RHP - Ryman Hospitality Properties Inc. Reports Fourth Quarter and Full Year 2023 Results | Benzinga

February, 22 2024 09:30 PM Ryman Hospitality Properties Inc.

NASHVILLE, Tenn., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months and year ended December 31, 2023.

Fourth Quarter 2023 Highlights and Recent Developments:

The Company generated net income of $169.9 million and net income available to common stockholders of $142.1 million or $2.37 per diluted share.
Reported all-time quarterly record consolidated revenue of $633.1 million, led by quarterly records in both our same-store Hospitality segment (Hospitality segment excluding JW Marriott San Antonio Hill Country Resort & Spa ("JW Marriott Hill Country")) and Entertainment segment.
Same-store Hospitality segment achieved all-time quarterly record operating income of $110.7 million and Adjusted EBITDAre of $156.4 million.
Entertainment segment achieved operating income of $20.6 million and Adjusted EBITDAre of $30.3 million.
During the fourth quarter, the Company booked over 1.2 million same-store Gross Definite Room Nights for all future years, at a record average daily rate (ADR) of over $275, an increase of 8.5% over Q4 2022 ADR for future bookings.
The Company declared a cash dividend of $1.10 per share for the first quarter of 2024.

Full Year 2023 Highlights:

Reported consolidated revenue of $2.2 billion, an annual record for the Company.
The Company reported a full year record in operating income of $453.7 million and reported full year record operating income margin of 21.0% for 2023.
The Company reported record net income of $341.8 million and record Adjusted EBITDAre of $690.7 million.
Same-store Gross Definite Room Nights Booked in full year 2023 of nearly 2.9 million room nights for all future years, represents a 9.6% increase over 2022.
The Company declared total 2023 dividends of $3.85 per share; intends to pay aggregate minimum dividends for 2024 of $4.40 per share, subject to the Board's future determinations.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "We finished 2023 on a strong note, with numerous records achieved in the fourth quarter and for the full year across our Hospitality and Entertainment businesses. Lead volumes, bookings, and ADR all reached new highs, building on the strong group momentum we have created across our Hospitality business. Our operating results and forward group booking pace support the continued capital investments we are making across our portfolio."

Fourth Quarter 2023 Results (as compared to Fourth Quarter 2022):

($ in thousands, except per share amounts)
Three Months Ended


Twelve Months Ended

December 31,


December 31,


2023



2022


% ?



2023



2022


% ?
Total Revenue
$
633,063


$
568,875


11.3%


$
2,158,136


$
1,805,969


19.5%













Operating income
$
123,871


$
116,303


6.5%


$
453,684


$
327,150


38.7%
Operating income margin

19.6%



20.4%


-0.8pt



21.0%



18.1%


2.9pt













Net income^(1) (2)
$
169,878


$
61,370


176.8%


$
341,800


$
134,948


153.3%
Net income margin^(1) (2)

26.8%



10.8%


16.0pt



15.8%



7.5%


8.3pt













Net income available to common stockholders^{(1) (2)}
$
142,127


$
58,089


144.7%


$
311,217


$
128,993


141.3%
Net income available to common stockholders margin^{(1) (2)}

22.5%



10.2%


12.3pt



14.4%



7.1%


7.3pt
Net income available to common stockholders per diluted share^{(1) (2) (3)}
$
2.37


$
1.03


130.1%


$
5.36


$
2.33


130.0%













Adjusted EBITDAre
$
187,494


$
168,110


11.5%


$
690,745


$
555,854


24.3%
Adjusted EBITDAre margin

29.6%



29.6%


0.0pt



32.0%



30.8%


1.2pt
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture
$
178,411


$
160,277


11.3%


$
660,861


$
540,545


22.3%
Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin

28.2%



28.2%


0.0pt



30.6%



29.9%


0.7pt













Funds From Operations (FFO) available to common stockholders and unit holders ⁽²⁾
$
197,293


$
104,864


88.1%


$
517,389


$
335,156


54.4%
FFO available to common stockholders and unit holders per diluted share/unit^{(2) (3)}
$
3.26


