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FINANCIAL REPORTING BY BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2025

FINANCIAL REPORTING BY BUSINESS SEGMENTS

FINANCIAL REPORTING BY BUSINESS SEGMENTS

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into the following principal business segments:

● Hospitality, which includes the Gaylord Hotels properties, the JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge), 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 September 30, 2025

​

​

Hospitality

​

Entertainment

​

Corporate and Other

​

Total

Revenues

​

$

500,869

​

$

91,589

​

$

—

​

$

592,458

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Rooms

​

​

48,668

​

​

​

​

​

​

​

​

48,668

Food and beverage

​

​

139,961

​

​

​

​

​

​

​

​

139,961

Other hotel expenses (1)

​

​

144,882

​

​

​

​

​

​

​

​

144,882

Management fees

​

​

16,551

​

​

​

​

​

​

​

​

16,551

Employment costs

​

​

​

​

​

28,736

​

​

​

​

​

28,736

Cost of goods sold

​

​

​

​

​

13,492

​

​

​

​

​

13,492

Contract services

​

​

​

​

​

9,713

​

​

​

​

​

9,713

Non-income taxes and insurance

​

​

​

​

​

3,806

​

​

​

​

​

3,806

Preopening costs

​

​

​

​

​

1,289

​

​

​

​

​

1,289

Other segment expenses (1)

​

​

​

​

​

12,188

​

​

10,062

​

​

22,250

Loss on sale of assets

​

​

​

​

​

1,296

​

​

​

​

​

1,296

Depreciation and amortization

​

​

63,729

​

​

9,242

​

​

231

​

​

73,202

Operating income (loss)

​

$

87,078

​

$

11,827

​

$

(10,293)

​

$

88,612

Interest expense

​

​

(11)

​

​

(9,572)

​

​

(55,290)

​

​

(64,873)

Interest income

​

​

​

​

​

​

​

​

​

​

​

4,836

Loss on extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

(380)

Loss from unconsolidated joint ventures (2)

​

​

​

​

​

​

​

​

​

​

​

(37)

Other gains and (losses), net

​

​

​

​

​

​

​

​

​

​

​

2,168

Income before income taxes

​

​

​

​

​

​

​

​

​

​

$

30,326

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2024

​

​

Hospitality

​

Entertainment

​

Corporate and Other

​

Total

Revenues

​

$

467,043

​

$

82,915

​

$

—

​

$

549,958

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Rooms

​

​

45,129

​

​

​

​

​

​

​

​

45,129

Food and beverage

​

​

127,040

​

​

​

​

​

​

​

​

127,040

Other hotel expenses (1)

​

​

123,716

​

​

​

​

​

​

​

​

123,716

Management fees

​

​

16,889

​

​

​

​

​

​

​

​

16,889

Employment costs

​

​

​

​

​

25,685

​

​

​

​

​

25,685

Cost of goods sold

​

​

​

​

​

11,977

​

​

​

​

​

11,977

Contract services

​

​

​

​

​

8,935

​

​

​

​

​

8,935

Non-income taxes and insurance

​

​

​

​

​

4,659

​

​

​

​

​

4,659

Preopening costs

​

​

​

​

​

870

​

​

​

​

​

870

Other segment expenses (1)

​

​

​

​

​

10,403

​

​

9,724

​

​

20,127

Depreciation and amortization

​

​

51,488

​

​

7,336

​

​

227

​

​

59,051

Operating income (loss)

​

$

102,781

​

$

13,050

​

$

(9,951)

​

$

105,880

Interest expense

​

​

2

​

​

(8,984)

​

​

(45,564)

​

​

(54,546)

Interest income

​

​

​

​

​

​

​

​

​

​

​

7,219

Income from unconsolidated joint ventures (2)

​

​

​

​

​

​

​

​

​

​

​

9

Other gains and (losses), net

​

​

​

​

​

​

​

​

​

​

​

2,758

Income before income taxes

​

​

​

​

​

​

​

​

​

​

$

61,320

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2025

​

​

Hospitality

​

Entertainment

​

Corporate and Other

​

Total

Revenues

​

$

1,514,810

​

$

324,443

​

$

—

​

$

1,839,253

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Rooms

​

​

142,195

​

​

​

​

​

​

​

​

142,195

Food and beverage

​

​

414,252

​

​

​

​

​

​

​

​

414,252

Other hotel expenses (1)

