Ryman Hospitality Properties Reports $2.34 Billion Revenue for Fiscal Year 2024

Ryman Hospitality Properties, Inc. reported total revenues of $2.34 billion for the fiscal year ended December 31, 2024, marking an 8.4% increase from $2.16 billion in 2023. The company's operating income also rose to $490.8 million, an 8.2% increase compared to the previous year. However, net income decreased by 18% to $280.2 million, primarily due to a significant tax provision in 2024 compared to a tax benefit in 2023. The diluted net income per share was $4.38, down from $5.36 in the prior year.

The company experienced notable changes in its financial performance, particularly with the acquisition of the JW Marriott Hill Country in June 2023, which contributed $127.7 million to revenues in 2024. The hospitality segment, which includes the Gaylord Hotels properties, saw an increase in revenues of $163.6 million, while the entertainment segment added $17.5 million. However, the hospitality segment's operating expenses also rose, leading to a smaller increase in operating income compared to revenue growth.

Ryman's operational metrics showed mixed results. The average daily rate (ADR) for the hospitality segment increased by 4.9% to $257.81, while revenue per available room (RevPAR) rose by 1.3% to $178.24. However, occupancy rates fell slightly to 69.1%, down from 71.6% in 2023. The company reported a 41.3% decrease in same-store canceled room nights, indicating improved booking stability. Additionally, the company noted a 4.8% increase in future group room nights booked compared to the previous year.

Strategically, Ryman has focused on enhancing its existing properties and expanding its portfolio. The company has identified over $1 billion in capital investment opportunities through 2027, including significant renovations at Gaylord Opryland and Gaylord Rockies. Ryman's entertainment segment also expanded with the opening of Ole Red Las Vegas in January 2024 and the rebranding of the Wildhorse Saloon to Category 10. The company continues to leverage its brand recognition, particularly through the Grand Ole Opry, to drive revenue growth.

Looking ahead, Ryman anticipates investing between $400 million and $500 million in capital expenditures in 2025, with plans for ongoing renovations and enhancements across its properties. The company remains committed to maintaining its status as a Real Estate Investment Trust (REIT) and plans to distribute at least 100% of its REIT taxable income annually. Despite the challenges posed by inflation and rising interest rates, Ryman's management believes that its cash flow and available credit will support its operational and investment strategies moving forward.