The following is a summary of the Ryman Hospitality Properties, Inc. (RHP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Ryman achieved record results in Q1 2024, including the highest first quarter for Average Daily Rate (ADR), travel, and gross group ADR booked for future periods.
Despite some transient softness, rate strategy led to an increase in group and transient rates year-on-year.
Entertainment business had a record first quarter adjusted EBITDA of $15.5 million, up by 8.3%.
The full year guidance for Adjusted Funds From Operations (AFFO) ranges from $489.8 million to $535.5 million.
Ryman finished Q1 with $455 million of unrestricted cash and anticipates generating $500 million to $550 million of free cash flow in 2024.
Business Progress:
Same store hospitality Banquet Navy revenue was second-best in any quarter, indicating resilient outside room spend.
Records set for group room nights travelled and group room's revenue for the rest of the year show growth in group segment.
New Old Red Las Vegas is performing well, contributing to growth in the entertainment segment.
Major project upgrades and renovations are planned for hotels and entertainment venues, indicating ongoing investment.
Initial results from Hill Country are encouraging with plans to transform the hotel into a leading convention resort in Texas.
The company is managing contracts from a portfolio perspective to drive incremental income into its new property.
Expectations for Q2 2024 are high, with it projected to be the best April ever in Ryman's portfolio history.
Opening of Pacific Gaylord is expected to generate significant growth with 82,000 room nights already booked for future business.
More details: Ryman Hospitality Properties Inc IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.