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Financial Reporting By Business Segments | 12 Months Ended
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Dec. 31, 2024
Financial Reporting By Business Segments |
Financial Reporting by Business Segments | 13. Financial Reporting By Business Segments The Company’s operations are organized into the following principal business segments:
| ● | Hospitality, which includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel;
| ● | Entertainment, which includes the OEG business, specifically, the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Category 10, Block 21, and the Company’s previous investment in Circle; and
| ● | Corporate and Other, which includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments.
The Company’s chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer and the Company’s chief financial officer. The CODM uses segment operating income (loss) to evaluate the performance of each segment and to allocate resources. ​ ​ The accounting policies for each segment are the same as those described in Note 1, “Description of the Business and Summary of Significant Accounting Policies.” The Company does not have intersegment sales or transfers. The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used by the CODM and for corporate management purposes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,997,050 | ​ | $ | 342,176 | ​ | $ | — | ​ | $ | 2,339,226
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 179,358 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 179,358
Food and beverage | ​ | ​ | 516,309 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 516,309
Other hotel expenses | ​ | ​ | 555,554 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 555,554
Management fees | ​ | ​ | 73,531 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 73,531
Employment costs | ​ | ​ | ​ | ​ | ​ | 102,653 | ​ | ​ | ​ | ​ | ​ | 102,653
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 46,112 | ​ | ​ | ​ | ​ | ​ | 46,112
Contract services | ​ | ​ | ​ | ​ | ​ | 39,736 | ​ | ​ | ​ | ​ | ​ | 39,736
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 11,973 | ​ | ​ | ​ | ​ | ​ | 11,973
Preopening costs | ​ | ​ | ​ | ​ | ​ | 4,618 | ​ | ​ | ​ | ​ | ​ | 4,618
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 41,373 | ​ | ​ | 41,819 | ​ | ​ | 83,192
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 205,189 | ​ | ​ | 29,519 | ​ | ​ | 918 | ​ | ​ | 235,626
Operating income (loss) | ​ | $ | 467,109 | ​ | $ | 66,192 | ​ | $ | (42,467) | ​ | $ | 490,834
Interest expense | ​ | ​ | (14,611) | ​ | ​ | (38,283) | ​ | ​ | (172,501) | ​ | ​ | (225,395)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 27,977
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,479)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 275
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,814
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 294,026
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2023
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,833,478 | ​ | $ | 324,658 | ​ | $ | — | ​ | $ | 2,158,136
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 173,749 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 173,749
Food and beverage | ​ | ​ | 465,963 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 465,963
Other hotel expenses | ​ | ​ | 519,328 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 519,328
Management fees | ​ | ​ | 66,425 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 66,425
Employment costs | ​ | ​ | ​ | ​ | ​ | 91,317 | ​ | ​ | ​ | ​ | ​ | 91,317
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 43,544 | ​ | ​ | ​ | ​ | ​ | 43,544
Contract services | ​ | ​ | ​ | ​ | ​ | 32,925 | ​ | ​ | ​ | ​ | ​ | 32,925
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 17,645 | ​ | ​ | ​ | ​ | ​ | 17,645
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,308 | ​ | ​ | ​ | ​ | ​ | 1,308
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 38,232 | ​ | ​ | 42,789 | ​ | ​ | 81,021
Depreciation and amortization | ​ | ​ | 186,749 | ​ | ​ | 23,611 | ​ | ​ | 867 | ​ | ​ | 211,227
Operating income (loss) | ​ | $ | 421,264 | ​ | $ | 76,076 | ​ | $ | (43,656) | ​ | $ | 453,684
Interest expense | ​ | ​ | (55,865) | ​ | ​ | (40,988) | ​ | ​ | (114,517) | ​ | ​ | (211,370)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,423
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,252)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (17,308)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,921
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 248,098
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2022
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,537,974 | ​ | $ | 267,995 | ​ | $ | — | ​ | $ | 1,805,969
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 155,817 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 155,817
Food and beverage | ​ | ​ | 381,142 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 381,142
Other hotel expenses | ​ | ​ | 457,291 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 457,291
Management fees | ​ | ​ | 43,425 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 43,425
Employment costs | ​ | ​ | ​ | ​ | ​ | 75,916 | ​ | ​ | ​ | ​ | ​ | 75,916
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 39,653 | ​ | ​ | ​ | ​ | ​ | 39,653
Contract services | ​ | ​ | ​ | ​ | ​ | 27,523 | ​ | ​ | ​ | ​ | ​ | 27,523
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 13,901 | ​ | ​ | ​ | ​ | ​ | 13,901
Preopening costs | ​ | ​ | ​ | ​ | ​ | 532 | ​ | ​ | ​ | ​ | ​ | 532
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 31,552 | ​ | ​ | 42,982 | ​ | ​ | 74,534
Loss on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 469 | ​ | ​ | 469
Depreciation and amortization | ​ | ​ | 189,375 | ​ | ​ | 18,420 | ​ | ​ | 821 | ​ | ​ | 208,616
Operating income (loss) | ​ | $ | 310,924 | ​ | $ | 60,498 | ​ | $ | (44,272) | ​ | $ | 327,150
Interest expense | ​ | ​ | (41,863) | ​ | ​ | (19,993) | ​ | ​ | (86,550) | ​ | ​ | (148,406)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,750
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,547)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,967)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,743
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 173,723
| (1) | Other segment expense include: Entertainment segment – advertising, utilities, maintenance and certain overhead expenses Corporate and Other – information technology, human resources, accounting, equity-based compensation and other administrative expenses
| (2) | Income (loss) from unconsolidated joint ventures relates to the Entertainment segment.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,081,754 | ​ | $ | 4,039,804
Entertainment | ​ |  | 653,969 | ​ |  | 610,663
Corporate and Other | ​ |  | 481,850 | ​ |  | 538,070
Total assets | ​ | $ | 5,217,573 | ​ | $ | 5,188,537
​ The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Hospitality | ​ | $ | 300,867 | ​ | $ | 145,805 | ​ | $ | 70,406
Entertainment | ​ |  | 106,828 | ​ |  | 60,428 | ​ |  | 18,767
Corporate and Other | ​ |  | 210 | ​ |  | 543 | ​ |  | 347
Total capital expenditures | ​ | $ | 407,905 | ​ | $ | 206,776 | ​ | $ | 89,520
​

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- Definition The entire disclosure for reporting segments including data and tables. 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