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Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Description of the Business and Summary of Significant Accounting Policies |
Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21 | As a result, the Company preliminarily allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, in the Company’s balance sheet at May 31, 2022 as follows (amounts in thousands): ​
​ | ​ | ​ | ​
Property and equipment | ​ | $ | 237,159
Cash and cash equivalents - unrestricted | ​ |  | 8,493
Cash and cash equivalents - restricted | ​ | ​ | 12,450
Trade receivables | ​ |  | 1,405
Prepaid expenses and other assets | ​ |  | 1,085
Intangible assets | ​ |  | 1,723
Total assets acquired | ​ | ​ | 262,315
​ | ​ | ​ | ​
Debt (Note 4) | ​ | ​ | (132,531)
Accounts payable and accrued liabilities | ​ | ​ | (14,774)
Other liabilities | ​ | ​ | (75)
Total liabilities assumed | ​ | ​ | (147,380)
​ | ​ | ​ | ​
Net assets acquired | ​ | $ | 114,935
​
Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives: ​
​ | ​ | ​
Buildings |  | 40 years
Land improvements |  | 20 years
Furniture, fixtures and equipment |  | 5-8 years
Leasehold improvements |  | The shorter of the lease term or useful life
​
Cash Paid for Interest | Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Debt interest paid | ​ | $ | 135,467 | ​ | $ | 113,669 | ​ | $ | 113,743
Capitalized interest | ​ |  | (183) | ​ |  | (2,922) | ​ |  | (3,753)
Cash paid for interest, net of capitalized interest | ​ | $ | 135,284 | ​ | $ | 110,747 | ​ | $ | 109,990
​
Summary of Prepaid Expense and Other Assets | Prepaid expenses and other assets at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Prepaid expenses | ​ | $ | 19,377 | ​ | $ | 24,359
Supplemental deferred compensation plan assets | ​ |  | 29,245 | ​ |  | 31,183
Tax rebate receivables | ​ | ​ | 22,181 | ​ | ​ | 21,456
Inventories | ​ |  | 12,041 | ​ |  | 8,369
Right-of-use assets for operating leases | ​ | ​ | 18,910 | ​ | ​ | 9,863
Deferred financing costs on revolving credit facilities | ​ | ​ | 5,757 | ​ | ​ | —
Derivative assets | ​ | ​ | 11,350 | ​ | ​ | —
Other | ​ |  | 15,309 | ​ |  | 17,674
Total prepaid expenses and other assets | ​ | $ | 134,170 | ​ | $ | 112,904
​
Summary of Estimated Amounts of Amortization Expense for Next Five Years | The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands): ​
​ | ​ | ​ | ​
2023 |  | $ | 5,018
2024 | ​ |  | 4,486
2025 | ​ |  | 4,097
2026 | ​ |  | 4,039
2027 | ​ |  | 4,039
​ | ​ | $ | 21,679
​
Accounts Payable and Accrued Liabilities of Continuing Operations | Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Trade accounts payable | ​ | $ | 38,628 | ​ | $ | 31,725
Property and other taxes payable | ​ |  | 73,461 | ​ |  | 54,991
Deferred revenues | ​ |  | 136,479 | ​ |  | 116,820
Accrued salaries and benefits | ​ |  | 58,219 | ​ |  | 42,472
Interest payable | ​ |  | 23,111 | ​ |  | 20,313
Other accrued liabilities | ​ |  | 55,261 | ​ |  | 38,398
Total accounts payable and accrued liabilities | ​ | $ | 385,159 | ​ | $ | 304,719
​
Other Liabilities | Other liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Pension and postretirement benefits liability | ​ | $ | 21,148 | ​ | $ | 20,061
Deferred compensation liability | ​ |  | 29,245 | ​ |  | 31,183
Derivative liabilities | ​ | ​ | 1,164 | ​ | ​ | 9,362
Other | ​ |  | 13,267 | ​ |  | 11,333
Total other liabilities | ​ | $ | 64,824 | ​ | $ | 71,939
​
Revenues Disaggregated by Major Source | The Company’s revenues disaggregated by major source are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Hotel group rooms | ​ | $ | 364,835 | ​ | $ | 131,404 | ​ | $ | 88,606
Hotel transient rooms |  | ​ | 230,709 |  |  | 197,470 |  |  | 83,112
Hotel food and beverage - banquets |  | ​ | 440,364 |  |  | 140,186 |  |  | 116,624
Hotel food and beverage - outlets |  | ​ | 226,645 |  |  | 139,303 |  |  | 70,914
Hotel other |  | ​ | 275,421 |  |  | 178,220 |  |  | 106,789
Entertainment admissions/ticketing |  | ​ | 107,377 |  |  | 62,768 |  |  | 16,564
Entertainment food and beverage |  | ​ | 89,931 |  |  | 51,515 |  |  | 21,506
Entertainment produced content | ​ | ​ | 4,984 | ​ | ​ | 5,919 | ​ | ​ | 4,708
Entertainment retail and other |  | ​ | 65,703 |  |  | 32,588 |  |  | 15,652
Total revenues |  | $ | 1,805,969 |  | $ | 939,373 |  | $ | 524,475
​
Hospitality Segment Revenues Disaggregated by Location | The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Gaylord Opryland |  | $ | 424,188 | ​ | $ | 238,567 | ​ | $ | 133,333
Gaylord Palms |  | ​ | 279,578 | ​ |  | 139,130 | ​ |  | 77,819
Gaylord Texan |  | ​ | 307,318 | ​ |  | 180,031 | ​ |  | 111,236
Gaylord National |  | ​ | 249,849 | ​ |  | 79,419 | ​ |  | 52,026
Gaylord Rockies | ​ | ​ | 253,326 | ​ | ​ | 135,942 | ​ | ​ | 84,715
AC Hotel |  | ​ | 10,419 | ​ |  | 5,838 | ​ |  | 3,332
Inn at Opryland |  | ​ | 13,296 | ​ |  | 7,656 | ​ |  | 3,584
Total Hospitality segment revenues | ​ | $ | 1,537,974 | ​ | $ | 786,583 | ​ | $ | 466,045
​
Income Per Share | Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2022 |  | ​ | 2021 |  | ​ | 2020
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) available to common shareholders | ​ | $ | 128,993 | ​ | $ | (176,966) | ​ | $ | (417,391)
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding - basic | ​ | ​ | 55,140 | ​ | ​ | 55,047 | ​ | ​ | 54,962
Effect of dilutive stock-based compensation | ​ | ​ | 237 | ​ | ​ | — | ​ | ​ | —
Weighted average shares outstanding - diluted | ​ | ​ | 55,377 |  | ​ | 55,047 |  | ​ | 54,962
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic income (loss) per share available to common stockholders | ​ | $ | 2.34 | ​ | $ | (3.21) | ​ | $ | (7.59)
Diluted income (loss) per share available to common stockholders | ​ | $ | 2.33 | ​ | $ | (3.21) | ​ | $ | (7.59)
​

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