10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	73-0664379
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

		Name of Each Exchange on
Title of Each Class	Trading Symbol(s)	Which Registered
Common stock, par value $.01	RHP	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding as of April 30, 2020
Common Stock, par value $.01	54,970,480 shares

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended March 31, 2020

INDEX

	Page
Part I - Financial Information	3
Item 1. Financial Statements.	3
Condensed Consolidated Balance Sheets (Unaudited) – March 31, 2020 and December 31, 2019	3
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months Ended March 31, 2020 and 2019	4
Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2020 and 2019	5
Condensed Consolidated Statements of Stockholders’ Equity and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2020 and 2019	6
Notes to Condensed Consolidated Financial Statements (Unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	27
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	50
Item 4. Controls and Procedures.	50
Part II - Other Information	51
Item 1. Legal Proceedings.	51
Item 1A. Risk Factors.	51
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	52
Item 3. Defaults Upon Senior Securities.	53
Item 4. Mine Safety Disclosures.	53
Item 5. Other Information.	53
Item 6. Exhibits.	53
SIGNATURES	54

2

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

	March 31,		December 31,
	2020		2019
ASSETS:
Property and equipment, net of accumulated depreciation (including $969,130 and $979,012 from VIEs, respectively)	$	3,129,977	$	3,130,252
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)		662,156		362,430
Cash and cash equivalents - restricted		64,501		57,966
Notes receivable		99,900		110,135
Trade receivables, less credit loss reserve of $1,155 and $828, respectively (including $20,688 and $16,523 from VIEs, respectively)		78,952		70,768
Deferred income tax assets, net		—		25,959
Prepaid expenses and other assets (including $32,247 and $27,888 from VIEs, respectively)		112,236		123,845
Intangible assets (including $192,366 and $202,366 from VIEs, respectively)		197,080		207,113
Total assets	$	4,344,802	$	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations (including $793,174 and $792,696 from VIEs, respectively)	$	2,951,888	$	2,559,968
Accounts payable and accrued liabilities (including $44,818 and $57,590 from VIEs, respectively)		240,313		264,915
Dividends payable		53,037		50,711
Deferred management rights proceeds		174,558		175,332
Operating lease liabilities		106,925		106,331
Deferred income tax liabilities, net		600		—
Other liabilities (including $24,887 and $2,174 from VIEs, respectively)		94,434		64,971
Total liabilities		3,621,755		3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		163,026		221,511
Stockholders' equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding		—		—
Common stock, $.01 par value, 400,000 shares authorized, 54,970 and 54,897 shares issued and outstanding, respectively		550		549
Additional paid-in capital		1,185,885		1,185,168
Treasury stock of 626 and 619 shares, at cost		(17,872)		(17,315)
Accumulated deficit		(545,104)		(495,514)
Accumulated other comprehensive loss		(63,438)		(28,159)
Total stockholders' equity		560,021		644,729
Total liabilities and equity	$	4,344,802	$	4,088,468

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except per share data)

	Three Months Ended
	March 31,
	2020		2019
Revenues:
Rooms	$	106,128	$	132,212
Food and beverage		145,750		171,143
Other hotel revenue		33,793		34,155
Entertainment		27,359		33,265
Total revenues		313,030		370,775
Operating expenses:
Rooms		32,308		34,969
Food and beverage		83,811		91,359
Other hotel expenses		90,474		90,939
Management fees, net		5,492		9,756
Total hotel operating expenses		212,085		227,023
Entertainment		29,346		25,641
Corporate		8,136		9,004
Preopening costs		801		2,134
Gain on sale of assets		(1,261)		—
Credit loss on held-to-maturity securities		5,828		—
Depreciation and amortization		53,345		53,009
Total operating expenses		308,280		316,811
Operating income		4,750		53,964
Interest expense		(29,358)		(32,087)
Interest income		2,371		2,908
Loss from unconsolidated joint ventures		(1,895)		—
Other gains and (losses), net		195		(141)
Income (loss) before income taxes		(23,937)		24,644
Provision for income taxes		(26,799)		(1,974)
Net income (loss)		(50,736)		22,670
Net loss attributable to noncontrolling interest in consolidated joint venture		4,220		6,738
Net income (loss) available to common stockholders	$	(46,516)	$	29,408
Basic income (loss) per share available to common stockholders	$	(0.85)	$	0.57
Diluted income (loss) per share available to common stockholders	$	(0.85)	$	0.57
Comprehensive income (loss), net of taxes	$	(88,173)	$	22,779
Comprehensive loss, net of taxes, attributable to noncontrolling interest		12,829		6,738
Comprehensive income (loss), net of taxes, available to common stockholders	$	(75,344)	$	29,517

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Three Months Ended
	March 31,
	2020		2019
Cash Flows from Operating Activities:
Net income (loss)	$	(50,736)		22,670
Amounts to reconcile net income (loss) to net cash flows provided by operating activities:
Provision for deferred income taxes		26,559		1,100
Depreciation and amortization		53,345		53,009
Amortization of deferred financing costs		1,894		1,927
Credit loss on held-to-maturity securities		5,828
Loss from unconsolidated joint ventures		1,895		—
Stock-based compensation expense		2,230		2,026
Changes in:
Trade receivables		(8,345)		(42,050)
Accounts payable and accrued liabilities		(26,297)		17,632
Other assets and liabilities		(1,702)		(1,754)
Net cash flows provided by operating activities		4,671		54,560
Cash Flows from Investing Activities:
Purchases of property and equipment		(43,168)		(48,873)
Investment in other joint ventures		(3,090)		(102)
Other investing activities		1,004		(127)
Net cash flows used in investing activities		(45,254)		(49,102)
Cash Flows from Financing Activities:
Net borrowings under revolving credit facility		400,000		10,000
Repayments under term loan B		(1,250)		—
Borrowing under Gaylord Rockies construction and mezzanine loans		—		28,897
Deferred financing costs paid		(106)		—
Payment of dividends		(50,078)		(44,420)
Payment of tax withholdings for share-based compensation		(1,631)		(3,813)
Other financing activities		(91)		1,605
Net cash flows provided by (used in) financing activities		346,844		(7,731)
Net change in cash, cash equivalents, and restricted cash		306,261		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		420,396		149,089
Cash, cash equivalents, and restricted cash, end of period	$	726,657	$	146,816
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$	662,156	$	94,873
Cash and cash equivalents - restricted		64,501		51,943
Cash, cash equivalents, and restricted cash, end of period	$	726,657	$	146,816

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

									Accumulated
			Additional						Other		Total
	Common		Paid-in		Treasury		Accumulated		Comprehensive		Stockholders'		Noncontrolling
	Stock		Capital		Stock		Deficit		Loss		Equity		Interest
BALANCE, December 31, 2019	$	549	$	1,185,168	$	(17,315)	$	(495,514)	$	(28,159)	$	644,729	$	221,511
Net loss		—		—		—		(46,516)		—		(46,516)		(4,220)
Adjustment of noncontrolling interest to redemption value		—		—		—		54,265		—		54,265		(54,265)
Transition adjustment related to adoption of ASU 2016-13		—		—		—		(5,343)		2,158		(3,185)		—
Other comprehensive loss, net of income taxes		—		—		—		—		(37,437)		(37,437)		—
Payment of dividends ($0.95 per share)		—		147		(557)		(51,996)		—		(52,406)		—
Restricted stock units and stock options surrendered		1		(1,660)		—		—		—		(1,659)		—
Stock-based compensation expense		—		2,230		—		—		—		2,230		—
BALANCE, March 31, 2020	$	550	$	1,185,885	$	(17,872)	$	(545,104)	$	(63,438)	$	560,021	$	163,026

									Accumulated
			Additional						Other		Total
	Common		Paid-in		Treasury		Accumulated		Comprehensive		Stockholders'		Noncontrolling
	Stock		Capital		Stock		Deficit		Loss		Equity		Interest
BALANCE, December 31, 2018	$	513	$	900,795	$	(15,183)	$	(388,524)	$	(28,024)	$	469,577	$	287,433
Net income		—		—		—		29,408		—		29,408		(6,738)
Adjustment of noncontrolling interest to redemption value		—		—		—		(10,420)		—		(10,420)		10,420
Transition adjustment related to adoption of ASU 2018-02		—		—		—		2,707		(2,707)		—		—
Other comprehensive income, net of income taxes		—		—		—		—		109		109		—
Payment of dividends ($0.90 per share)		—		168		(504)		(46,076)		—		(46,412)		—
Restricted stock units and stock options surrendered		1		(3,825)		—		—		—		(3,824)		—
Stock-based compensation expense		—		2,026		—		—		—		2,026		—
BALANCE, March 31, 2019	$	514	$	899,164	$	(15,687)	$	(412,905)	$	(30,622)	$	440,464	$	291,115

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”) and the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

The Company also owns a 62.1% interest in a joint venture (the “Gaylord Rockies joint venture”) that owns the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which opened in December 2018 and is managed by Marriott. As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, management has concluded that the Company is the primary beneficiary of this variable interest entity. As such, the Company has consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company does not own is recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statement of stockholders’ equity. Creditors of the Gaylord Rockies joint venture have no recourse to the general credit of the Company, except with respect to certain limited loan guarantees as discussed in Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein.

The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, and the General Jackson Showboat. The Company also owns a 50% interest in a joint venture intended to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. See Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

7

Impact of COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (COVID-19) as a pandemic, which continues to spread throughout the United States. COVID-19 is having an unprecedented impact on the U.S. economy, and due to the COVID-19 pandemic, there is significant uncertainty surrounding the full extent of its impact on the Company’s future results of operations and financial position.

The Company, in consultation with local governmental authorities, first determined to close its Nashville-based entertainment venues on March 15, 2020. As cancellations at the Gaylord Hotels properties began to increase, the Company and its hotel manager, Marriott, implemented a series of operational changes, beginning with scaling back operations at the hotels to reflect reduced occupancy, closing food and beverage outlets, and reducing hourly staffing and culminating with the suspension of operations at the Gaylord Hotels properties beginning March 24, 2020. Hotel employees that were laid off or furloughed were generally paid the equivalent of one week of compensation, and benefits for hotel employees are being maintained through June 30, 2020. The Gaylord Hotels properties, as well as substantially all of the Company’s entertainment assets remain closed, and the decision to reopen will be based on a number of factors and made in consultation with local health authorities.

In the Company’s Entertainment segment, in addition to the closure of its entertainment assets, the Company has taken steps to reduce operating costs in all areas. The Company is continuing to pay all full-time and part-time employees at its Company-managed properties through May 15, 2020.

To preserve liquidity, on March 17, 2020, the Company completed a $400 million draw from its existing $700 million revolving line of credit as a precaution to ensure funds are available to meet the Company’s obligations for a sustained period of time. At March 31, 2020, the Company had an additional $299.1 million available for borrowing under its revolving credit facility and $662.2 million in unrestricted cash on hand. In addition, following the payment of the Company’s first quarter 2020 dividend as discussed in Note 14, “Stockholders Equity,” to the condensed consolidated financial statements included herein, the Company suspended its regular quarterly dividend payments for the remainder of 2020. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement amendment described in Note 17, “Subsequent Events,” to the condensed consolidated financial statements included herein, permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determinations as to the amount of distributions and timing thereof.

The Company has deferred substantially all non-essential capital projects, in addition to delaying the Gaylord Rockies expansion project, which was scheduled to begin construction in second quarter 2020. The Gaylord Palms expansion project is continuing, and the Company believes the expansion will allow Gaylord Palms to serve groups moving meetings to next year.

The Company amended its credit facility on April 23, 2020, as described in Note 17, “Subsequent Events.” The Company continues to pay all required debt service payments on its indebtedness, lease payments, taxes and other payables.

The Company’s smaller hotels, the Inn at Opryland and the AC Hotel, as well as Gaylord Springs, remain operational, and the Company currently has no plans to temporarily close these businesses. Revenues from these assets have been negligible during the COVID-19 pandemic.

Block 21 Acquisition

In December 2019, the Company entered into an agreement to purchase Block 21, a mixed-use entertainment, lodging, office and retail complex located in Austin, Texas, for $275 million, which includes the assumption of approximately $141 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin Hotel, the 350-seat 3TEN at ACL Live club and approximately 53,000 square feet of Class A commercial space. The Company paid a nonrefundable deposit of $15 million with the agreement, and the acquisition is subject to customary closing conditions, including, but not limited

8

to, the consent to the Company’s assumption of the existing mortgage loan by the loan servicer. If the acquisition is completed, the Company intends to fund the acquisition with a portion of the proceeds from the equity offering discussed in Note 11, “Equity” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Newly Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU replaces the previous “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The Company has applied these amendments with a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For debt securities for which an other-than-temporary impairment has been previously recognized, a prospective transition approach for the prior other-than-temporary impairment is required. The Company adopted this ASU in the first quarter of 2020 and recorded an adjustment to beginning retained earnings of $5.3 million and an adjustment to accumulated other comprehensive loss of $2.2 million. See Note 4, “Accumulated Other Comprehensive Loss” and Note 6, “Notes Receivable” for additional disclosure.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

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.

