Ryman Hospitality Properties Reports Q2 2025 Financial Results with 7.5% Revenue Growth

Ryman Hospitality Properties, Inc. reported its financial results for the second quarter of 2025, revealing total revenues of $659.5 million, a 7.5% increase from $613.3 million in the same period last year. For the first half of 2025, revenues reached $1.25 billion, up 9.2% from $1.14 billion in the prior year. The company's net income for the quarter was $75.9 million, a decrease of 27.6% compared to $104.7 million in Q2 2024. For the six months ended June 30, 2025, net income was $138.9 million, down 5.8% from $147.5 million in the previous year.

The company experienced significant changes in its operational metrics, particularly in its Hospitality segment, which saw a slight decline in revenue, primarily due to a decrease in group business attributed to the timing of the Easter holiday. However, the acquisition of JW Marriott Desert Ridge on June 10, 2025, contributed $5.3 million in revenue during the quarter. The Entertainment segment, on the other hand, reported a 52.1% increase in revenue, largely driven by the inclusion of Southern Entertainment, which was acquired in January 2025.

Ryman's total operating expenses rose to $520.1 million in Q2 2025, a 16.8% increase from $445.2 million in the same quarter of 2024. This increase was attributed to higher costs in both the Hospitality and Entertainment segments, with the latter seeing an 85.3% rise in operating expenses. The company’s operating income for the quarter was $139.4 million, down 17% from $168.1 million in the prior year. The decline in operating income was influenced by increased expenses and a reduction in management fees.

In terms of operational indicators, Ryman reported a decrease in occupancy rates across its properties, with the Hospitality segment's occupancy at 73.3%, down from 73.7% in the previous year. Average daily rates (ADR) also saw a slight decline, while revenue per available room (RevPAR) decreased to $189.77 from $192.07. The company’s total assets increased to $6.11 billion as of June 30, 2025, compared to $5.22 billion at the end of 2024, reflecting the impact of the recent acquisition.

Looking ahead, Ryman Hospitality Properties anticipates continued investment in its operations, projecting capital expenditures between $165 million and $265 million for the remainder of 2025. The company remains focused on integrating JW Marriott Desert Ridge into its portfolio and is optimistic about future growth opportunities, particularly in the group-oriented hospitality market. The board of directors has also reaffirmed its commitment to maintaining a dividend policy of distributing at least 100% of REIT taxable income annually, subject to future determinations regarding the amount and timing of distributions.