$
1.80


81.1%


$
8.85


$
6.01


47.3%













Adjusted FFO available to common stockholders and unit holders
$
125,869


$
113,039


11.4%


$
473,133


$
363,501


30.2%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽³⁾
$
2.08


$
1.94


7.2%


$
8.09


$
6.52


24.1%













(1) In September 2023, we determined to pivot from television network ownership in favor of a distribution approach. Therefore, we and our joint venture partner agreed to wind down the Circle joint venture, with operations ceasing December 31, 2023. As a result, we incurred a loss related to Circle of approximately $10.5 million in the twelve months ended December 31, 2023.
(2) The Company recorded a $112.5 million deferred tax benefit in the fourth quarter of 2023 for the release of income tax valuation allowance.
(3) Diluted weighted average common shares for the three months ended December 31, 2022 includes 3.9 million in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Note: For the Company's definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture, Adjusted EBITDAre, excluding noncontrolling interest in consolidated joint venture margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO available to common stockholders and unit holders to Net Income, see "Non-GAAP Financial Measures," "EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Definition," "Adjusted EBITDAre, Excluding Noncontrolling Interest in Consolidated Joint Venture Margin Definition" "FFO, Adjusted FFO, and Adjusted FFO available to common stockholders and unit holders Definition" and "Supplemental Financial Results" below.

Hospitality Segment














($ in thousands, except ADR, RevPAR, and Total RevPAR)


























Three Months Ended


Twelve Months Ended

December 31,


December 31,


2023



2022


% ?



2023



2022


% ?













Hospitality Revenue
$545,156


$484,459


12.5%


$1,833,478


$1,537,974


19.2%
Same-Store Hospitality Revenue ⁽¹⁾
$503,090


$484,459


3.8%


$1,740,665


$1,537,974


13.2%













Hospitality operating income
$115,738


$105,782


9.4%


$421,264


$310,924


35.5%
Hospitality operating income margin

21.2%



21.8%


-0.6pt



23.0%



20.2%


2.8pt
Hospitality Adjusted EBITDAre
$166,714


$150,720


10.6%


$623,160


$512,745


21.5%
Hospitality Adjusted EBITDAre margin

30.6%



31.1%


-0.5pt



34.0%



33.3%


0.7pt













Same-Store Hospitality operating income⁽¹⁾
$110,659


$105,782


4.6%


$408,081


$310,924


31.2%
Same-Store Hospitality operating income margin⁽¹⁾

22.0%



21.8%


0.2pt



23.4%



20.2%


3.2pt
Same-Store Hospitality Adjusted EBITDAre ⁽¹⁾
$156,418


$150,720


3.8%


$595,259


$512,745


16.1%
Same-Store Hospitality Adjusted EBITDAre margin ⁽¹⁾

31.1%



31.1%


0.0pt



34.2%



33.3%


0.9pt













Hospitality Performance Metrics












Occupancy

69.8%



72.8%


-3.0pt



71.6%



66.2%


5.4pt
Average Daily Rate (ADR)
$260.81


$254.57


2.5%


$245.74


$236.86


3.7%
RevPAR
$181.97


$185.31


-1.8%


$175.96


$156.71


12.3%
Total RevPAR
$519.15


$505.75


2.6%


$460.12


$404.69


13.7%













Same-Store Hospitality Performance Metrics ⁽¹⁾












Occupancy

70.9%



72.8%


-1.9pt



71.9%



66.2%


5.7pt
Average Daily Rate (ADR)
$259.67


$254.57


2.0%


$243.19


$236.86


2.7%
RevPAR
$184.17


$185.31


-0.6%


$174.92


$156.71


11.6%
Total RevPAR
$525.20


$505.75


3.8%


$458.02


$404.69


13.2%













Gross Definite Rooms Nights Booked

1,235,718



1,037,603


19.1%



2,931,296



2,675,174


9.6%
Net Definite Rooms Nights Booked

1,055,406



810,760


30.2%



2,302,717



1,805,598


27.5%
Group Attrition (as % of contracted block)

14.0%



15.5%


-1.5pt



15.2%



20.6%


-5.4pt
Cancellations ITYFTY⁽²⁾

3,249



2,533


28.3%



68,436



205,662


-66.7%













(1) Same-Store Hospitality segment excludes JW Marriott Hill Country, which was acquired June 30, 2023.


(2) "ITYFTY" represents In The Year For The Year.

Note: For the Company's definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see "Calculation of RevPAR, Total RevPAR, and Occupancy" below. Property-level results and operating metrics for fourth quarter 2023 are presented in greater detail below and under "Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics," which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

In the fourth quarter, same-store Hospitality portfolio achieved a record total RevPAR of $525, a 3.8% increase over Q4 2022, driven by record ADR of nearly $260, an increase of 2.0% from Q4 2022.
In the fourth quarter, Gaylord Opryland set an all-time portfolio total revenue record and Gaylord Texan set an all-time portfolio total RevPAR record for any quarter.
ICE! programming generated strong results, with over 1.2 million tickets sold.
Projected room revenues from bookings production for all future years set a fourth quarter and full year record for the same-store portfolio.
On a same-store basis, cancellations in the year for the year for 2023 decreased by 67% compared to 2022, and attrition and cancellation fee collections for 2023 declined to $42.7 million from $57.3 million in 2022.
Same-store incentive management fee expense increased to $8.3 million in the quarter and $29.1 million for the year, up from $6.2 million in Q4 2022 and $12.8 million in full year 2022.