9

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

	Three Months Ended
	March 31,
	2020		2019
Hotel group rooms	$	82,711	$	102,692
Hotel transient rooms		23,417		29,520
Hotel food and beverage - banquets		108,170		126,196
Hotel food and beverage - outlets		37,580		44,947
Hotel other		33,793		34,155
Entertainment admissions/ticketing		10,281		13,623
Entertainment food and beverage		10,027		12,039
Entertainment retail and other		7,051		7,603
Total revenues	$	313,030	$	370,775

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

	Three Months Ended
	March 31,
	2020		2019
Gaylord Opryland	$	76,127	$	88,958
Gaylord Palms		45,375		59,917
Gaylord Texan		55,996		72,039
Gaylord National		49,394		65,630
Gaylord Rockies		54,598		45,243
AC Hotel		1,849		2,435
Inn at Opryland and other		2,332		3,288
Total Hospitality segment revenues	$	285,671	$	337,510

The majority of the Company’s Entertainment segment revenues are concentrated in 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, 2020 and December 31, 2019, the Company had $77.7 million and $76.7 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, 2019, approximately $43.3 million was recognized in revenue during the three months ended March 31, 2020.

3. INCOME PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):

	Three Months Ended
	March 31,
	2020	2019
Weighted average shares outstanding - basic	54,911	51,349
Effect of dilutive stock-based compensation	—	215
Effect of dilutive put rights	—	385
Weighted average shares outstanding - diluted	54,911	51,949

For the three months ended March 31, 2020, the effect of dilutive stock-based compensation was the equivalent of 141,000 shares of common stock outstanding. Because the Company had a loss from continuing operations in the three

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months ended March 31, 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 13, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein, certain affiliates of Ares Management, L.P. (“Ares”) each have a put right to require the Company to purchase their joint venture interests in the Gaylord Rockies joint venture in consideration of cash or operating partnership units (“OP Units”) of RHP Hotel Properties, LP (the “Operating Partnership”). Any OP Units issued by the Operating Partnership to the certain affiliates of Ares will be redeemable at the option of the holders thereof for shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. For the three months ended March 31, 2020, the effect of dilutive put rights was the equivalent of 538,000 shares of common stock outstanding. Because the Company had a loss from continuing operations in the three months ended March 31, 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 11, “Pension and Postretirement Benefits Other Than Pension Plans,” interest rate derivatives designated as cash flow hedges of the Company’s and the Gaylord Rockies joint venture’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to the Company’s adoption of ASU 2016-13 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein, and Note 3, “Notes Receivable,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 and 2019 consisted of the following (in thousands):

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2019	$	(23,916)	$	(5,877)	$	1,634	$	(28,159)
Losses arising during period		(1,107)		—		(35,947)		(37,054)
Amounts reclassified from accumulated other comprehensive loss		17		52		(452)		(383)
Net other comprehensive income (loss)		(1,090)		52		(36,399)		(37,437)
Transition adjustment related to adoption of ASU 2016-13 (see Note 1)		—		2,158		—		2,158
Balance, March 31, 2020	$	(25,006)	$	(3,667)	$	(34,765)	$	(63,438)

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	—	$	(28,024)
Amounts reclassified from accumulated other comprehensive loss		20		83		—		103
Income tax benefit		6		—		—		6
Net other comprehensive income		26		83		—		109
Transition adjustment related to adoption of ASU 2018-02		(2,707)		—		—		(2,707)
Balance, March 31, 2019	$	(24,495)	$	(6,127)	$	—	$	(30,622)

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5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2020 and December 31, 2019 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):

	March 31,		December 31,
	2020		2019
Land and land improvements	$	350,993	$	349,024
Buildings		3,441,389		3,432,136
Furniture, fixtures and equipment		969,130		968,858
Right-of-use finance lease assets		1,613		1,613
Construction-in-progress		103,815		82,906
		4,866,940		4,834,537
Accumulated depreciation and amortization		(1,736,963)		(1,704,285)
Property and equipment, net	$	3,129,977	$	3,130,252

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $99.9 million and $110.1 million at March 31, 2020 and December 31, 2019, respectively, net of credit loss reserve of $11.0 million and $0, respectively. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. In the first quarter of 2020, the Company recorded an initial transition adjustment of $5.2 million and performed its quarterly assessment of credit losses under the newly adopted credit loss standard discussed in Note 1, which considers the estimate of projected tax revenues that will service the Series B bond over its remaining term. These long-range tax revenue projections were updated as a result of the closure of Gaylord National as a result of the COVID-19 pandemic. As a result of these reduced long-range tax revenue projections over the remaining life of the Series B bond, the Company increased its credit loss reserve by $5.8 million at March 31, 2020.

During the three months ended March 31, 2020 and 2019, the Company recorded interest income of $1.5 million and $2.6 million, respectively, on these bonds. The Company received payments of $2.9 million and $3.0 million during the three months ended March 31, 2020 and 2019, respectively, relating to these bonds. At March 31, 2020 and December 31, 2019, the Company had accrued interest receivable related to these bonds of $39.0 million and $38.2 million, respectively.

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7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2020 and December 31, 2019 consisted of (in thousands):

	March 31,		December 31,
	2020		2019
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing March 31, 2024, less unamortized deferred financing costs of $8,126 and $0	$	391,874	$	—
$300M Term Loan A, interest at LIBOR plus 1.50%, maturing May 31, 2025, less unamortized deferred financing costs of $2,370 and $2,478		297,630		297,522
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $4,268 and $4,501		380,732		381,749
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $2,992 and $3,222		397,008		396,778
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $11,489 and $11,808, plus unamortized premium of $2,367 and $2,434		690,878		690,626
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $7,483 and $8,015		792,517		791,985
Finance lease obligations		1,249		1,308
Total debt	$	2,951,888	$	2,559,968

Amounts due within one year consist of the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

At March 31, 2020, the Company was in compliance with all of its covenants related to its outstanding debt, and the lenders had waived the covenant in the credit facility that prohibits closure of the Gaylord Hotels properties for longer than a specified period of time. See Note 17, “Subsequent Events,” for additional discussion.

Interest Rate Derivatives

The Company may enter into interest rate swap agreements to hedge against interest rate fluctuations. The Company and the Gaylord Rockies joint venture have each entered into interest rate swaps to manage interest rate risk associated with the Company’s $500 million term loan B and the Gaylord Rockies joint venture’s $800 million term loan, respectively. Each swap has been designated as a cash flow hedge whereby the Company or the joint venture receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. Neither the Company nor the Gaylord Rockies joint venture use derivatives for trading or speculative purposes and currently do not hold any derivatives that are not designated as hedges.

For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $13.6 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months.

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The estimated fair value of the Company’s derivative financial instruments at March 31, 2020 and December 31, 2019 is as follows (in thousands):

						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2020		2019
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(2,464)	$	959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		956
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(2,486)		934
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(24,887)		(2,174)
						$	(34,765)	$	1,634

Derivative financial instruments in an asset position are included in prepaid expenses and other assets and those in a liability position are included in other liabilities in the accompanying condensed consolidated balance sheets.

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2020		2019		into Income (Expense)	2020		2019
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(35,947)	$	—	Interest expense	$	452	$	—
Total derivatives	$	(35,947)	$	—		$	452	$	—

Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for the three months ended March 31, 2020 and 2019 was $29.4 million and $32.1 million, respectively.

At March 31, 2020, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $35.7 million. As of March 31, 2020, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $35.7 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

8. DEFERRED MANAGEMENT RIGHTS PROCEEDS:

On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. The Company allocated $190.0 million of the purchase price to the Management Rights, based on the Company’s estimates of the fair values for the respective components. For financial accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense.

9. LEASES:

The Company is a lessee of a 65.3 acre site in Osceola County, Florida on which Gaylord Palms is located, building or land leases for Ole Red Gatlinburg, Ole Red Orlando and Ole Red Tishomingo, various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through

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January 2101, at the Company’s discretion. The leases for Ole Red locations range from five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion. Extension options are not considered reasonably assured and thus are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applied judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “Leases”. The Company calculated its incremental borrowing rates by utilizing judgments and estimates regarding the Company’s secured borrowing rates, market credit rating, comparable bond yield curve, and adjustments to market yield curves to determine a securitized rate.

The Company’s lease costs for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Operating lease cost	$	3,287	$	3,346
Finance lease cost:
Amortization of right-of-use assets		37		41
Interest on lease liabilities		13		17
Net lease cost	$	3,337	$	3,404

Future minimum lease payments under non-cancelable leases at March 31, 2020 are as follows (in thousands):

	Operating		Finance
	Leases		Leases
Year 1	$	6,417	$	260
Year 2		6,147		255
Year 3		6,039		232
Year 4		6,006		153
Year 5		5,827		46
Years thereafter		572,754		602
Total future minimum lease payments		603,190		1,548
Less amount representing interest		(496,265)		(299)
Total present value of minimum payments	$	106,925	$	1,249

The remaining lease term and discount rate for the Company’s leases are as follows:

Weighted-average remaining lease term:
Operating leases	50.4	years
Finance leases	10.1	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%

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10. STOCK PLANS:

During the three months ended March 31, 2020, the Company granted 0.1 million restricted stock units with a weighted-average grant date fair value of $92.31 per unit. There were 0.4 million and 0.3 million restricted stock units outstanding at March 31, 2020 and December 31, 2019, respectively.

Compensation expense for all of the Company’s stock-based compensation plans was $2.2 million and $2.0 million for the three months ended March 31, 2020 and 2019, respectively.

11. PENSION AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS:

Net periodic pension expense (benefit) reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	676	$	878
Expected return on plan assets		(1,055)		(944)
Amortization of net actuarial loss		282		287
Total net periodic pension expense (benefit)	$	(97)	$	221

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	17	$	25
Amortization of net actuarial loss		63		61
Amortization of prior service credit		(328)		(328)
Total net postretirement benefit income	$	(248)	$	(242)

12. INCOME TAXES:

The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

For the three months ended March 31, 2020, the Company recorded an income tax provision of $26.8 million. The provision was primarily due to recording a valuation allowance of $26.7 million, as further described below. In the three months ended March 31, 2020, the Company also recorded income tax expense of $0.1 million, inclusive of valuation allowance, related to the current period operations of the Company.

Due to the financial statement impact of the COVID-19 pandemic, the Company reassessed the realizability of net deferred tax assets as of March 31, 2020, and as a result, the Company recorded a full valuation allowance of $26.7 million on the net deferred tax assets of its TRSs.

For the three months ended March 31, 2019, the Company recorded an income tax provision of $2.0 million related to regular operations, which differs from the statutory rate primarily due to the REIT dividends paid deduction.

At March 31, 2020 and December 31, 2019, the Company had no unrecognized tax benefits.

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13. COMMITMENTS AND CONTINGENCIES:

Pursuant to the Gaylord Rockies joint venture agreements, certain affiliates of Ares each have a put right to require the Company to purchase their joint venture interests at a defined appraised value during an annual window period or under certain other circumstances (not currently applicable) in consideration of cash or OP Units of the Operating Partnership. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock. Any OP Units issued by the Operating Partnership to the Ares affiliates will be redeemable at the option of the holders thereof for shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments.

Affiliates of RIDA Development Corporation (“RIDA”) also have a put right at a defined appraised value for cash, which will generally become exercisable at the earlier of December 31, 2023 or the date on which a certain change of control of RIDA occurs.

In connection with its investment in the Gaylord Rockies joint venture, the Company and an affiliate of RIDA each entered into limited repayment and carry guaranties that, in the aggregate, guarantee repayment of 10% of the principal debt, together with interest and operating expenses, which are to be released once the Gaylord Rockies joint venture achieves a certain debt service coverage threshold as defined in the Gaylord Rockies Loan. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to (i) those limited guaranties, (ii) a completion guaranty in the event a property expansion is pursued, and (iii) customary non-recourse carve-outs.

In April 2019, a subsidiary of the Company entered into a joint venture with Gray Television, Inc. to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“New Country Ventures”). The Company acquired a 50% equity interest in this joint venture and has made capital contributions of $7.0 million. In addition, the joint venture agreement requires the Company to contribute up to an additional $8.0 million through December 31, 2021. The Company accounts for its investment in this joint venture under the equity method of accounting.

