total RevPAR growth of 10% and 9%, respectively.
- The Entertainment segment saw a revenue growth of 34% and adjusted EBITDAre increase of 35%, both setting first quarter records.
- RHP's proactive cost management and margin improvement plans have allowed the company to maintain its adjusted EBITDAre and AFFO guidance despite revising RevPAR expectations.
- The company has a strong forward booking position for 2026 and 2027, with revenue up 9% and 13% respectively, driven primarily by rate increases.
- Economic uncertainty, particularly related to US trade policies, has led to hesitancy among businesses and meeting planners, impacting near-term group demand.
- There has been an uptick in attrition for meetings expected to travel over the next few quarters, along with a modest pullback in demand for in-the-year, for-the-year bookings.
- RHP has revised its full-year outlook for hospitality RevPAR and total RevPAR growth due to anticipated weaker group business volumes and potential for increased attrition and cancellations.
- The company is experiencing some cancellations in government-related business, which has been factored into the lower end of prior guidance.
- New hotel supply in the Nashville market has impacted performance at Gaylord Opryland, although the overall portfolio has outperformed the industry.
Welcome to Ryman Hospitality Properties first quarter 2025 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, Opry Entertainment Group. This call will be available for digital replay. The number is 800-934-3032 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.
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 performance. Any statements we make today that are not statements of historical fact may be deemed
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