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Dec 31, 2024
Ryman Q4 2024 Earnings Report
Ryman Hospitality Properties reported record consolidated revenue but faced challenges in holiday leisure demand.
Key Takeaways
Ryman Hospitality Properties, Inc. achieved all-time quarterly record consolidated revenue of $647.6 million in Q4 2024. However, net income declined significantly year-over-year due to softness in holiday leisure demand, particularly at Gaylord Texan and Gaylord Opryland. The company reported strong revenue growth in its Entertainment segment but faced challenges from construction disruptions.
Record Q4 revenue of $647.6 million, with Hospitality revenue at $549.5 million and Entertainment revenue at $98.2 million.
Net income declined 57.4% year-over-year to $72.3 million.
Adjusted EBITDAre remained stable at $188.6 million, a 0.6% increase from Q4 2023.
Holiday leisure demand was weaker than expected, particularly affecting Gaylord Texan and Gaylord Opryland.
Ryman
Ryman
Ryman Revenue by Segment
Revenue by Segment
Hospitality Revenue
CapyFin.comEntertainment Revenue
CapyFin.com Forward Guidance
Ryman Hospitality expects continued revenue growth but anticipates challenges from ongoing construction disruptions and market conditions.
Positive Outlook
- Projected Hospitality RevPAR growth between 2.25% and 4.75% in FY 2025.
- Entertainment segment expected to continue growing with strategic investments.
- Planned capital expenditures of $400-500 million to enhance properties.
- Dividend increase planned for 2025 to a minimum of $4.60 per share.
- Group room revenue on the books for 2025 is 3% ahead of last year.
Challenges Ahead
- Construction disruptions expected to impact Hospitality segment by 250-350 basis points in RevPAR.
- Macroeconomic uncertainties may impact leisure demand.
- Higher interest rates may affect financing and refinancing costs.
- Increased consumer price sensitivity impacting per-visitor spend.
- Projected operating income expected to be slightly lower due to cost pressures.