The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control.

The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company.

14. STOCKHOLDERS’ EQUITY:

On February 25, 2020, the Company’s board of directors declared the Company’s first quarter 2020 cash dividend in the amount of $0.95 per share of common stock, or an aggregate of approximately $52.2 million in cash, which was paid on April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Following the payment of the first quarter 2020 cash dividend, the Company suspended its regular quarterly dividend payments for the remainder of 2020. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement amendment described in Note 17, “Subsequent Events,” to the condensed consolidated financial statements included herein, permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determination as to the amount of distributions and the timing thereof.

15. FAIR VALUE MEASUREMENTS:

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit

17

of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1.

The Company’s interest rate swaps and the Gaylord Rockies joint venture’s interest rate swap consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company or the Gaylord Rockies joint venture, as applicable, determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2.

The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument.

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, were as follows (in thousands):

			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	25,940	$	25,940	$	—	$	—
Total assets measured at fair value	$	25,940	$	25,940	$	—	$	—
Variable to fixed interest rate swaps	$	34,765	$	—	$	34,765	$	—
Total liabilities measured at fair value	$	34,765	$	—	$	34,765	$	—

			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,174	$	29,174	$	—	$	—
Variable to fixed interest rate swaps		3,808		—		3,808		—
Total assets measured at fair value	$	32,982	$	29,174	$	3,808	$	—
Variable to fixed interest rate swaps	$	2,174	$	—	$	2,174	$	—
Total liabilities measured at fair value	$	2,174	$	—	$	2,174	$	—

The remainder of the assets and liabilities held by the Company at March 31, 2020 are not required to be recorded at fair value, and the carrying value of these assets and liabilities approximate fair value, except as described below.

The Company has outstanding $400.0 million in aggregate principal amount of $400 million 5% senior notes. The carrying value of these notes at March 31, 2020 was $397.0 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $316.1 million at March 31, 2020.

The Company has outstanding $700.0 million in aggregate principal amount of $700 million 4.75% senior notes. The carrying value of these notes at March 31, 2020 was $690.9 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $524.0 million at March 31, 2020.

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16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture;

● Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended
	March 31,
	2020		2019
Revenues:
Hospitality	$	285,671	$	337,510
Entertainment		27,359		33,265
Corporate and Other		—		—
Total	$	313,030	$	370,775
Depreciation and amortization:
Hospitality	$	49,769	$	50,133
Entertainment		3,105		2,479
Corporate and Other		471		397
Total	$	53,345	$	53,009
Operating income:
Hospitality	$	23,817	$	60,354
Entertainment		(5,092)		5,145
Corporate and Other		(8,607)		(9,401)
Preopening costs (1)		(801)		(2,134)
Gain on sale of assets (2)		1,261		—
Credit loss on held-to-maturity securities (3)		(5,828)		—
Total operating income		4,750		53,964
Interest expense		(29,358)		(32,087)
Interest income		2,371		2,908
Loss from unconsolidated joint ventures		(1,895)		—
Other gains and (losses), net		195		(141)
Income (loss) before income taxes	$	(23,937)	$	24,644

(1) Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended March 31, 2019 include $0.7 million and $1.4 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the three months ended March 31, 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

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	March 31,		December 31,
	2020		2019
Identifiable assets:
Hospitality	$	3,462,739	$	3,494,084
Entertainment		192,696		181,036
Corporate and Other		689,367		413,348
Total identifiable assets	$	4,344,802	$	4,088,468

17. SUBSEQUENT EVENTS:

On April 23, 2020, the Company entered into Amendment No. 1 (the “Amendment”) to the Company’s Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.

The Amendment provides for a waiver of the existing financial covenants through March 31, 2021 and ending on April 1, 2021 (the “Temporary Waiver Period”) and confirms the availability of the remaining $300.0 million of undrawn amounts under the revolving credit facility. In addition, the Amendment contains a covenant that the Company must maintain unrestricted liquidity (in the form of unrestricted cash on hand or undrawn availability under the Revolver) of at least $100 million.

During the Temporary Waiver Period, the Amendment provides for increased interest and fees, additional restrictions on debt, investments, dividends, share repurchases and capital expenditures, and a minimum liquidity requirement.

The Company may elect to terminate the Temporary Waiver Period prior to expiration. Upon expiration or termination of the Temporary Waiver Period, it will calculate compliance with the financial covenants in the Credit Agreement using a designated annualized calculation based on the Company’s most recently completed fiscal quarter or quarters, as applicable. Pursuant to the Amendment, the Company is required to use any proceeds from borrowings drawn during the Temporary Waiver Period to fund operating expenses, debt service of the Company and its subsidiaries, and permitted capital expenditures and investments.

18. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The Company’s $400 million 5% senior notes and $700 million 4.75% senior notes were each issued by the Operating Partnership and RHP Finance Corporation, a Delaware corporation, and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s credit facility, as amended (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the Company’s $400 million 5% senior notes and $700 million 4.75% senior notes.

The following condensed consolidating financial information includes certain allocations of expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2020

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,641,355	$	1,488,622	$	—	$	3,129,977
Cash and cash equivalents - unrestricted		22		583,352		48		78,734		—		662,156
Cash and cash equivalents - restricted		—		—		—		64,501		—		64,501
Notes receivable		—		—		—		99,900		—		99,900
Trade receivables, less allowance		—		—		—		78,952		—		78,952
Prepaid expenses and other assets		—		58		26		126,170		(14,018)		112,236
Intangible assets		—		—		—		197,080		—		197,080
Intercompany receivables, net		—		—		2,142,311		—		(2,142,311)		—
Investments		953,898		2,949,445		708,341		2,040,163		(6,651,847)		—
Total assets	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	2,158,122	$	—	$	793,766	$	—	$	2,951,888
Accounts payable and accrued liabilities		62		27,401		9,247		210,829		(7,226)		240,313
Dividends payable		53,037		—		—		—		—		53,037
Deferred management rights proceeds		—		—		—		174,558		—		174,558
Operating lease liabilities		—		—		105,877		7,840		(6,792)		106,925
Deferred income tax liabilities, net		—		—		413		187		—		600
Other liabilities		—		9,878		—		84,556		—		94,434
Intercompany payables, net		340,800		1,553,804		—		247,707		(2,142,311)		—
Total liabilities		393,899		3,749,205		115,537		1,519,443		(2,156,329)		3,621,755
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		163,026		—		163,026
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		550		1		1		2,387		(2,389)		550
Additional paid-in-capital		1,185,885		266,031		2,894,831		2,843,451		(6,004,313)		1,185,885
Treasury stock		(17,872)		—		—		—		—		(17,872)
Accumulated deficit		(545,104)		(472,504)		1,481,712		(300,625)		(708,583)		(545,104)
Accumulated other comprehensive loss		(63,438)		(9,878)		—		(53,560)		63,438		(63,438)
Total stockholders' equity		560,021		(216,350)		4,376,544		2,491,653		(6,651,847)		560,021
Total liabilities and equity	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802

21

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,632,744	$	1,497,508	$	—	$	3,130,252
Cash and cash equivalents - unrestricted		29		200,534		3		161,864		—		362,430
Cash and cash equivalents - restricted		—		—		—		57,966		—		57,966
Notes receivable		—		—		—		110,135		—		110,135
Trade receivables, less allowance		—		—		—		70,768		—		70,768
Deferred income tax assets, net		—		—		(413)		26,372		—		25,959
Prepaid expenses and other assets		—		12,390		3		118,301		(6,849)		123,845
Intangible assets		—		—		—		207,113		—		207,113
Intercompany receivables, net		—		—		2,113,481		—		(2,113,481)		—
Investments		1,050,955		2,949,445		708,588		2,077,984		(6,786,972)		—
Total assets	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	1,766,675	$	—	$	793,293	$	—	$	2,559,968
Accounts payable and accrued liabilities		50		13,738		6,996		244,734		(603)		264,915
Dividends payable		50,711		—		—		—		—		50,711
Deferred management rights proceeds		—		—		—		175,332		—		175,332
Operating lease liabilities		—		—		104,742		7,835		(6,246)		106,331
Other liabilities		—		—		—		64,971		—		64,971
Intercompany payables, net		355,494		1,514,770		—		243,217		(2,113,481)		—
Total liabilities		406,255		3,295,183		111,738		1,529,382		(2,120,330)		3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		221,511		—		221,511
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		549		1		1		2,387		(2,389)		549
Additional paid-in-capital		1,185,168		315,680		2,894,830		2,843,450		(6,053,960)		1,185,168
Treasury stock		(17,315)		—		—		—		—		(17,315)
Accumulated deficit		(495,514)		(452,303)		1,447,837		(236,752)		(758,782)		(495,514)
Accumulated other comprehensive loss		(28,159)		3,808		—		(31,967)		28,159		(28,159)
Total stockholders' equity		644,729		(132,814)		4,342,668		2,577,118		(6,786,972)		644,729
Total liabilities and equity	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468

22

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	106,128	$	—	$	106,128
Food and beverage		—		—		—		145,750		—		145,750
Other hotel revenue		—		—		64,741		48,634		(79,582)		33,793
Entertainment		—		—		—		27,898		(539)		27,359
Total revenues		—		—		64,741		328,410		(80,121)		313,030
Operating expenses:
Rooms		—		—		—		32,308		—		32,308
Food and beverage		—		—		—		83,811		—		83,811
Other hotel expenses		—		—		12,442		155,067		(77,035)		90,474
Management fees, net		—		—		—		5,492		—		5,492
Total hotel operating expenses		—		—		12,442		276,678		(77,035)		212,085
Entertainment		—		—		—		29,346		—		29,346
Corporate		63		376		1		7,696		—		8,136
Preopening costs		—		—		—		801		—		801
Corporate overhead allocation		979		—		2,107		—		(3,086)		—
Gain on sale of assets		—		—		—		(1,261)		—		(1,261)
Credit loss on held-to-maturity securities		—		—		—		5,828		—		5,828
Depreciation and amortization		—		—		16,316		37,029		—		53,345
Total operating expenses		1,042		376		30,866		356,117		(80,121)		308,280
Operating income (loss)		(1,042)		(376)		33,875		(27,707)		—		4,750
Interest expense		—		(20,401)		—		(9,008)		51		(29,358)
Interest income		—		576		—		1,846		(51)		2,371
Loss from unconsolidated joint ventures		—		—		—		(1,895)		—		(1,895)
Other gains and (losses), net		—		—		—		195		—		195
Income (loss) before income taxes		(1,042)		(20,201)		33,875		(36,569)		—		(23,937)
Provision for income taxes		—		—		—		(26,799)		—		(26,799)
Equity in subsidiaries’ losses, net		(49,694)		—		—		—		49,694		—
Net income (loss)	$	(50,736)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(50,736)
Comprehensive income (loss), net of taxes	$	(88,173)	$	(33,887)	$	33,875	$	(87,119)	$	87,131	$	(88,173)
Net income (loss) available to common shareholders	$	(46,516)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(46,516)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(75,344)	$	(33,887)	$	33,875	$	(74,290)	$	74,302	$	(75,344)

23

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss)	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

24

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51,733	$	(15,826)	$	23,063	$	(54,299)	$	—	$	4,671
Purchases of property and equipment		—		—		(23,018)		(20,150)		—		(43,168)
Investment in other joint ventures		—		—		—		(3,090)		—		(3,090)
Other investing activities		—		—		—		1,004		—		1,004
Net cash used in investing activities		—		—		(23,018)		(22,236)		—		(45,254)
Net borrowings under revolving credit facility		—		400,000		—		—		—		400,000
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Deferred financing costs paid		—		(106)		—				—		(106)
Payment of dividends		(50,078)		—		—		—		—		(50,078)
Payment of tax withholdings for share-based compensation		(1,631)		—		—		—		—		(1,631)
Other financing activities		(31)		—		—		(60)		—		(91)
Net cash provided by (used in) financing activities		(51,740)		398,644		—		(60)		—		346,844
Net change in cash, cash equivalents, and restricted cash		(7)		382,818		45		(76,595)		—		306,261
Cash, cash equivalents, and restricted cash, beginning of period		29		200,534		3		219,830		—		420,396
Cash, cash equivalents, and restricted cash, end of period	$	22	$	583,352	$	48	$	143,235	$	—	$	726,657

25

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560
Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Investment in other joint ventures		—		—		—		(102)		—		(102)
Other investing activities		—		—		—		(127)		—		(127)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)
Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)
Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

