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Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Description of the Business and Summary of Significant Accounting Policies |
Summary of Net Assets Acquired | ​ The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, as follows (amounts in thousands):
​ | ​ | ​ | ​
Property and equipment | ​ | $ | 772,821
Cash and cash equivalents - unrestricted | ​ |  | 12,690
Cash and cash equivalents - restricted | ​ | ​ | 5,477
Trade receivables | ​ |  | 14,743
Prepaid expenses and other assets | ​ |  | 3,953
Intangible assets | ​ |  | 25,097
Total assets acquired | ​ | ​ | 834,781
Accounts payable and accrued liabilities | ​ | ​ | (25,148)
Total liabilities assumed | ​ | ​ | (25,148)
Net assets acquired | ​ | $ | 809,633
Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21 | As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, 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 | ​ | ​ | (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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Debt interest paid | ​ | $ | 183,479 | ​ | $ | 135,467 | ​ | $ | 113,669
Capitalized interest | ​ |  | (2,483) | ​ |  | (183) | ​ |  | (2,922)
Cash paid for interest, net of capitalized interest | ​ | $ | 180,996 | ​ | $ | 135,284 | ​ | $ | 110,747
​
Summary of Prepaid Expense and Other Assets | Prepaid expenses and other assets at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Prepaid expenses | ​ | $ | 22,458 | ​ | $ | 19,377
Supplemental deferred compensation plan assets | ​ |  | 33,073 | ​ |  | 29,245
Tax rebate receivables | ​ | ​ | 34,324 | ​ | ​ | 22,181
Inventories | ​ |  | 14,007 | ​ |  | 12,041
Right-of-use assets for operating leases | ​ | ​ | 18,134 | ​ | ​ | 18,910
Deferred financing costs on revolving credit facilities | ​ | ​ | 8,420 | ​ | ​ | 5,757
Derivative assets | ​ | ​ | — | ​ | ​ | 11,350
Other | ​ |  | 24,394 | ​ |  | 15,309
Total prepaid expenses and other assets | ​ | $ | 154,810 | ​ | $ | 134,170
​
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): ​
​ | ​ | ​ | ​
2024 |  | $ | 8,083
2025 | ​ |  | 7,694
2026 | ​ |  | 7,275
2027 | ​ |  | 5,446
2028 | ​ |  | 5,329
​ | ​ | $ | 33,827
Accounts Payable and Accrued Liabilities of Continuing Operations | Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Trade accounts payable | ​ | $ | 57,030 | ​ | $ | 38,628
Property and other taxes payable | ​ |  | 90,558 | ​ |  | 73,461
Deferred revenues | ​ |  | 159,762 | ​ |  | 136,479
Accrued salaries and benefits | ​ |  | 57,502 | ​ |  | 58,219
Interest payable | ​ |  | 39,870 | ​ |  | 23,111
Other accrued liabilities | ​ |  | 59,998 | ​ |  | 55,261
Total accounts payable and accrued liabilities | ​ | $ | 464,720 | ​ | $ | 385,159
​
Other Liabilities | Other liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Pension and postretirement benefits liability | ​ | $ | 17,404 | ​ | $ | 21,148
Deferred compensation liability | ​ |  | 33,073 | ​ |  | 29,245
Derivative liabilities | ​ | ​ | 1,322 | ​ | ​ | 1,164
Other | ​ |  | 14,859 | ​ |  | 13,267
Total other liabilities | ​ | $ | 66,658 | ​ | $ | 64,824
Revenues Disaggregated by Major Source | The Company’s revenues disaggregated by major source are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Hotel group rooms | ​ | $ | 462,674 | ​ | $ | 364,835 | ​ | $ | 131,404
Hotel transient rooms |  | ​ | 238,464 |  |  | 230,709 |  |  | 197,470
Hotel food and beverage - banquets |  | ​ | 569,803 |  |  | 440,364 |  |  | 140,186
Hotel food and beverage - outlets |  | ​ | 261,993 |  |  | 226,645 |  |  | 139,303
Hotel other |  | ​ | 300,544 |  |  | 275,421 |  |  | 178,220
Entertainment admissions/ticketing |  | ​ | 124,647 | ​ | ​ | 107,377 |  |  | 62,768
Entertainment food and beverage |  | ​ | 107,335 | ​ | ​ | 89,931 |  |  | 51,515
Entertainment produced content | ​ | ​ | 5,764 | ​ | ​ | 4,984 | ​ | ​ | 5,919
Entertainment retail and other |  | ​ | 86,912 | ​ | ​ | 65,703 |  |  | 32,588
Total revenues |  | $ | 2,158,136 |  | $ | 1,805,969 |  | $ | 939,373
​
Hospitality Segment Revenues Disaggregated by Location | The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Gaylord Opryland |  | $ | 474,884 | ​ | $ | 424,188 | ​ | $ | 238,567
Gaylord Palms |  | ​ | 309,616 | ​ |  | 279,578 | ​ |  | 139,130
Gaylord Texan |  | ​ | 358,399 | ​ |  | 307,318 | ​ |  | 180,031
Gaylord National |  | ​ | 307,139 | ​ |  | 249,849 | ​ |  | 79,419
Gaylord Rockies | ​ | ​ | 266,737 | ​ | ​ | 253,326 | ​ | ​ | 135,942
JW Marriott Hill Country | ​ | ​ | 92,813 | ​ | ​ | — | ​ | ​ | —
AC Hotel |  | ​ | 11,997 | ​ |  | 10,419 | ​ |  | 5,838
Inn at Opryland and other |  | ​ | 11,893 | ​ |  | 13,296 | ​ |  | 7,656
Total Hospitality segment revenues | ​ | $ | 1,833,478 | ​ | $ | 1,537,974 | ​ | $ | 786,583
​
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 |  | ​ | 2022 |  | ​ | 2021
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) available to common stockholders | ​ | $ | 311,217 | ​ | $ | 128,993 | ​ | $ | (176,966)
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding - basic | ​ | ​ | 57,750 | ​ | ​ | 55,140 | ​ | ​ | 55,047
Effect of dilutive stock-based compensation | ​ | ​ | 311 | ​ | ​ | 237 | ​ | ​ | —
Weighted average shares outstanding - diluted | ​ | ​ | 58,061 |  | ​ | 55,377 |  | ​ | 55,047
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic income (loss) per share available to common stockholders | ​ | $ | 5.39 | ​ | $ | 2.34 | ​ | $ | (3.21)
Diluted income (loss) per share available to common stockholders | ​ | $ | 5.36 | ​ | $ | 2.33 | ​ | $ | (3.21)

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