Revenues

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Hotel group rooms	$	106,068	$	89,329	$	208,760	$	172,546
Hotel transient rooms		38,636		32,416		68,156		56,763
Hotel food and beverage - banquets		123,521		101,719		249,717		197,987
Hotel food and beverage - outlets		49,509		39,334		94,456		76,005
Hotel other		39,395		28,958		73,550		53,566
Entertainment admissions/ticketing		21,960		21,207		35,583		32,067
Entertainment food and beverage		17,848		11,813		29,887		18,394
Entertainment retail and other		10,782		9,158		18,385		14,976
Total revenues	$	407,719	$	333,934	$	778,494	$	622,304

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Gaylord Opryland	$	98,987	$	94,915	$	187,945	$	177,660
Gaylord Palms		47,357		50,274		107,273		108,170
Gaylord Texan		69,326		58,611		141,365		116,968
Gaylord National		78,128		79,687		143,758		140,443
Gaylord Rockies		55,436		—		100,679		—
AC Hotel		3,314		3,511		5,749		5,882
Inn at Opryland and other		4,581		4,758		7,870		7,744
Total Hospitality segment revenues	$	357,129	$	291,756	$	694,639	$	556,867

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 June 30, 2019 and December 31, 2018, the Company had $77.1 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 $47.6 million was recognized in revenue during the six months ended June 30, 2019.