Gaylord Opryland













($ in thousands, except ADR, RevPAR, and Total RevPAR)



























Three Months Ended


Twelve Months Ended



December 31,


December 31,




2023



2022


% ?



2023



2022


% ?















Revenue


$140,664


$138,353


1.7%


$474,884


$424,188

12.0%
Operating income

$42,299


$41,981


0.8%


$135,554


$118,895

14.0%
Operating income margin

30.1%



30.3%


-0.2pt



28.5%



28.0%

0.5pt
Adjusted EBITDAre

$50,248


$50,554


-0.6%


$169,018


$153,250

10.3%
Adjusted EBITDAre margin

35.7%



36.5%


-0.8pt



35.6%



36.1%

-0.5pt















Occupancy


75.5%



80.7%


-5.2pt



73.0%



69.5%

3.5pt
Average daily rate (ADR)
$268.39


$258.08


4.0%


$250.96


$242.71

3.4%
RevPAR


$202.70


$208.39


-2.7%


$183.22


$168.73

8.6%
Total RevPAR

$529.42


$520.72


1.7%


$450.50


$402.41

12.0%

Gaylord Palms













($ in thousands, except ADR, RevPAR, and Total RevPAR)



























Three Months Ended


Twelve Months Ended



December 31,


December 31,




2023



2022


% ?



2023



2022


% ?















Revenue


$87,356


$90,925


-3.9%


$309,616


$279,578

10.7%
Operating income

$16,194


$20,514


-21.1%


$71,399


$64,201

11.2%
Operating income margin

18.5%



22.6%


-4.1pt



23.1%



23.0%

0.1pt
Adjusted EBITDAre

$23,062


$27,204


-15.2%


$98,162


$90,735

8.2%
Adjusted EBITDAre margin

26.4%



29.9%


-3.5pt



31.7%



32.5%

-0.8pt















Occupancy


72.3%



77.9%


-5.6pt



73.7%



68.4%

5.3pt
Average daily rate (ADR)
$261.71


$265.66


-1.5%


$245.04


$241.85

1.3%
RevPAR


$189.19


$206.94


-8.6%


$180.58


$165.40

9.2%
Total RevPAR

$552.69


$575.27


-3.9%


$493.75


$445.85

10.7%

Gaylord Texan













($ in thousands, except ADR, RevPAR, and Total RevPAR)



























Three Months Ended


Twelve Months Ended



December 31,


December 31,




2023



2022


% ?



2023



2022


% ?















Revenue


$116,531


$102,283


13.9%


$358,399


$307,318

16.6%
Operating income

$37,955


$30,631


23.9%


$111,703


$88,154

26.7%
Operating income margin

32.6%



29.9%


2.7pt



31.2%



28.7%

2.5pt
Adjusted EBITDAre

$43,748


$36,287


20.6%


$134,650


$111,954

20.3%
Adjusted EBITDAre margin

37.5%



35.5%


2.0pt



37.6%



36.4%

1.2pt















Occupancy


74.6%



72.9%


1.7pt



74.9%



69.0%

5.9pt
Average daily rate (ADR)
$277.12


$270.93


2.3%


$244.21


$238.77

2.3%
RevPAR


$206.82


$197.44


4.8%


$183.02


$164.65

11.2%
Total RevPAR

$698.26


$612.88


13.9%


$541.30


$464.15

16.6%

Gaylord National













($ in thousands, except ADR, RevPAR, and Total RevPAR)



























Three Months Ended


Twelve Months Ended



December 31,


December 31,




2023



2022


% ?



2023



2022


% ?















Revenue


$85,229


$76,114


12.0%


$307,139

$249,849

22.9%
Operating income

$9,841


$9,016


9.2%


$42,677

$19,609

117.6%
Operating income margin

11.5%



11.8%


-0.3pt



13.9%


7.8%

6.1pt
Adjusted EBITDAre

$19,426


$18,625


4.3%


$87,104

$61,402

41.9%
Adjusted EBITDAre margin

22.8%



24.5%


-1.7pt



28.4%


24.6%

3.8pt















Occupancy


66.8%



60.5%


6.3pt



68.4%


56.5%

11.9pt
Average daily rate (ADR)
$254.45


$254.09


0.1%


$240.30

$238.13

0.9%
RevPAR


$170.01


$153.60


10.7%


$164.30

$134.45

22.2%
Total RevPAR

$464.13


$414.49


12.0%


$421.58

$342.94

22.9%

Gaylord Rockies













($ in thousands, except ADR, RevPAR, and Total RevPAR)



























Three Months Ended


Twelve Months Ended



December 31,


December 31,




2023



2022


% ?