26

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Ryman Hospitality Properties, Inc. (“Ryman”) is a Delaware corporation that conducts its operations so as to maintain its qualification as a real estate investment trust (“REIT”) for federal income tax purposes. The Company conducts its business through an umbrella partnership REIT, in which all of its assets are held by, and operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”). RHP Finance Corporation, a Delaware corporation (“Finco”), was formed as a wholly-owned subsidiary of the Operating Partnership for the sole purpose of being a co-issuer of debt securities with the Operating Partnership. Neither Ryman nor Finco has any material assets, other than Ryman’s investment in the Operating Partnership and its 100%-owned subsidiaries. As 100%-owned subsidiaries of Ryman, neither the Operating Partnership nor Finco has any business, operations, financial results or other material information, other than the business, operations, financial results and other material information described in this Quarterly Report on Form 10-Q and Ryman’s other reports, documents or other information filed with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In this report, we use the terms the “Company,” “we” or “our” to refer to Ryman Hospitality Properties, Inc. and its subsidiaries unless the context indicates otherwise.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this report and our audited consolidated financial statements and related notes for the year ended December 31, 2019, included in our Annual Report on Form 10-K that was filed with the SEC on February 25, 2020.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,” “might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other things, future actions, strategies, future performance, the outcome of contingencies such as legal proceedings and future financial results. These also include statements regarding (i) the anticipated impact of the novel coronavirus (COVID-19) pandemic on travel, transient and group demand, the anticipated impact of the COVID-19 pandemic on our results of operations, collection of cancellation and attrition fees, cost containment efforts, efforts to rebook customers for later dates in 2020 and later years, and our plans for reopening of our Gaylord Hotels properties and other assets when the COVID-19 pandemic subsides; (ii) the effect of our election to be taxed as a REIT and maintain REIT status for federal income tax purposes; (iii) the holding of our non-qualifying REIT assets in one or more taxable REIT subsidiaries (“TRSs”); (iv) our announced dividend policy, including the frequency and amount of any dividend we may pay; (v) potential growth opportunities, including future expansion of the geographic diversity of our existing asset portfolio through acquisitions and our investment in the joint venture (the “Gaylord Rockies joint venture”) that owns the Gaylord Rockies Resort & Convention Center in Aurora, Colorado (“Gaylord Rockies”); (vi) Marriott International, Inc.’s (“Marriott”) ability to effectively manage our hotels and other properties; (vii) our anticipated capital expenditures and investments; (viii) the potential operating and financial restrictions imposed on our activities under existing and future financing agreements and other contractual arrangements with third parties, including management agreements with Marriott; (ix) our pending acquisition of the Block 21 complex in Austin, Texas (“Block 21”); (x) our use of cash during the remainder of 2020; (xi) our ability to borrow available funds under our credit facility; and (xii) any other business or operational matters. We have based these forward-looking statements on our current expectations and projections about future events.

We caution the reader that forward-looking statements involve risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks and uncertainties associated with the COVID-19 pandemic, including the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the

27

effects of the COVID-19 pandemic on the demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the length and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of the COVID-19 pandemic in the markets where our assets are located, the economic conditions affecting the hospitality business generally, the geographic concentration of our hotel properties, business levels at our hotels, our ability to remain qualified as a REIT, our ability to execute our strategic goals as a REIT, our ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, our ability to borrow funds pursuant to our credit agreements and to refinance indebtedness, changes in interest rates, including future changes from LIBOR to a different base rate, and those factors described in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2019 or described from time to time in our other reports filed with the SEC.

Any forward-looking statement made in this Quarterly Report on Form 10-Q speaks only as of the date on which the statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements we make in this Quarterly Report on Form 10-Q, except as may be required by law.

Overview

We operate as a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of five upscale, meetings-focused resorts totaling 9,615 rooms that are managed by Marriott under the Gaylord Hotels brand. These five resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and Gaylord Rockies, which is owned by the Gaylord Rockies joint venture, in which we own a 62.1% interest. Our other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

We also own and operate media and entertainment assets including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, and the General Jackson Showboat. We also own a 50% interest in a joint venture intended to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”).

Each of our award-winning Gaylord Hotels properties incorporates not only high quality lodging, but also at least 400,000 square feet of meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. As a result, our Gaylord Hotels properties provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties focus on the large group meetings market in the United States.

See “Cautionary Note Regarding Forward-Looking Statements” in this Item 2 and Item 1A, “Risk Factors,” in Part II of this Quarterly Report on Form 10-Q and Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2019 for important information regarding forward-looking statements made in this report and risks and uncertainties we face.

Impact of COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (COVID-19) as a pandemic, which continues to spread throughout the United States. COVID-19 is having an unprecedented impact on the U.S. economy, and due to the COVID-19 pandemic, we have experienced disruption of our business and have suspended

28

operations of most of our assets. As a result, there is significant uncertainty surrounding the full extent of the impact of the COVID-19 pandemic on our future results of operations and financial position.

In late February 2020, when the gravity of the COVID-19 pandemic became apparent, we formed an internal task force, which included members of management and our board of directors, to formulate and implement responses to COVID-19. The task force, in consultation with local governmental authorities, first determined to close our Nashville-based entertainment venues on March 15, 2020.

As cancellations at our Gaylord Hotels properties began to increase, we, with our hotel manager, Marriott, implemented a series of operational changes, beginning with scaling back operations at the hotels to reflect reduced occupancy, closing food and beverage outlets, and reducing hourly staffing and culminating with the suspension of operations at our Gaylord Hotels properties beginning March 24, 2020. Hotel employees that were laid off or furloughed were generally paid the equivalent of one week of compensation, and benefits for hotel employees are being maintained through June 30. Our Gaylord Hotels properties, as well as substantially all of our entertainment assets remain closed, and our decision to reopen will be based on a number of factors and made in consultation with local health authorities. At this time, we do not anticipate resuming operations at our Gaylord Hotels properties prior to the end of May 2020.

In our Entertainment segment, in addition to the closure of our entertainment assets, we have taken steps to reduce operating costs in all areas. We plan to continue to pay all full-time and part-time employees at our Company-managed properties through May 15, 2020.

Our results for the three months ended March 31, 2020 include approximately $14.1 million of operating costs related to the COVID-19 pandemic, which is primarily comprised of employment costs.

Impact on Liquidity. We are also taking action to preserve liquidity. On March 17, 2020, we completed a $400 million draw from our existing $700 million revolving line of credit as a precaution to ensure funds are available to meet our obligations for a sustained period of time. At March 31, 2020, we had $299.1 million available for borrowing under our revolving credit facility and $662.2 million in unrestricted cash on hand, including the net proceeds of approximately $283 million from the underwritten public offering of shares of our common stock completed in fourth quarter 2019. In addition, following the payment of our first quarter 2020 dividend on April 15, 2020 to stockholders of record on March 31, 2020, we suspended our regular quarterly dividend payments for the remainder of 2020. Our board of directors will consider a future dividend as permitted by our credit agreement. Our credit facility amendment described below under “Principal Debt Agreements” permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to our board of director’s determinations as to the amount of distributions and the timing thereof.

We have deferred approximately $82 million of non-essential capital projects, in addition to delaying the Gaylord Rockies expansion project, which was scheduled to begin construction in second quarter 2020. The Gaylord Palms expansion project is continuing, and we believe the expansion will allow us to serve groups moving meetings to 2021.

Our smaller hotels, the Inn at Opryland and the AC Hotel, as well as Gaylord Springs, remain operational, and we currently have no plans to temporarily close these businesses. Revenues from these assets have been negligible during the COVID-19 pandemic.

With respect to our properties that are operated under management agreements with Marriott, we are obligated to maintain an FF&E reserve account for future planned and emergency-related capital expenditures at these properties. The amount funded into each of these reserve accounts is determined pursuant to the management agreements and is generally 5.0% of the respective property’s total annual revenue; however, Marriott has suspended this obligation through August 2020.

Impact on Operations. During the three months ended March 31, 2020, our Hospitality segment experienced total attrition and cancellations of approximately 680,000 net room nights, which we believe are attributable to COVID-19, representing approximately $143 million in revenue.

We and Marriott’s sales teams have been working closely with our customers to rebook previously cancelled business. We have focused on offering flexibility rather than demanding attrition and cancellation payments in an effort to

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strengthen our relationships with our customers and meeting planners. The timing and manner at which we open each of our Gaylord Hotels properties and our Entertainment venues will vary by location. Our establishments will most likely undergo a phased reopening, and the customer mix at our Gaylord Hotels properties may be more heavily transient during this phased reopening than our historical trends.

Principal Debt Agreements. On April 23, 2020, we completed an amendment to the credit agreement governing our $700 million revolving credit facility (of which $400.0 million was outstanding at March 31, 2020), $300 million term loan A facility and the original $500 million term loan B facility (of which $385.0 million was outstanding at March 31, 2020), which was obtained from a consortium of banks led by Wells Fargo Bank, National Association, as administrative agent. The amendment provides for a temporary waiver of financial covenants in the credit facility through March 31, 2021 and ending April 1, 2021 (unless terminated early by us at our option) and confirms the availability of the remaining $300.0 million of undrawn amounts under the revolving credit facility. During the waiver period, the amendment provides for increased interest and fees, additional restrictions on debt, investments, dividends, share repurchases and capital expenditures, and a minimum liquidity requirement. In addition, all borrowings under the revolving credit facility made during the waiver period may only be used for payment of operating expenses, debt service and certain other specified uses. For additional discussion of the amendment to our credit agreement, see “Principal Debt Agreements” below.

For additional discussion of the impact of the COVID-19 pandemic on our business, see “Risk Factors” under Part II, Item 1A of this Quarterly Report on Form 10-Q.

Gaylord Rockies Joint Venture

We own a 62.1% interest in the Gaylord Rockies joint venture. Our management has concluded that the Company is the primary beneficiary of this variable interest entity (“VIE”) and the financial position and results of operations of the VIE have been consolidated in the accompanying condensed consolidated financial statements included herein. Gaylord Rockies opened on a fully operational basis in first quarter 2019.

Gaylord Palms Expansion

In 2018, we began construction of a $158 million expansion of Gaylord Palms, which will include an additional 303 guest rooms and 90,000 square feet of meeting space, an expanded resort pool and events lawn, and a new multi-level parking structure. The expansion is expected to be completed in summer 2021.

Gaylord Rockies Expansion

In February 2020, we and our joint venture partner in the Gaylord Rockies joint venture announced an $80 million expansion of Gaylord Rockies, which was intended to include an additional 317 guest rooms. The expansion was expected to begin in the second quarter of 2020, but, as discussed under “Impact of COVID-19” above, the expansion was deferred in response to the COVID-19 pandemic.

Circle

In 2019, we acquired a 50% equity interest in Circle for an initial capital contribution of $2.0 million, and we contributed an additional $5.0 million through March 31, 2020. The joint venture agreement requires us to contribute up to an additional $8.0 million through December 31, 2021. Circle launched its broadcast network on January 1, 2020, with sixteen original shows and two major distribution partnerships that broadcast Circle in markets accessible to more than 50% of U.S. television households.

Block 21 Acquisition

In December 2019, we entered into an agreement (the “Block 21 Agreement”) to purchase Block 21, a mixed-use entertainment, lodging, office and retail complex located in Austin, Texas, for $275 million, which includes the assumption of approximately $141 million of existing mortgage debt. Block 21 is the home of the ACL Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin Hotel, the 350-seat 3TEN at ACL Live club and

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approximately 53,000 square feet of Class A commercial space. We paid a nonrefundable deposit of $15 million upon entry into the Block 21 Agreement, and the acquisition is subject to customary closing conditions, including, but not limited to, the consent to our assumption of the existing mortgage loan by the loan servicer. If the acquisition is completed, we intend to fund the acquisition with a portion of the proceeds from the underwritten public offering of 3.5 million shares of our common stock, at a price to the public of $85.60 per share, which we completed in December 2019 and which resulted in net proceeds of approximately $283 million, after deducting underwriters discounts and commissions and other expenses.

Dividend Payment

On February 25, 2020, our board of directors declared our first quarter 2020 cash dividend in the amount of $0.95 per share of common stock, or an aggregate of approximately $52.2 million in cash, which was paid on April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Following payment of our first quarter 2020 cash dividend, we suspended our regular quarterly dividend payments for the remainder of 2020, and our board of directors will consider a future dividend as permitted by our credit agreement. Our credit facility amendment described below under “Principal Debt Agreements” permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter. Prior to the suspension of dividends as a result of the COVID-19 pandemic, we had planned to continue to pay a quarterly cash dividend to shareholders in an amount equal to an annualized payment of at least 50% of adjusted funds from operations (as defined by us) less maintenance capital expenditures or 100% of REIT taxable income, whichever is greater. Any future dividend is subject to our board of directors determinations as to the amount of distributions and the timing thereof.

