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Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
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 considering amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Debt interest paid | ​ | $ | 210,650 | ​ | $ | 183,479 | ​ | $ | 135,467
Capitalized interest | ​ |  | (7,560) | ​ |  | (2,483) | ​ |  | (183)
Cash paid for interest, net of capitalized interest | ​ | $ | 203,090 | ​ | $ | 180,996 | ​ | $ | 135,284
​
Summary of Prepaid Expense and Other Assets | Prepaid expenses and other assets at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Prepaid expenses | ​ | $ | 26,872 | ​ | $ | 22,458
Supplemental deferred compensation plan assets | ​ |  | 37,440 | ​ |  | 33,073
Tax rebate receivables | ​ | ​ | 34,780 | ​ | ​ | 34,324
Inventories | ​ |  | 16,134 | ​ |  | 14,007
Right-of-use assets for operating leases | ​ | ​ | 22,079 | ​ | ​ | 18,134
Deferred financing costs on revolving credit facilities | ​ | ​ | 6,162 | ​ | ​ | 8,420
Other | ​ |  | 34,624 | ​ |  | 24,394
Total prepaid expenses and other assets | ​ | $ | 178,091 | ​ | $ | 154,810
​
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): ​
​ | ​ | ​ | ​
2025 |  | $ | 7,694
2026 | ​ |  | 7,456
2027 | ​ |  | 5,458
2028 | ​ |  | 5,329
2029 | ​ |  | 5,329
​ | ​ | $ | 31,266
Accounts Payable and Accrued Liabilities of Continuing Operations | Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Trade accounts payable | ​ | $ | 58,366 | ​ | $ | 57,030
Property and other taxes payable | ​ |  | 91,941 | ​ |  | 90,558
Deferred revenues | ​ |  | 173,029 | ​ |  | 159,762
Accrued salaries and benefits | ​ |  | 45,780 | ​ |  | 57,502
Interest payable | ​ |  | 48,415 | ​ |  | 39,870
Other accrued liabilities | ​ |  | 49,040 | ​ |  | 59,998
Total accounts payable and accrued liabilities | ​ | $ | 466,571 | ​ | $ | 464,720
​
Other Liabilities | Other liabilities at December 31 consist of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Pension and postretirement benefits liability | ​ | $ | 12,649 | ​ | $ | 17,404
Deferred compensation liability | ​ |  | 37,440 | ​ |  | 33,073
Derivative liabilities | ​ | ​ | 386 | ​ | ​ | 1,322
Other | ​ |  | 16,330 | ​ |  | 14,859
Total other liabilities | ​ | $ | 66,805 | ​ | $ | 66,658
Revenues Disaggregated by Major Source | The Company’s revenues disaggregated by major source are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Hotel group rooms | ​ | $ | 509,014 | ​ | $ | 462,674 | ​ | $ | 364,835
Hotel transient rooms |  | ​ | 235,573 |  |  | 238,464 |  |  | 230,709
Hotel food and beverage - banquets |  | ​ | 666,525 |  |  | 569,803 |  |  | 440,364
Hotel food and beverage - outlets |  | ​ | 274,302 |  |  | 261,993 |  |  | 226,645
Hotel other |  | ​ | 311,636 |  |  | 300,544 |  |  | 275,421
Entertainment admissions/ticketing |  | ​ | 126,897 | ​ | ​ | 124,647 |  |  | 107,377
Entertainment food and beverage |  | ​ | 125,862 | ​ | ​ | 107,335 |  |  | 89,931
Entertainment retail and other |  | ​ | 89,417 | ​ | ​ | 92,676 |  |  | 70,687
Total revenues |  | $ | 2,339,226 |  | $ | 2,158,136 |  | $ | 1,805,969
​
Hospitality Segment Revenues Disaggregated by Location | The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Gaylord Opryland |  | $ | 495,552 | ​ | $ | 474,884 | ​ | $ | 424,188
Gaylord Palms |  | ​ | 302,371 | ​ |  | 309,616 | ​ |  | 279,578
Gaylord Texan |  | ​ | 351,151 | ​ |  | 358,399 | ​ |  | 307,318
Gaylord National |  | ​ | 311,330 | ​ |  | 307,139 | ​ |  | 249,849
Gaylord Rockies | ​ | ​ | 290,141 | ​ | ​ | 266,737 | ​ | ​ | 253,326
JW Marriott Hill Country | ​ | ​ | 220,524 | ​ | ​ | 92,813 | ​ | ​ | —
AC Hotel |  | ​ | 12,647 | ​ |  | 11,997 | ​ |  | 10,419
Inn at Opryland and other |  | ​ | 13,334 | ​ |  | 11,893 | ​ |  | 13,296
Total Hospitality segment revenues | ​ | $ | 1,997,050 | ​ | $ | 1,833,478 | ​ | $ | 1,537,974
​
Income Per Share | Net income per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2024 |  | ​ | 2023 |  | ​ | 2022
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common stockholders | ​ | $ | 271,638 | ​ | $ | 311,217 | ​ | $ | 128,993
Net income attributable to noncontrolling interest in consolidated joint venture | ​ |  | 6,760 | ​ |  | — | ​ |  | —
Net income available to common stockholders - if-converted method | ​ | $ | 278,398 | ​ | $ | 311,217 | ​ | $ | 128,993
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding - basic | ​ | ​ | 59,859 | ​ | ​ | 57,750 | ​ | ​ | 55,140
Effect of dilutive stock-based compensation | ​ | ​ | 281 | ​ | ​ | 311 | ​ | ​ | 237
Effect of dilutive put rights | ​ | ​ | 3,492 |  | ​ | — |  | ​ | —
Weighted average shares outstanding - diluted | ​ | ​ | 63,632 |  | ​ | 58,061 |  | ​ | 55,377
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic income per share available to common stockholders | ​ | $ | 4.54 | ​ | $ | 5.39 | ​ | $ | 2.34
Diluted income per share available to common stockholders | ​ | $ | 4.38 | ​ | $ | 5.36 | ​ | $ | 2.33

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