2023



2022


% ?















Revenue


$67,360


$70,438


-4.4%


$266,737

$253,326

5.3%
Operating income

$4,325


$2,780


55.6%


$44,854

$17,178

161.1%
Operating income margin

6.4%



3.9%


2.5pt



16.8%


6.8%

10.0pt
Adjusted EBITDAre

$18,798


$16,556


13.5%


$101,697

$89,955

13.1%
Adjusted EBITDAre margin

27.9%



23.5%


4.4pt



38.1%


35.5%

2.6pt















Occupancy


66.1%



69.9%


-3.8pt



73.4%


68.3%

5.1pt
Average daily rate (ADR)
$241.79


$239.57


0.9%


$242.39

$234.19

3.5%
RevPAR


$159.91


$167.35


-4.4%


$178.02

$159.87

11.4%
Total RevPAR

$487.79


$510.08


-4.4%


$486.87

$462.39

5.3%

JW Marriott Hill Country¹




($ in thousands, except ADR, RevPAR, and Total RevPAR)











Three Months Ended


Period Ended



December 31,


December 31,



2023


2023







Revenue


$42,066


$92,813
Operating income

$5,079


$13,183
Operating income margin
12.1%


14.2%
Adjusted EBITDAre

$10,296


$27,901
Adjusted EBITDAre margin
24.5%


30.1%







Occupancy

57.8%


64.9%
Average daily rate (ADR)
$275.32


$304.07
RevPAR


$159.17


$197.30
Total RevPAR

$456.32


$503.41







(1) JW Marriott Hill Country was acquired by the Company on June 30, 2023, therefore there are no comparison figures. Fourth quarter 2023 represents the second full quarter of operations for the hotel under the Company's ownership, and the period ended December 31, 2023, represents two full quarters of operations for the hotel under the Company's ownership.

Entertainment Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:










($ in thousands)
Three Months Ended


Twelve Months Ended

December 31,


December 31,

2023

2022


% ?


2023

2022

% ?









Revenue
$87,907

$84,416


4.1%


$324,658



$267,995

21.1%
Operating income
$20,561

$22,286


-7.7%


$76,076


$60,498

25.7%
Operating income margin

23.4%



26.4%


-3.0pt



23.4%



22.6%

0.8pt
Adjusted EBITDAre
$30,278

$26,136


15.8%


$99,658


$74,173

34.4%
Adjusted EBITDAre margin

34.4%



31.0%


3.4pt



30.7%



27.7%

3.0pt

Fioravanti continued, "Our Entertainment segment delivered another record performance in 2023. Ole Red Las Vegas opened its doors in mid-January 2024 to strong demand, and we are enthusiastic about the potential of this asset in the Las Vegas market. We were also pleased to unveil, as part of our January 2024 Investor Day, the reimagination of the Wildhorse Saloon as Category 10 in collaboration with country music superstar, Luke Combs. We have already started construction on this multi-use venue and anticipate a phased reopening beginning in the third quarter of 2024."

Corporate and Other Segment

For the three and twelve months ended December 31, 2023, and 2022, the Company reported the following:









($ in thousands)
Three Months Ended

Twelve Months Ended

December 31,

December 31,


2023


2022

% ?


2023


2022

% ?








Operating loss
($12,428)

($11,765)

-5.6%

($43,656)

($44,272)

1.4%
Adjusted EBITDAre
($9,498)

($8,746)

-8.6%

($32,073)

($31,064)

-3.2%

Fioravanti concluded, "We enter 2024 with considerable momentum and strength across both our Hospitality and Entertainment segments. As we recently outlined at our January 2024 Investor Day, over the past 20 years our management team has built valuable long-standing relationships with our group customers and an industry-leading portfolio of hotels and iconic entertainment brands. The value proposition we have created, and continue to enhance, garners strong demand and pricing power, as evidenced in our forward book of group hotel business. Furthermore, we believe the high-return investments we are pursuing across our Hospitality and Entertainment assets will create value for our stakeholders in the years to come."