Our Long-Term Strategic Plan

Our goal is to be the nation’s premier hospitality REIT for group-oriented meeting hotel assets in urban and resort markets.

Existing Hotel Property Design. Our Gaylord Hotels properties focus on the large group meetings market in the United States and incorporate meeting and exhibition space, signature guest rooms, food and beverage offerings, fitness and spa facilities and other attractions within a large hotel property so attendees’ needs are met in one location. This strategy creates a better experience for both meeting planners and guests and has led to our current Gaylord Hotels properties claiming a place among the leading convention hotels in the country.

Expansion of Hotel Asset Portfolio. While our pre-COVID 19 short-term capital allocation strategy has focused on returning capital to stockholders through the payment of dividends, part of our long-term growth strategy includes acquisitions of other hotels, particularly in the group meetings sector of the hospitality industry, either alone or through joint ventures or alliances with one or more third parties. We intend to pursue attractive investment opportunities which meet our acquisition parameters, specifically, group-oriented large hotels and overflow hotels with existing or potential leisure appeal. We are interested in highly accessible upper-upscale assets with over 400 hotel rooms in urban and resort group destination markets. We also consider assets that possess or are located near convention centers that present a repositioning opportunity and/or would significantly benefit from capital investment in additional rooms or meeting space. We plan to expand the geographic diversity of our existing asset portfolio through acquisitions. As a REIT, we do not view independent, large-scale development of resort and convention hotels as a part of our long-term growth strategy.

Leverage Brand Name Awareness. We believe the Grand Ole Opry is one of the most recognized entertainment brands in the United States. We promote the Grand Ole Opry name through various media, including our WSM-AM radio station, the Internet and television, and through performances by the Grand Ole Opry’s members, many of whom are renowned country music artists. As such, we have alliances in place with multiple distribution partners in an effort to foster brand extension. We believe that licensing our brand for products may provide an opportunity to increase revenues and cash flow with relatively little capital investment. We are continuously exploring additional products, such as television specials and retail products, through which we can capitalize on our brand affinity and awareness. To this end, we have invested in four Blake Shelton-themed multi-level bar, music venue and event spaces named after the Shelton hit “Ol’ Red,” and we have invested in Circle as discussed above.

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Our Operations

Our ongoing operations are organized into three principal business segments:

● Hospitality, consisting of our Gaylord Hotels properties (including our investment in the Gaylord Rockies joint venture), the Inn at Opryland and the AC Hotel.

● Entertainment, consisting of the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, our equity investment in Circle, and our other Nashville-based attractions.

● Corporate and Other, consisting of our corporate expenses.

For the three months ended March 31, 2020 and 2019, our total revenues were divided among these business segments as follows:

	Three Months Ended
	March 31,
Segment	2020		2019
Hospitality	91	%	91	%
Entertainment	9	%	9	%
Corporate and Other	0	%	0	%

As described above, our hotels and entertainment assets are currently closed, pending our decision to safely reopen facilities as discussed above. While facilities are closed, we expect negligible revenue, and we will incur expenses as described above under “Impact of COVID-19 Pandemic.”

Key Performance Indicators

The operating results of our Hospitality segment are highly dependent on the volume of customers at our hotels and the quality of the customer mix at our hotels, which are managed by Marriott. These factors impact the price that Marriott can charge for our hotel rooms and other amenities, such as food and beverage and meeting space. The following key performance indicators are commonly used in the hospitality REIT industry, allow investors to compare our performance with other companies in the hospitality REIT industry, and are used by management to evaluate hotel performance and allocate capital expenditures:

● hotel occupancy – a volume indicator;

● average daily rate (“ADR”) – a price indicator calculated by dividing room revenue by the number of rooms sold;

● Revenue per Available Room (“RevPAR”) – a summary measure of hotel results calculated by dividing room revenue by room nights available to guests for the period;

● Total Revenue per Available Room (“Total RevPAR”) – a summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period; and

● Net Definite Group Room Nights Booked – a volume indicator which represents, on an aggregate basis, the total number of definite group bookings for future room nights at our Gaylord Hotels properties confirmed during the applicable period, net of cancellations.

For the three months ended March 31, 2020, the calculation of these indicators has not been changed as a result of the COVID-19 pandemic and the resulting hotel closures and is consistent with prior periods. The closure of our Gaylord Hotel properties has resulted in the significant decrease in performance reflected in these metrics for the three months ended March 31, 2020, as compared to the prior year period.

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Hospitality segment revenue from our occupied hotel rooms is 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 group or hotel guest. Revenues from ancillary services at our hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees, as well as attrition fees that 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 we determine 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. Almost all of our Hospitality segment revenues are either cash-based or, for meeting and convention groups who meet our credit criteria, billed and collected on a short-term receivables basis. The hospitality industry is capital intensive, and we rely on the ability of our hotels to generate operating cash flow to repay debt financing and fund maintenance capital expenditures.

The results of operations of our Hospitality segment are affected by the number and type of group meetings and conventions scheduled to attend our hotels in a given period. A variety of factors can affect the results of any interim period, including the nature and quality of the group meetings and conventions attending our hotels during such period, which meetings and conventions have often been contracted for several years in advance, the level of attrition our hotels experience, and the level of transient business at our hotels during such period. We rely on Marriott, as the manager of our hotels, to manage these factors and to offset any identified shortfalls in occupancy.

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Selected Financial Information

The following table contains our unaudited selected summary financial data for the three months ended March 31, 2020 and 2019. The table also shows the percentage relationships to total revenues and, in the case of segment operating income, its relationship to segment revenues (in thousands, except percentages).

	Unaudited
	Three Months Ended March 31,
	2020		%		2019		%
Income Statement Data:
REVENUES:
Rooms	$	106,128	33.9	%	$	132,212	35.7	%
Food and beverage		145,750	46.6	%		171,143	46.2	%
Other hotel revenue		33,793	10.8	%		34,155	9.2	%
Entertainment		27,359	8.7	%		33,265	9.0	%
Total revenues		313,030	100.0	%		370,775	100.0	%
OPERATING EXPENSES:
Rooms		32,308	10.3	%		34,969	9.4	%
Food and beverage		83,811	26.8	%		91,359	24.6	%
Other hotel expenses		90,474	28.9	%		90,939	24.5	%
Hotel management fees, net		5,492	1.8	%		9,756	2.6	%
Entertainment		29,346	9.4	%		25,641	6.9	%
Corporate		8,136	2.6	%		9,004	2.4	%
Preopening costs		801	0.3	%		2,134	0.6	%
Gain on sale of assets		(1,261)	(0.4)	%		—	—	%
Credit loss on held-to-maturity securities		5,828	1.9	%		—	—	%
Depreciation and amortization:
Hospitality		49,769	15.9	%		50,133	13.5	%
Entertainment		3,105	1.0	%		2,479	0.7	%
Corporate and Other		471	0.2	%		397	0.1	%
Total depreciation and amortization		53,345	17.0	%		53,009	14.3	%
Total operating expenses		308,280	98.5	%		316,811	85.4	%
OPERATING INCOME:
Hospitality		23,817	8.3	%		60,354	17.9	%
Entertainment		(5,092)	(18.6)	%		5,145	15.5	%
Corporate and Other		(8,607)	(A)			(9,401)	(A)
Preopening costs		(801)	(0.3)	%		(2,134)	(0.6)	%
Gain on sale of assets		1,261	0.4	%		—	—	%
Credit loss on held-to-maturity securities		(5,828)	(1.9)	%		—	—	%
Total operating income		4,750	1.5	%		53,964	14.6	%
Interest expense		(29,358)	(A)			(32,087)	(A)
Interest income		2,371	(A)			2,908	(A)
Loss from unconsolidated joint ventures		(1,895)	(A)			—	(A)
Other gains and (losses), net		195	(A)			(141)	(A)
Provision for income taxes		(26,799)	(A)			(1,974)	(A)
Net income (loss)		(50,736)	(A)			22,670	(A)
Net loss attributable to noncontrolling interest in consolidated joint venture		4,220	(A)			6,738	(A)
Net income (loss) available to common stockholders	$	(46,516)	(A)		$	29,408	(A)

(A) These amounts have not been shown as a percentage of revenue because they have no relationship to revenue.

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Summary Financial Results

Results of Operations

The following table summarizes our financial results for the three months ended March 31, 2020 and 2019 (in thousands, except percentages and per share data):

	Three Months Ended
	March 31,
					%
	2020		2019		Change
Total revenues	$	313,030	$	370,775	(15.6)	%
Total operating expenses		308,280		316,811	(2.7)	%
Operating income		4,750		53,964	(91.2)	%
Net income (loss)		(50,736)		22,670	(323.8)	%
Net income (loss) available to common shareholders		(46,516)		29,408	(258.2)	%
Net income (loss) available to common shareholders per share - diluted		(0.85)		0.57	(249.1)	%

Total Revenues

The decrease in our total revenues for the three months ended March 31, 2020, as compared to the same period in 2019, is attributable to decreases in our Hospitality segment and Entertainment segment of $51.8 million and $5.9 million, respectively.

Total Operating Expenses

The decrease in our total operating expenses for the three months ended March 31, 2020, as compared to the same period in 2019, is primarily the result of a decrease in our Hospitality segment of $14.9 million, partially offset by an increase in our Entertainment segment of $3.7 million and a credit loss on held-to-maturity investments that did not occur in the prior year of $5.8 million.

Net Income (Loss)

Our net loss of $50.7 million for the three months ended March 31, 2020, as compared to net income of $22.7 million for the same period in 2019, was primarily due to the changes in our revenues and operating expenses reflected above, and the following factors, each as described more fully below:

● A $24.8 million increase in the provision for income taxes in the 2020 period.

● A $2.7 million decrease in interest expense in the 2020 period.

● A $1.9 million loss from unconsolidated joint ventures in the 2020 period that did not occur in the 2019 period.

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Operating Results – Detailed Segment Financial Information

Hospitality Segment

Total Segment Results. The following presents the financial results of our Hospitality segment for the three months ended March 31, 2020 and 2019 (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	106,128		$	132,212		(19.7)	%
Food and beverage		145,750			171,143		(14.8)	%
Other hotel revenue		33,793			34,155		(1.1)	%
Total hospitality revenue		285,671			337,510		(15.4)	%
Hospitality operating expenses:
Rooms		32,308			34,969		(7.6)	%
Food and beverage		83,811			91,359		(8.3)	%
Other hotel expenses		90,474			90,939		(0.5)	%
Management fees, net		5,492			9,756		(43.7)	%
Depreciation and amortization		49,769			50,133		(0.7)	%
Total Hospitality operating expenses		261,854			277,156		(5.5)	%
Hospitality operating income (1)(2)	$	23,817		$	60,354		(60.5)	%
Hospitality performance metrics:
Occupancy		57.1	%		72.3	%	(15.2)	pts
ADR	$	202.09		$	201.07		0.5	%
RevPAR (3)	$	115.36		$	145.30		(20.6)	%
Total RevPAR (4)	$	310.51		$	370.93		(16.3)	%
Net Definite Group Room Nights Booked (5)		(415,754)			273,453		(252.0)	%

(1) Hospitality segment operating income does not include preopening costs of $0.1 million and $0.7 million in the three months ended March 31, 2020 and 2019, respectively. Hospitality segment operating income also does not include gain on sale of assets of $1.3 million and credit losses on held-to-maturity securities of $5.8 million in the three months ended March 31, 2020. See discussion of these items below.

(2) Hospitality segment operating income includes approximately $10.3 million in expenses directly related to the COVID-19 pandemic, which are primarily employment costs.

(3) We calculate Hospitality RevPAR by dividing room revenue by room nights available to guests for the period. Hospitality RevPAR is not comparable to similarly titled measures such as revenues.

(4) We calculate Hospitality Total RevPAR by dividing the sum of room, food and beverage, and other ancillary services revenue (which equals Hospitality segment revenue) by room nights available to guests for the period. Hospitality Total RevPAR is not comparable to similarly titled measures such as revenues.

(5) Net definite group room nights booked includes approximately 600,000 group room cancellations in the three months ended March 31, 2020.

Total Hospitality segment revenues in the three months ended March 31, 2020 include $5.6 million in attrition and cancellation fee collections, an increase of $3.0 million from the 2019 period. In an effort to maintain our strong relationship with meeting planners, we intend to work with these meeting planners to defer additional attrition and cancellation fees attributable to the COVID-19 pandemic to deposits for future stays.

