The following is a summary of the Ryman Hospitality Properties, Inc. (RHP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ryman Hospitality Properties reported a consolidated total revenue of $550 million, a third quarter record, up 4.1% year-over-year.

• Consolidated Adjusted EBITDAre reached $175 million, also a record for the third quarter, representing a 2.3% increase year-over-year.

• In the hospitality segment alone, same-store hospitality Adjusted EBITDAre for Q3 hit $142 million, a record, with a 30 basis point increase in margin to 34.4% year-over-year despite a $4 million reduction in attrition and cancellation fees.

Business Progress:

• The company made progress in major capital investment initiatives across its properties, with projects like the entertainment spaces at Gaylord Rockies and the complex at Gaylord Opryland.

• In the entertainment segment, Ryman is completing investments in Austin and Nashville and plans for Opry 100's launch have been set, which includes a significant performance at London's Royal Albert Hall.

• The recent opening of Category 10 in Nashville and plans to expand the JW Marriott Hill Country signify major growth directions.

Opportunities:

• The successful launch of Category 10 and strong bookings for Opry 100, along with the addition of direct flights to Nashville from Icelandic Air and Aer Lingus, indicate a promising increase in tourism and entertainment demand.

• The strategic partnerships with country music artists like Luke Combs and significant capital investments across properties are set to enhance Ryman's brand appeal and operational efficiency.

Risks:

• The ongoing leisure softness in the Nashville and Orlando markets, concurrent with the transient market's dependency on the seasonal attraction which could potentially alter the anticipated revenue from the leisure sector.

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