Ryman Q3 2021 Earnings Report
Key Takeaways
Ryman Hospitality Properties reported a strong Q3 2021, demonstrating resilience with increased group room nights and entertainment revenue approaching pre-pandemic levels. The company is focused on future growth, including the acquisition of Block 21 in Austin, Texas.
Hotel serviced over 307,000 group room nights, more than double the total number delivered in all of the first half of 2021.
Adjusted EBITDAre margins across hotels approached levels achieved in the third quarter of 2019 despite revenue and occupancy rates ranging between 70-80% of these prior period levels.
Entertainment segment revenue and Adjusted EBITDAre results also approached levels seen in the third quarter of 2019.
Agreement to acquire Block 21 in Austin, Texas was announced, with an anticipated closing near the end of the fourth quarter of 2021.
Ryman
Ryman
Ryman Revenue by Segment
Forward Guidance
The company anticipates its core group business to rebound and expects strong leisure demand to continue into the fourth quarter.
Positive Outlook
- Core group business is anticipated to rebound.
- Strong leisure demand is expected to continue into the fourth quarter.
- Seasonal holiday offerings are expected to ramp up.
- Expansion of the Ole Red brand with a location in the Nashville International Airport.
- Acquisition of Block 21 is expected to close near the end of the fourth quarter of 2021.
Challenges Ahead
- Impacted in the third quarter by Delta-related cancellations.
- Suspended its regular quarterly dividend payments.
- The acquisition of Block 21 is subject to customary closing conditions.
- There are risks and uncertainties associated with the COVID-19 pandemic.
- Economic conditions affecting the hospitality business generally.
Revenue & Expenses
Visualization of income flow from segment revenue to net income