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The percentage of group versus transient business based on rooms sold for our Hospitality segment for the periods presented was approximately as follows:

	Three Months Ended
	March 31,
	2020		2019
Group	79	%	78	%
Transient	21	%	22	%

Other hotel expenses for the three months ended March 31, 2020 and 2019 consist of the following (in thousands):

	Three Months Ended
	March 31,
					%
	2020		2019		Change
Administrative employment costs	$	39,039	$	35,989	8.5	%
Utilities		6,830		7,374	(7.4)	%
Property taxes		9,256		9,106	1.6	%
Other		35,349		38,470	(8.1)	%
Total other hotel expenses	$	90,474	$	90,939	(0.5)	%

Administrative employment costs include salaries and benefits for hotel administrative functions, including, among others, senior management, accounting, human resources, sales, conference services, engineering and security. Administrative employment costs increased during the three months ended March 31, 2020, as compared to the same period in 2019, primarily due to an increase at Gaylord National related to unionized labor costs. Utility costs decreased during the three months ended March 31, 2020, as compared to the same period in 2019, primarily due to decreases at Gaylord National and Gaylord Palms due to lower usage. Property taxes increased slightly during the three months ended March 31, 2020, as compared to the 2019 period. Other expenses, which include supplies, advertising, maintenance costs and consulting costs, decreased during the three months ended March 31, 2020, as compared to the same period in 2019, primarily as a result of various decreases at Gaylord Opryland, Gaylord Texan and Gaylord National, which were aided by cost containment initiatives as a result of the COVID-19 pandemic.

Each of our management agreements with Marriott for our four owned Gaylord Hotels properties requires us to pay Marriott a base management fee of approximately 2% of gross revenues from the applicable property for each fiscal year or portion thereof. Additionally, an incentive management fee is based on the profitability of our Gaylord Hotels properties calculated on a pooled basis. The Gaylord Rockies’s management agreement with Marriott requires Gaylord Rockies to pay a base management fee of 3% of gross revenues for each fiscal year or portion thereof, as well as an incentive management fee based on the profitability of the hotel. In the three months ended March 31, 2020 and 2019, we incurred $6.3 million and $7.2 million, respectively, related to base management fees for our Hospitality segment and $0 and $3.3 million, respectively, related to incentive management fees for our Hospitality segment. Management fees are presented throughout this Quarterly Report on Form 10-Q net of the amortization of the deferred management rights proceeds discussed in Note 8, “Deferred Management Rights Proceeds,” to the accompanying condensed consolidated financial statements included herein.

Total Hospitality segment depreciation and amortization expense decreased slightly in the three months ended March 31, 2020, as compared to the same period in 2019.

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Property-Level Results. The following presents the property-level financial results of our Hospitality segment for the three months ended March 31, 2020 and 2019. The Gaylord Hotels properties experienced higher levels of attrition and cancellations which we believe are directly related to the COVID-19 pandemic starting in late February 2020 through the closures beginning on March 24, 2020. Therefore, the property-level financial results for the three months ended March 31, 2020 are not comparable to the prior year period. Total revenue at each of our Gaylord Hotels properties was lower than anticipated for the three months ended March 31, 2020 due to the COVID-19 pandemic. Operating costs at each of our Gaylord Hotels properties were lower for the three months ended March 31, 2020 as a result of cost containment initiatives and the property closures beginning March 24, 2020 due to the COVID-19 pandemic.

Gaylord Opryland Results. The results of Gaylord Opryland for the three months ended March 31, 2020 and 2019 are as follows (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	30,870		$	36,934		(16.4)	%
Food and beverage		36,011			41,206		(12.6)	%
Other hotel revenue		9,246			10,818		(14.5)	%
Total revenue		76,127			88,958		(14.4)	%
Operating expenses:
Rooms		8,263			8,558		(3.4)	%
Food and beverage		20,437			21,522		(5.0)	%
Other hotel expenses		24,621			25,464		(3.3)	%
Management fees, net		1,264			3,171		(60.1)	%
Depreciation and amortization		8,798			8,442		4.2	%
Total operating expenses (1)		63,383			67,157		(5.6)	%
Performance metrics:
Occupancy		60.4	%		74.2	%	(13.8)	pts
ADR	$	194.54		$	191.53		1.6	%
RevPAR	$	117.46		$	142.10		(17.3)	%
Total RevPAR	$	289.67		$	342.25		(15.4)	%

(1) Gaylord Opryland operating expenses do not include preopening costs of $0.1 million for the three months ended March 31, 2019 and a gain on sale of assets of $1.3 million in the three months ended March 31, 2020.

Rooms revenue and RevPAR were negatively impacted during the 2019 period by a rooms renovation project, which resulted in approximately 15,700 room nights out of service. The rooms renovation project was completed in the fourth quarter of 2019. 

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Gaylord Palms Results. The results of Gaylord Palms for the three months ended March 31, 2020 and 2019 are as follows (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	17,468		$	22,502		(22.4)	%
Food and beverage		22,487			31,480		(28.6)	%
Other hotel revenue		5,420			5,934		(8.7)	%
Total revenue		45,375			59,916		(24.3)	%
Operating expenses:
Rooms		3,983			4,319		(7.8)	%
Food and beverage		11,987			14,377		(16.6)	%
Other hotel expenses		17,177			17,139		0.2	%
Management fees, net		765			1,630		(53.1)	%
Depreciation and amortization		4,284			4,851		(11.7)	%
Total operating expenses (1)		38,196			42,316		(9.7)	%
Performance metrics:
Occupancy		62.6	%		82.8	%	(20.2)	pts
ADR	$	216.67		$	213.38		1.5	%
RevPAR	$	135.56		$	176.57		(23.2)	%
Total RevPAR	$	352.14		$	470.16		(25.1)	%

(1) Gaylord Palms operating expenses do not include preopening costs of $0.1 million in the three months ended March 31, 2020. See discussion of these items below.

Gaylord Texan Results. The results of Gaylord Texan for the three months ended March 31, 2020 and 2019 are as follows (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	19,026		$	25,205		(24.5)	%
Food and beverage		29,255			40,169		(27.2)	%
Other hotel revenue		7,715			6,665		15.8	%
Total revenue		55,996			72,039		(22.3)	%
Operating expenses:
Rooms		4,440			5,211		(14.8)	%
Food and beverage		15,090			18,237		(17.3)	%
Other hotel expenses		15,693			17,300		(9.3)	%
Management fees, net		931			2,293		(59.4)	%
Depreciation and amortization		6,463			6,644		(2.7)	%
Total operating expenses		42,617			49,685		(14.2)	%
Performance metrics:
Occupancy		56.3	%		77.9	%	(21.6)	pts
ADR	$	204.70		$	198.23		3.3	%
RevPAR	$	115.26		$	154.39		(25.3)	%
Total RevPAR	$	339.22		$	441.25		(23.1)	%

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Gaylord National Results. The results of Gaylord National for the three months ended March 31, 2020 and 2019 are as follows (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	19,528		$	28,226		(30.8)	%
Food and beverage		24,712			31,043		(20.4)	%
Other hotel revenue		5,154			6,361		(19.0)	%
Total revenue		49,394			65,630		(24.7)	%
Operating expenses:
Rooms		9,617			10,577		(9.1)	%
Food and beverage		18,599			20,537		(9.4)	%
Other hotel expenses		20,559			20,208		1.7	%
Management fees, net		771			1,091		(29.3)	%
Depreciation and amortization		6,941			6,983		(0.6)	%
Total operating expenses (1)		56,487			59,396		(4.9)	%
Performance metrics:
Occupancy		51.9	%		72.0	%	(20.1)	pts
ADR	$	207.08		$	218.38		(5.2)	%
RevPAR	$	107.51		$	157.12		(31.6)	%
Total RevPAR	$	271.94		$	365.34		(25.6)	%

(1) Gaylord National operating expenses do not include credit losses on held-to-maturity securities of $5.8 million in the three months ended March 31, 2020. See discussion of this item below.

Gaylord Rockies Results. The results of Gaylord Rockies for the three months ended March 31, 2020 and 2019 are as follows (in thousands, except percentages and performance metrics):

	Three Months Ended
	March 31,
							%
	2020			2019			Change
Revenues:
Rooms	$	15,930		$	14,743		8.1	%
Food and beverage		32,568			26,234		24.1	%
Other hotel revenue		6,100			4,266		43.0	%
Total revenue		54,598			45,243		20.7	%
Operating expenses:
Rooms		4,843			5,045		(4.0)	%
Food and beverage		16,948			15,780		7.4	%
Other hotel expenses		10,324			8,716		18.4	%
Management fees, net		2,151			1,811		18.8	%
Depreciation and amortization		22,609			22,461		0.7	%
Total operating expenses (1)		56,875			53,813		5.7	%
Performance metrics:
Occupancy		57.4	%		55.4	%	2.0	pts
ADR	$	203.31		$	196.81		3.3	%
RevPAR	$	116.63		$	109.13		6.9	%
Total RevPAR	$	399.72		$	334.91		19.4	%

(1) Gaylord Rockies operating expenses do not include preopening costs of $0.7 million in the three months ended March 31, 2019. See discussion of these items below.

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Entertainment Segment

Total Segment Results. Due to the COVID-19 pandemic, we closed our Entertainment segment assets on March 15, 2020. Therefore, the Entertainment segment financial results for the three months ended March 31, 2020 are not comparable to the prior year period. The following presents the financial results of our Entertainment segment for the three months ended March 31, 2020 and 2019 (in thousands, except percentages):

	Three Months Ended
	March 31,
					%
	2020		2019		Change
Revenues	$	27,359	$	33,265	(17.8)	%
Operating expenses		29,346		25,641	14.4	%
Depreciation and amortization		3,105		2,479	25.3	%
Operating income (loss) (1)(2)	$	(5,092)	$	5,145	(199.0)	%

(1) Entertainment segment operating income (loss) does not include preopening costs of $0.7 million and $1.4 million in the three months ended March 31, 2020 and 2019, respectively. See discussion of these items below.

(2) Entertainment segment operating income (loss) includes approximately $3.7 million in expenses directly related to the COVID-19 pandemic, which are primarily employment costs.

Entertainment segment total revenue decreased for the three months ended March 31, 2020, as compared to the prior year period, due to the COVID-19 pandemic. Entertainment segment operating expenses increased for the three months ended March 31, 2020, as compared to the 2019 period, primarily due to operating expenses for Ole Red Gatlinburg and increased cost of sales associated with content development. These increases were partially offset by cost containment initiatives and the property closures due to the COVID-19 pandemic.

Entertainment segment depreciation and amortization expense increased in the three months ended March 31, 2020, as compared to the prior year period, primarily as a result of Ole Red Gatlinburg and capital improvements at the Grand Ole Opry House to improve the customer experience, each resulting in increased depreciable asset levels.

Corporate and Other Segment

Total Segment Results. The following presents the financial results of our Corporate and Other segment for the three months ended March 31, 2020 and 2019 (in thousands, except percentages):

	Three Months Ended
	March 31,
					%
	2020		2019		Change
Operating expenses	$	8,136	$	9,004	(9.6)	%
Depreciation and amortization		471		397	18.6	%
Operating loss (1)	$	(8,607)	$	(9,401)	8.4	%

(1) Corporate segment operating loss includes approximately $0.2 million in expenses directly related to the COVID-19 pandemic, which are primarily employment costs.

Corporate and Other operating expenses consist primarily of costs associated with senior management salaries and benefits, legal, human resources, accounting, pension, information technology and other administrative costs. Corporate and Other segment operating expenses decreased in the three months ended March 31, 2020, as compared to the prior year period, primarily as a result of cost containment efforts, including the deferral of compensation increases for each of our vice president and higher positions, and the deferral of 50% of the salary for our chief executive officer.

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Operating Results – Preopening Costs

Preopening costs of $0.8 million during the three months ended March 31, 2020 primarily include costs associated with Ole Red Orlando, which was scheduled to open in April 2020, and has been postponed as a result of the COVID-19 pandemic, and the Gaylord Palms expansion, which is expected to be completed in summer 2021. Preopening costs of $2.1 million during the three months ended March 31, 2019 primarily include costs associated with Ole Red Gatlinburg, which opened in March 2019, and Gaylord Rockies, which opened on a fully operational basis in first quarter 2019.

Operating Results – Gain on Sale of Assets

Gain on sale of assets of $1.3 million during the three months ended March 31, 2020 includes the sale of certain items at Gaylord Opryland.

Operating Results – Credit Losses on Held-to-Maturity Securities

Credit losses on held-to-maturity securities of $5.8 million during the three months ended March 31, 2020 relate to the bonds we received in 2008 related to the Gaylord National construction, which we hold as notes receivable. See further discussion regarding these credit losses in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein.