2024 Guidance

The Company is reiterating its 2024 business performance outlook based on current information as of February 22, 2024. The Company does not expect to update the guidance provided before next quarter's earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Current full year 2024 guidance is inclusive of the following assumptions:

Disruption from planned capital investments is estimated to result in a negative impact of approximately 215 basis points to same-store Hospitality RevPAR growth and approximately 160 basis points to same-store Hospitality Total RevPAR growth. In addition, the Company expects disruption to result in a negative impact of approximately $18 million to $21 million to Consolidated Adjusted EBITDAre, including $10 million to $11 million to same-store Hospitality Adjusted EBITDAre and $8 million to $10 million to Entertainment Adjusted EBITDAre.
Capital expenditures are estimated to be $360 million to $440 million.

($ in millions, except per share figures)
Full Year

Full Year

2024 Guidance¹

2024 Guidance¹

Low

High

Midpoint






Consolidated Hospitality RevPAR growth (same-store)²
3.50%

5.50%

4.50%
Consolidated Hospitality Total RevPAR growth (same-store)²
3.25%

5.25%

4.25%






Operating Income





Hospitality (same-store) ²
$
434.5


$
450.5


$
442.5

JW Marriott Hill Country

35.0



40.0



37.5

Entertainment

65.5



71.5



68.5

Corporate and Other

(44.8
)


(43.0
)


(43.9
)
Consolidated Operating Income

490.2



519.0



504.6







Adjusted EBITDAre





Hospitality (same-store) ²
$
612.5


$
635.0


$
623.8

JW Marriott Hill Country

63.0



72.0



67.5

Entertainment

100.0



110.0



105.0

Corporate and Other

(35.0
)


(32.0
)


(33.5
)
Consolidated Adjusted EBITDAre

740.5



785.0



762.8







Net Income
$
253.0


$
272.0


$
262.5

Net Income available to common stockholders
$
243.0


$
266.0


$
254.5







Funds from Operations (FFO) available to common stockholders and unit holders
$
457.3


$
492.5


$
474.9

Adjusted FFO available to common stockholders and unit holders
$
484.3


$
527.0


$
505.6







Diluted income per share available to common stockholders
$
3.92


$
4.21


$
4.06

Adjusted FFO available to common stockholders and unit holders per diluted share
$
7.60


$
8.20


$
7.90







Estimated diluted shares outstanding to common stockholders³

64.6



64.6



64.6

Estimated diluted shares outstanding to common stockholders and unit holders³

65.0



65.0



65.0







(1) Includes JW Marriott Hill Country, except as otherwise noted. Amounts are calculated based on unrounded numbers. (2) Same-store excludes JW Marriott Hill Country. (3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, property-level Adjusted EBITDAre for JW Marriott Hill Country to property-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unitholders to Net Income , see "Reconciliation of Forward-Looking Statements" below.

Dividend Update
On January 16, 2024, the Company paid the previously announced quarterly cash dividend of $1.10 per common share, which was paid to stockholders of record as of December 29, 2023.

Today, the Company declared its first quarter 2024 cash dividend of $1.10 per share of common stock, payable on April 15, 2024, to stockholders of record as of March 29, 2024. The Company's dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. It is the Company's current plan to distribute aggregate minimum dividends for 2024 of $4.40 per share in cash. Future dividends are subject to the Board's future determinations as to amount and timing.

Balance Sheet/Liquidity Update
As of December 31, 2023, the Company had total debt outstanding of $3,377.0 million, net of unamortized deferred financing costs, and unrestricted cash of $591.8 million. As of December 31, 2023, there were no amounts drawn under the Company's revolving credit facility, $5.0 million was drawn under OEG's revolving credit facility, and the lending banks had issued $14.6 million in letters of credit under the Company's revolving credit facility, which left $745.4 million of aggregate borrowing availability for borrowing under the Company's revolving credit facility and OEG's revolving credit facility.

Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, February 23, 2024, at 12:00 p.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE:RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company's holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company's hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company's financial results.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company's beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company's business, anticipated business levels and anticipated financial results for the Company during future periods, the Company's expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company's hotel properties, business levels at the Company's hotels, the effects of inflation on the Company's business, including the effects on costs of labor and supplies and effects on group customers at the Company's hotels and customers in OEG's businesses, the Company's ability to remain qualified as a REIT, the Company's ability to execute our strategic goals as a REIT, the Company's ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company's ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company's integration of the JW Marriott Hill Country, the Company's ability to identify and capitalize on additional value creation opportunities at the JW Marriott Hill Country or other assets and the occurrence of any event, change or other circumstance that could limit the Company's ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Hill Country or other assets. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information
This release should be read in conjunction with the ...

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Company Name:	Ryman Hospitality Properties Inc.
Stock Symbol:	RHP
Market:	NYSE
Website:	rymanhp.com

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