Revenues

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Hotel group rooms	$	93,172	$	69,258	$	301,932	$	241,804
Hotel transient rooms		41,778		33,923		109,934		90,686
Hotel food and beverage - banquets		104,961		82,742		354,678		280,729
Hotel food and beverage - outlets		50,212		35,754		144,668		111,759
Hotel other		38,134		27,563		111,684		81,129
Entertainment admissions/ticketing		24,075		19,215		59,658		51,282
Entertainment food and beverage		17,617		14,606		47,504		33,000
Entertainment retail and other		9,838		9,188		28,223		24,164
Total revenues	$	379,787	$	292,249	$	1,158,281	$	914,553

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Gaylord Opryland	$	90,186	$	80,591	$	278,131	$	258,251
Gaylord Palms		40,854		38,901		148,127		147,071
Gaylord Texan		66,508		62,826		207,873		179,794
Gaylord National		59,128		60,304		202,886		200,747
Gaylord Rockies		64,949		—		165,628		—
AC Hotel		2,882		2,496		8,631		8,378
Inn at Opryland and other		3,750		4,122		11,620		11,866
Total Hospitality segment revenues	$	328,257	$	249,240	$	1,022,896	$	806,107

The majority 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 September 30, 2019 and December 31, 2018, the Company had $84.7 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 $52.7 million was recognized in revenue during the nine months ended September 30, 2019.