Non-Operating Results Affecting Net Income

General

The following table summarizes the other factors which affected our net income for the three months ended March 31, 2020 and 2019 (in thousands, except percentages):

	Three Months Ended
	March 31,
					%
	2020		2019		Change
Interest expense	$	29,358	$	32,087	(8.5)	%
Interest income		2,371		2,908	(18.5)	%
Loss from unconsolidated joint ventures		(1,895)		—	(100.0)	%
Other gains and (losses), net		195		(141)	238.3	%
Provision for income taxes		(26,799)		(1,974)	(1,257.6)	%

Interest Expense

Interest expense decreased $2.7 million during the three months ended March 31, 2020, as compared to the same period in 2019, due primarily to lower average borrowings and lower interest rates under our credit facility in the 2020 period, partially offset by increased principal balances outstanding under our senior notes.

Cash interest expense decreased $2.5 million to $28.2 million in the three months ended March 31, 2020, as compared to the same period in 2019. Non-cash interest expense, which includes amortization of deferred financing costs and the effects of interest rate swaps, and is offset by capitalized interest, decreased $0.2 million to $1.2 million in the three months ended March 31, 2020, as compared to the same period in 2019.

Our weighted average interest rate on our borrowings, excluding the write-off of deferred financing costs and capitalized interest, was 4.5% and 5.2% for the three months ended March 31, 2020 and 2019, respectively.

Interest Income

Interest income for the three months ended March 31, 2020 and 2019 primarily includes amounts earned on the bonds that were received in connection with the development of Gaylord National, which we hold as notes receivable. See Note 6, “Notes Receivable,” to the accompanying condensed consolidated financial statements included herein for additional discussion of interest income on these bonds.

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Loss from Unconsolidated Joint Ventures

The loss from unconsolidated joint ventures for the three months ended March 31, 2020 represents our equity method share of losses associated with Circle.

Other Gains and (Losses), net

Other gains and (losses), net for the three months ended March 31, 2020 and 2019 represents various miscellaneous items.

Provision for Income Taxes

As a REIT, we generally will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that we distribute to our stockholders. We will continue to be required to pay federal and state corporate income taxes on earnings of our TRSs.

For the three months ended March 31, 2020, we recorded an income tax provision of $26.8 million. The provision was primarily due to recording a valuation allowance of $26.7 million in the period, as discussed in Note 12, “Income Taxes,” to the condensed consolidated financial statements included herein. We also recorded income tax expense of $0.1 million, inclusive of valuation allowance, related to the current period operations.

For the three months ended March 31, 2019, we recorded an income tax provision of $2.0 million, which differed from the statutory rate primarily due to the REIT dividends paid deduction in the period.

Liquidity and Capital Resources

Cash Flows From Operating Activities. Cash flow from operating activities is the principal source of cash used to fund our operating expenses, interest payments on debt, maintenance capital expenditures, and dividends to stockholders. During the three months ended March 31, 2020, our net cash flows provided by operating activities were $4.7 million, primarily reflecting cash provided by our income before depreciation expense, amortization expense and other non-cash charges of approximately $41.0 million, partially offset by unfavorable changes in working capital of approximately $36.3 million. The unfavorable changes in working capital primarily resulted from a decrease in accounts payable and accrued liabilities associated with the payment of accrued property taxes and incentive compensation and an increase in accounts receivable due to a seasonal change in the timing of payments received from corporate group customers at our Gaylord Hotels properties.

During the three months ended March 31, 2019, our net cash flows provided by operating activities were $54.6 million, primarily reflecting cash provided by our income before depreciation expense, amortization expense and other non-cash charges of approximately $80.7 million, partially offset by unfavorable changes in working capital of approximately $26.2 million. The unfavorable changes in working capital primarily resulted from an increase in accounts receivable due to a seasonal change in the timing of payments received from corporate group customers at our Gaylord Hotels properties, as well as Gaylord Rockies becoming fully operational in 2019, partially offset by an increase in accrued interest associated with our outstanding debt and an increase in deferred revenue, primarily attributable to the timing of advanced payments received on upcoming hotel stays and ticketed events at our entertainment venues.

Cash Flows From Investing Activities. During the three months ended March 31, 2020, our primary uses of funds for investing activities were purchases of property and equipment, which totaled $43.2 million, and consisted primarily of the expansion of Gaylord Palms and ongoing maintenance capital expenditures for our existing properties.

During the three months ended March 31, 2019, our primary uses of funds for investing activities were purchases of property and equipment, which totaled $48.9 million and consisted primarily of construction costs at Gaylord Rockies, a rooms renovation at Gaylord Opryland, construction of SoundWaves at Gaylord Opryland, the expansion at Gaylord Palms, and ongoing maintenance capital expenditures for our existing properties.

Cash Flows From Financing Activities. Our cash flows from financing activities primarily reflect the incurrence of debt, the repayment of long-term debt and the payment of cash dividends. During the three months ended March 31, 2020, our

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net cash flows provided by financing activities were $346.8 million, primarily reflecting $400.0 million in borrowings under our revolving credit agreement, partially offset by the payment of $50.1 million in cash dividends.

During the three months ended March 31, 2019, our net cash flows used in financing activities were $7.7 million, primarily reflecting the payment of $44.4 in cash dividends, partially offset by increased borrowings under the previous Gaylord Rockies construction and mezzanine loans of $28.9 million and net borrowings under our revolving credit facility of $10.0 million.

Liquidity

At March 31, 2020, we had $662.2 million in unrestricted cash (including $400.0 million borrowed under our revolving credit facility on March 17, 2020) and $299.1 million available for borrowing under our revolving credit facility. During the three months ended March 31, 2020, we borrowed $400.0 million under our revolving credit facility, paid cash dividends of $50.1 million and incurred capital expenditures of $43.2 million. These net inflows were the primary factors in the increase in our cash balance from December 31, 2019 to March 31, 2020.

On February 25, 2020, our board of directors declared our first quarter 2020 cash dividend in the amount of $0.95 per share of common stock, or an aggregate of approximately $52.2 million in cash, which was paid on April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Following payment of our first quarter 2020 cash dividend, we suspended our regular quarterly dividend payments for the remainder of 2020, and our board of directors will consider a future dividend as permitted by our credit agreement. Our credit facility amendment described below permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter. Prior to the suspension of dividends as a result of the COVID-19 pandemic, we had planned to continue to pay a quarterly cash dividend to shareholders in an amount equal to an annualized payment of at least 50% of adjusted funds from operations (as defined by us) less maintenance capital expenditures or 100% of REIT taxable income, whichever is greater. Any future dividend is subject to our board of director’s determinations as to the amount of distributions and the timing thereof.

We anticipate investing in our operations during the remainder of 2020 by spending between $90 million and $115 million in capital expenditures, which primarily includes minimal ongoing maintenance capital of our current facilities, the expansion of the guest rooms and convention space at Gaylord Palms and a rooms renovation at Gaylord National.

We believe that our cash on hand will be adequate to fund our general short-term commitments, as well as: (i) current operating expenses, (ii) interest expense on long-term debt obligations, and (iii) financing lease and operating lease obligations until our assets are able to reopen. If our existing cash were inadequate to fund such items, we could draw on our credit facility, subject to the satisfaction of provisions of the credit facility, as amended. While our assets are closed, we estimate that our monthly cash needs will be approximately $40 million to $50 million, which includes the Gaylord Rockies joint venture’s operating costs and debt service fully consolidated.

Our outstanding principal debt agreements are described below.

At March 31, 2020, we were in compliance with all covenants related to our outstanding debt, and our lender had waived the covenant in our credit facility that prohibits closure of the Gaylord Hotels properties for longer than a specified period of time.

Principal Debt Agreements

Credit Facility. On October 31, 2019, we entered into a Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, which amended and restated the Company’s existing credit facility. As amended, our credit facility consists of a $700.0 million senior secured revolving credit facility (the “Revolver”), a $300.0 million senior secured term loan A (the “Term Loan A”), and a $500.0 million senior secured term loan B (the “Term Loan B”), each as discussed below. On April 23, 2020, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement among the same parties, as discussed below.

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Each of the Revolver, Term Loan A and Term Loan B is guaranteed by us, each of our four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain of our other subsidiaries. Each is secured by (i) a first mortgage lien on the real property of each of our Gaylord Hotels properties, (ii) pledges of equity interests in our subsidiaries that own the Gaylord Hotels properties, (iii) our personal property and the personal property of the Operating Partnership and our guarantor subsidiaries and (iv) all proceeds and products from our Gaylord Hotels properties. Advances are subject to a 55% borrowing base, based on the appraisal value of the Gaylord Hotels properties (reduced to 50% in the event one of the Gaylord Hotels properties is sold). Assets of the Gaylord Rockies joint venture are not subject to the liens of our credit facility.

Each of the Revolver, Term Loan A and Term Loan B contains certain covenants which, among other things, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements. The material financial covenants, ratios or tests contained in the Credit Agreement are as follows:

● We must maintain a consolidated funded indebtedness to total asset value ratio as of the end of each calendar quarter of not more than .65 to 1.0.

● We must maintain a consolidated fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.50 to 1.00.

● We must maintain an implied debt service coverage ratio (the ratio of adjusted net operating income to monthly principal and interest that would be required if the outstanding balance were amortized over 25 years at an assumed fixed rate) of not less than 1.60 to 1.00.

The Amendment provides for a waiver of the foregoing financial covenants through March 31, 2021 and ending on April 1, 2021 (the “Temporary Waiver Period”). In addition, the Amendment contains a covenant that we must maintain unrestricted liquidity (in the form of unrestricted cash on hand or undrawn availability under the Revolver) of at least $100 million.

We may elect to terminate the Temporary Waiver Period prior to expiration. Upon expiration or termination of the Temporary Waiver Period, we will calculate compliance with the financial covenants in the Credit Agreement using a designated annualized calculation based on our most recently completed fiscal quarter or quarters, as applicable. Pursuant to the Amendment, we are required to use any proceeds from borrowings drawn during the Temporary Waiver Period to fund operating expenses, debt service of the Company and its subsidiaries, and permitted capital expenditures and investments.

If an event of default shall occur and be continuing under the Credit Agreement, the commitments under the Credit Agreement may be terminated and the principal amount outstanding under the Credit Agreement, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

Revolving Credit Facility. Pursuant to the Credit Agreement, we extended the maturity date of the Revolver to March 31, 2024, with two additional six-month extension options, at our election. Borrowings under the Revolver bear interest at an annual rate equal to, at our option, either (i) LIBOR plus the applicable margin ranging from 1.40% to 1.95%, dependent upon our funded debt to total asset value ratio (as defined in the Credit Agreement) or (ii) a base rate as set forth in the Credit Agreement. At March 31, 2020, the interest rate on the Revolver was LIBOR plus 1.55%. Pursuant to the Amendment, during the Temporary Waiver Period, the applicable margin for LIBOR-based loans under the Revolver is 1.95%. Principal is payable in full at maturity.

At March 31, 2020, $400.0 million of borrowings were outstanding under the Revolver, and the lending banks had issued $0.9 million of letters of credit under the Credit Agreement, which left $299.1 million of availability under the Revolver (subject to the satisfaction of debt incurrence tests under the indentures governing our $400 million in aggregate principal amount of senior notes due 2023 (the “$400 Million 5% Senior Notes”) and our $700 million in aggregate principal amount of senior notes due 2027 (the “$700 Million 4.75% Senior Notes”), which we met at March 31, 2020.

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Term Loan A Facility. Pursuant to the Credit Agreement, the Term Loan A was increased from $200 million to $300 million and the maturity date was extended to March 31, 2025. Borrowings bear interest at an annual rate equal to, at our option, either (i) LIBOR plus the applicable margin ranging from 1.35% to 1.90%, dependent upon our funded debt to total asset value ratio (as defined in the Credit Agreement) or (ii) a base rate as set forth in the Credit Agreement. At March 31, 2020, the interest rate on the Term Loan A was LIBOR plus 1.50%. Pursuant to the Amendment, during the Temporary Waiver Period, the applicable margin for LIBOR-based loans under the Term Loan A is 1.90%. Amounts borrowed under the Term Loan A that are repaid or prepaid may not be reborrowed. Net proceeds from the increase in the Term Loan A pursuant to the Credit Agreement were approximately $94 million and, along with cash on hand, were used to repay $100 million of the outstanding indebtedness under the Term Loan B.