​

​

399,394

​

​

​

​

​

​

​

​

399,394

Management fees

​

​

52,930

​

​

​

​

​

​

​

​

52,930

Employment costs

​

​

​

​

​

91,107

​

​

​

​

​

91,107

Cost of goods sold

​

​

​

​

​

43,410

​

​

​

​

​

43,410

Contract services

​

​

​

​

​

51,942

​

​

​

​

​

51,942

Non-income taxes and insurance

​

​

​

​

​

21,933

​

​

​

​

​

21,933

Preopening costs

​

​

​

​

​

1,474

​

​

​

​

​

1,474

Other segment expenses (1)

​

​

​

​

​

39,689

​

​

31,591

​

​

71,280

Loss on sale of assets

​

​

​

​

​

1,296

​

​

​

​

​

1,296

Depreciation and amortization

​

​

175,232

​

​

27,954

​

​

696

​

​

203,882

Operating income (loss)

​

$

330,807

​

$

45,638

​

$

(32,287)

​

$

344,158

Interest expense

​

​

(39)

​

​

(27,979)

​

​

(149,672)

​

​

(177,690)

Interest income

​

​

​

​

​

​

​

​

​

​

​

15,878

Loss on extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

(2,922)

Loss from unconsolidated joint ventures (2)

​

​

​

​

​

​

​

​

​

​

​

(66)

Other gains and (losses), net

​

​

​

​

​

​

​

​

​

​

​

1,864

Income before income taxes

​

​

​

​

​

​

​

​

​

​

$

181,222

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2024

​

​

Hospitality

​

Entertainment

​

Corporate and Other

​

Total

Revenues

​

$

1,447,600

​

$

243,993

​

$

—

​

$

1,691,593

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Rooms

​

​

134,292

​

​

​

​

​

​

​

​

134,292

Food and beverage

​

​

387,588

​

​

​

​

​

​

​

​

387,588

Other hotel expenses (1)

​

​

360,298

​

​

​

​

​

​

​

​

360,298

Management fees

​

​

56,300

​

​

​

​

​

​

​

​

56,300

Employment costs

​

​

​

​

​

75,057

​

​

​

​

​

75,057

Cost of goods sold

​

​

​

​

​

33,908

​

​

​

​

​

33,908

Contract services

​

​

​

​

​

25,177

​

​

​

​

​

25,177

Non-income taxes and insurance

​

​

​

​

​

9,384

​

​

​

​

​

9,384

Preopening costs

​

​

​

​

​

3,361

​

​

​

​

​

3,361

Other segment expenses (1)

​

​

​

​

​

30,280

​

​

31,080

​

​

61,360

Gain on sale of assets

​

​

​

​

​

​

​

​

(270)

​

​

(270)

Depreciation and amortization

​

​

152,271

​

​

21,842

​

​

693

​

​

174,806

Operating income (loss)

​

$

356,851

​

$

44,984

​

$

(31,503)

​

$

370,332

Interest expense

​

​

(14,612)

​

​

(29,805)

​

​

(127,149)

​

​

(171,566)

Interest income

​

​

​

​

​

​

​

​

​

​

​

21,805

Loss on extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

(2,319)

Income from unconsolidated joint ventures (2)

​

​

​

​

​

​

​

​

​

​

​

224

Other gains and (losses), net

​

​

​

​

​

​

​

​

​

​

​

3,075

Income before income taxes

​

​

​

​

​

​

​

​

​

​

$

221,551

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
Total assets:		​			​
Hospitality	​	$	4,962,260	​	$	4,081,754
Entertainment	​		751,779	​		653,969
Corporate and Other	​		482,606	​		481,850
Total assets	​	$	6,196,645	​	$	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):

​

​	​	​	​	​	​	​	​
​	​	Nine Months Ended					​
​	​	September 30,					​
​		2025			2024
Hospitality	​	$	229,726	​	$	230,187	​
Entertainment	​		22,154	​		87,086	​
Corporate and Other	​		223	​		50	​
Total capital expenditures	​	$	252,103	​	$	317,323	​

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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