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Revenues
3 Months Ended
Mar. 31, 2019
Revenues  
Revenues

2. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 

 

    

2019

    

2018

Hotel group rooms

 

$

102,692

 

$

83,217

Hotel transient rooms

 

 

29,520

 

 

24,347

Hotel food and beverage - banquets

 

 

126,196

 

 

96,268

Hotel food and beverage - outlets

 

 

44,947

 

 

36,671

Hotel other

 

 

34,155

 

 

24,608

Entertainment admissions/ticketing

 

 

13,623

 

 

10,860

Entertainment food and beverage

 

 

12,039

 

 

6,581

Entertainment retail and other

 

 

7,603

 

 

5,818

Total revenues

 

$

370,775

 

$

288,370

 

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 

 

    

2019

    

2018

Gaylord Opryland

 

$

88,958

 

$

82,745

Gaylord Palms

 

 

59,917

 

 

57,896

Gaylord Texan

 

 

72,039

 

 

58,357

Gaylord National

 

 

65,630

 

 

60,756

Gaylord Rockies

 

 

45,243

 

 

 —

AC Hotel

 

 

2,435

 

 

2,371

Inn at Opryland and other

 

 

3,288

 

 

2,986

Total Hospitality segment revenues

 

$

337,510

 

$

265,111

 

Almost all of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its Entertainment segment. At March 31, 2019 and December 31, 2018, the Company had $94.4 million and $69.3 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2018, approximately $39.2 million was recognized in revenue during the three months ended March 31, 2019.