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FINANCIAL REPORTING BY BUSINESS SEGMENTS | 3 Months Ended
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Mar. 31, 2025
FINANCIAL REPORTING BY BUSINESS SEGMENTS |
FINANCIAL REPORTING BY BUSINESS SEGMENTS | 15. 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, 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 Southern Entertainment; 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,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not have intersegment sales or transfers. The following information is derived directly from the segments’ internal financial reports used by the CODM for corporate management purposes (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 497,730 | ​ | $ | 89,550 | ​ | $ | — | ​ | $ | 587,280
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 46,289 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 46,289
Food and beverage | ​ | ​ | 138,139 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 138,139
Other hotel expenses (1) | ​ | ​ | 123,924 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 123,924
Management fees | ​ | ​ | 18,463 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18,463
Employment costs | ​ | ​ | ​ | ​ | ​ | 27,310 | ​ | ​ | ​ | ​ | ​ | 27,310
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 15,535 | ​ | ​ | ​ | ​ | ​ | 15,535
Contract services | ​ | ​ | ​ | ​ | ​ | 10,011 | ​ | ​ | ​ | ​ | ​ | 10,011
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 4,852 | ​ | ​ | ​ | ​ | ​ | 4,852
Preopening costs | ​ | ​ | ​ | ​ | ​ | 87 | ​ | ​ | ​ | ​ | ​ | 87
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 12,062 | ​ | ​ | 10,770 | ​ | ​ | 22,832
Depreciation and amortization | ​ | ​ | 54,106 | ​ | ​ | 9,377 | ​ | ​ | 234 | ​ | ​ | 63,717
Operating income (loss) | ​ | $ | 116,809 | ​ | $ | 10,316 | ​ | $ | (11,004) | ​ | $ | 116,121
Interest expense | ​ | ​ | (25) | ​ | ​ | (8,870) | ​ | ​ | (45,388) | ​ | ​ | (54,283)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,459
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (108)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 67,173
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 461,470 | ​ | $ | 66,875 | ​ | $ | — | ​ | $ | 528,345
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 44,101 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 44,101
Food and beverage | ​ | ​ | 128,179 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 128,179
Other hotel expenses (1) | ​ | ​ | 118,813 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 118,813
Management fees | ​ | ​ | 17,962 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 17,962
Employment costs | ​ | ​ | ​ | ​ | ​ | 23,189 | ​ | ​ | ​ | ​ | ​ | 23,189
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 9,325 | ​ | ​ | ​ | ​ | ​ | 9,325
Contract services | ​ | ​ | ​ | ​ | ​ | 7,564 | ​ | ​ | ​ | ​ | ​ | 7,564
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 3,653 | ​ | ​ | ​ | ​ | ​ | 3,653
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,436 | ​ | ​ | ​ | ​ | ​ | 1,436
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 8,856 | ​ | ​ | 11,954 | ​ | ​ | 20,810
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 50,230 | ​ | ​ | 6,740 | ​ | ​ | 232 | ​ | ​ | 57,202
Operating income (loss) | ​ | $ | 102,185 | ​ | $ | 6,112 | ​ | $ | (11,916) | ​ | $ | 96,381
Interest expense | ​ | ​ | (14,901) | ​ | ​ | (10,201) | ​ | ​ | (35,341) | ​ | ​ | (60,443)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,522
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (522)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 32
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 321
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 43,291
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,004,737 | ​ | $ | 4,081,754
Entertainment | ​ |  | 772,848 | ​ |  | 653,969
Corporate and Other | ​ |  | 461,522 | ​ |  | 481,850
Total assets | ​ | $ | 5,239,107 | ​ | $ | 5,217,573
| (1) | Other segment expenses include: Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses 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.
​ The following table represents capital expenditures by segment for the periods presented (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
Hospitality | ​ | $ | 101,810 | ​ | $ | 56,843 | ​
Entertainment | ​ |  | 10,886 | ​ |  | 22,542 | ​
Corporate and Other | ​ |  | 31 | ​ |  | 45 | ​
Total capital expenditures | ​ | $ | 112,727 | ​ | $ | 79,430 | ​
​

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