Term Loan B Facility. The Term Loan B has a maturity date of May 11, 2024. The applicable interest rate margins for borrowings under the Term Loan B are, at our option, either (i) LIBOR plus 2.00% or (ii) a base rate as set forth in the Credit Agreement. At March 31, 2020, the interest rate on the Term Loan B was LIBOR plus 2.00%. In October 2019, we entered into four interest rate swaps with a total notional amount of $350.0 million to fix the LIBOR portion of the interest rate, at rates between 1.2235% and 1.2315%, through May 11, 2023. We have designated these interest rate swaps as effective cash flow hedges. The Term Loan B amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount of $500.0 million, with the balance due at maturity. In addition, if for any fiscal year, there is Excess Cash Flow (as defined in the Credit Agreement), an additional principal amount is required. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed. The Credit Agreement did not change the maturity date or applicable margin on interest rates for the Term Loan B. At March 31, 2020, $385.0 million in borrowings were outstanding under the Term Loan B.

$700 Million 4.75% Senior Notes. In September 2019, the Operating Partnership and Finco completed the private placement of $500.0 million in aggregate principal amount of senior notes due 2027, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $500 Million 4.75% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $500 Million 4.75% Senior Notes have a maturity date of October 15, 2027 and bear interest at 4.75% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year, beginning on April 15, 2020. The $500 Million 4.75% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the $400 Million 5% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $500 Million 4.75% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $500 Million 4.75% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $500 Million 4.75% Senior Notes.

The net proceeds from the issuance of the $500 Million 4.75% Senior Notes totaled approximately $493 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. We used substantially all of these proceeds to tender and redeem our previous $350 Million 5% Senior Notes and to repay a portion of the amounts outstanding under the Revolver.

In October 2019, we completed a tack-on private placement of $200.0 million in aggregate principal amount of 4.75% senior notes due 2027 (the “additional 2027 notes”) at an issue price of 101.250% of their aggregate principal amount plus accrued interest from the September 19, 2019 issue date for the $500 Million 4.75% Senior Notes. The additional 2027 notes and the $500 Million 4.75% Senior Notes constitute a single class of securities (collectively, the “$700 Million 4.75% Senior Notes”). All other terms and conditions of the additional 2027 notes are identical to the $500 Million 4.75% Senior Notes.

The net proceeds of the additional 2027 notes totaled approximately $199 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. We used substantially all of these proceeds to repay a portion of the amounts outstanding under the Revolver.

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The $700 Million 4.75% Senior Notes are redeemable before October 15, 2022, in whole or in part, at 100.00%, plus accrued and unpaid interest thereon to, but not including, the redemption date, plus a make-whole premium. The $700 Million 4.75% Senior Notes will be redeemable, in whole or in part, at any time on or after October 15, 2022 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.563%, 102.375%, 101.188%, and 100.00% beginning on October 15 of 2022, 2023, 2024, and 2025, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

In connection with the issuance of the $700 Million 4.75% Senior Notes, we entered into a registration rights agreement that requires us to complete a registered offer to exchange the $700 Million 4.75% Senior Notes for registered notes with substantially identical terms as the $700 Million 4.75% Senior Notes on or before September 18, 2020.

$400 Million 5% Senior Notes. In 2015, the Operating Partnership and Finco completed the private placement of $400.0 million in aggregate principal amount of senior notes due 2023, which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $400 Million 5% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $400 Million 5% Senior Notes have a maturity date of April 15, 2023 and bear interest at 5% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $400 Million 5% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the new $700 million 4.75% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any. The $400 Million 5% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $400 Million 5% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $400 Million 5% Senior Notes.

The $400 Million 5% Senior Notes are redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 101.25% and 100.00% beginning on April 15 of 2020 and 2021, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

In connection with the issuance of the $400 Million 5% Senior Notes, we completed a registered offer to exchange the $400 Million 5% Senior Notes for registered notes with substantially identical terms as the $400 Million 5% Senior Notes in September 2015.

$800 Million Term Loan (Gaylord Rockies Joint Venture). On July 2, 2019, Aurora Convention Center Hotel, LLC and Aurora Convention Center Hotel Lessee, LLC, subsidiaries of the entities comprising the Gaylord Rockies joint venture, entered into a Second Amended and Restated Loan Agreement (the “Gaylord Rockies Loan”) with Wells Fargo Bank, National Association, as administrative agent, which refinanced the Gaylord Rockies joint venture’s existing $500 million construction loan and $39 million mezzanine loan, which were scheduled to mature in December 2019. The Gaylord Rockies Loan consists of an $800.0 million secured term loan facility and also includes the option for an additional $80.0 million of borrowing capacity should the Gaylord Rockies joint venture pursue an expansion of Gaylord Rockies, which was announced in February 2020 but has been postponed as a result of the COVID-19 pandemic. The Gaylord Rockies Loan matures July 2, 2023 with three, one-year extension options, subject to certain requirements in the Gaylord Rockies Loan, and bears interest at LIBOR plus 2.50%. Simultaneous with closing, the Gaylord Rockies joint venture entered into an interest rate swap to fix the LIBOR portion of the interest rate at 1.65% for the first three years of the loan. We have designated this interest rate swap as an effective cash flow hedge.

The proceeds from the Gaylord Rockies Loan were used by the Gaylord Rockies joint venture to repay the previously outstanding $500 million construction loan and $39 million mezzanine loan, and, after payment of expenses, the Gaylord Rockies joint venture distributed the excess proceeds to the owners of the Gaylord Rockies joint venture pro rata in proportion to their interests therein. We received a distribution of approximately $153 million, which was used to repay a portion of the amounts outstanding under the Revolver.

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The Gaylord Rockies Loan is secured by a deed of trust lien on the Gaylord Rockies real estate and related assets. We and an affiliate of RIDA each entered into limited repayment and carry guaranties that, in the aggregate, guarantee repayment of 10% of the principal debt, together with interest and operating expenses, which are to be released once the Gaylord Rockies joint venture achieves a certain debt service coverage threshold as defined in the Gaylord Rockies Loan. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to (i) those limited guaranties, (ii) a completion guaranty in the event the expansion is pursued, and (iii) customary non-recourse carve-outs.

Additional Debt Limitations. Pursuant to the terms of the management agreements and pooling agreement with Marriott for our four wholly-owned Gaylord Hotels, we are subject to certain debt limitations described below.

The management agreements provide for the following limitations on indebtedness encumbering a hotel:

● The aggregate principal balance of all mortgage and mezzanine debt encumbering the hotel shall be no greater than 75% of the fair market value of the hotel; and

● The ratio of (a) aggregate Operating Profit (as defined in the management agreement) in the 12 months prior to the closing on the mortgage or mezzanine debt to (b) annual debt service for the hotel shall equal or exceed 1.2:1; but is subject to the pooling agreement described below.

The pooled limitations on Secured Debt (as defined in the pooling agreement) are as follows:

● The aggregate principal balance of all mortgage and mezzanine debt on Pooled Hotels (as defined in the pooling agreement), shall be no more than 75% of the fair market value of Pooled Hotels.

● The ratio of (a) aggregate Operating Profit (as defined in the pooling agreement) of Pooled Hotels in the 12 months prior to closing on any mortgage or mezzanine debt to (b) annual debt service for the Pooled Hotels, shall equal or exceed 1.2:1.

Gaylord Rockies is not a Pooled Hotel for this purpose.

Off-Balance Sheet Arrangements

We enter into commitments under letters of credit, primarily for the purpose of securing our deductible obligations with our insurers, and lending banks under our Credit Agreement had issued $0.9 million of letters of credit at March 31, 2020. Except as set forth in this paragraph, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Commitments and Contractual Obligations

The following table summarizes our significant contractual obligations at March 31, 2020, including long-term debt and operating and capital lease commitments (amounts in thousands):

			Payment due by Period
	Total amounts		Less than						More than
Contractual obligations	committed		1 year		1-3 years		3-5 years		5 years
Long-term debt (1) (2)	$	2,985,000	$	5,000	$	10,000	$	2,270,000	$	700,000
Finance leases		1,548		260		487		199		602
Operating leases (3)		603,190		6,417		12,186		11,833		572,754
Construction commitments (4)		60,488		60,488		—		—		—
Other		12,755		1,109		2,218		2,218		7,210
Total contractual obligations	$	3,662,981	$	73,274	$	24,891	$	2,284,250	$	1,280,566

(1) Long-term debt commitments do not include approximately $536.6 million in interest payments projected to be due in future years (less than 1 year – $115.4 million; 1-3 years – $230.0 million; 3-5 years – $106.6 million; more than five years – $84.5 million) based on the stated interest rates on our fixed-rate debt and the rates in effect at March

48

31, 2020 for our variable-rate debt, including the impact of interest rate swaps. Variable rates, as well as outstanding principal balances, could change in future periods. See “Principal Debt Agreements” above for a discussion of our outstanding long-term debt. See “Supplemental Cash Flow Information” in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 for a discussion of the interest we paid during the fiscal years 2019, 2018 and 2017.

(2) Debt commitments due in 3-5 years includes $800.0 million of the Gaylord Rockies Loan for the Gaylord Rockies joint venture.

(3) Total operating lease commitments of $603.2 million includes the 75-year operating lease agreement we entered into during 1999 for 65.3 acres of land located in Osceola County, Florida where Gaylord Palms is located, which we may extend until January 2101.

(4) With respect to our properties that are operated under management agreements with Marriott, we are obligated to maintain an FF&E reserve account for future planned and emergency-related capital expenditures at these properties. The amount funded into each of these reserve accounts is determined pursuant to the management agreements and is generally 5.0% of the respective property’s total annual revenue; however, such funding has been suspended for the periods from March 2020 through August 2020 as a result of the COVID-19 pandemic. At March 31, 2020, $60.5 million was held in FF&E reserve accounts for future capital expenditures at our properties. According to the terms of each management agreement with Marriott, the reserve funds are to be held by Marriott in a restricted cash account. Although it is not required that such funds be expended in a given year, each management agreement provides any excess funds will carry over for use in future years.

The expected cash flows under our defined benefit pension plan, our non-qualified retirement plan, our non-qualified contributory deferred compensation plan and our defined benefit postretirement health care and life insurance plan are estimated based upon the best information currently available, but are not driven by contractual terms. Therefore, these obligations have been excluded from the contractual obligations table above. See Note 9 and Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 for further discussion related to these obligations. In addition, the timing of the expected cash flows related to our funding obligation in the joint venture described in Note 13, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein is not contractually determined. Therefore, this obligation has been excluded from the contractual obligations table above.

Critical Accounting Policies and Estimates

We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States. Certain of our accounting policies, including those related to revenue recognition, impairment of long-lived and other assets, stock-based compensation, depreciation and amortization, derivative financial instruments, income taxes, pension and postretirement benefits other than pension plans, acquisitions and purchase price allocations, and legal contingencies, require that we apply significant judgment in defining the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. Our judgments are based on our historical experience, our observance of trends in the industry, and information available from other outside sources, as appropriate. There can be no assurance that actual results will not differ from our estimates. For a discussion of our critical accounting policies and estimates, please refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Notes to Consolidated Financial Statements” presented in our Annual Report on Form 10-K for the year ended December 31, 2019. Other than our January 1, 2020 adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” as discussed in Note 1, “Basis of Presentation,” to the condensed consolidated financial statements included herein, there were no newly identified critical accounting policies in the first three months of 2020, nor were there any material changes to the critical accounting policies and estimates discussed in our Annual Report on Form 10-K for the year ended December 31, 2019.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposures to market risk are from changes in interest rates and changes in asset values of investments that fund our pension plan.

Risk Related to Changes in Interest Rates

At March 31, 2020, borrowings outstanding under the Revolver bore interest at an annual rate of LIBOR plus 1.55%, subject to adjustment as described in the Credit Agreement. If LIBOR were to increase by 100 basis points, our annual interest cost on the $400.0 million in borrowings outstanding under the Revolver at March 31, 2020 would increase by approximately $4.0 million.

At March 31, 2020, borrowings outstanding under our Term Loan A bore interest at an annual rate of LIBOR plus 1.50%, subject to adjustment as described in the Credit Agreement. If LIBOR were to increase by 100 basis points, our annual interest cost on the $300.0 million in borrowings outstanding under our Term Loan A at March 31, 2020 would increase by approximately $3.0 million.

At March 31, 2020, borrowings outstanding under our Term Loan B bore interest at an annual rate of LIBOR plus 2.00%, subject to adjustment as described in the Credit Agreement. We have hedged our interest rate exposure on $350.0 million of borrowings under the Term Loan B with interest rate swaps that fix the LIBOR portion of interest payments through May 2023. If LIBOR were to increase by 100 basis points, our annual interest cost on the $35.0 million in borrowings outstanding under our Term Loan B that are not hedged at March 31, 2020 would increase by approximately $0.4 million.

At March 31, 2020, borrowings outstanding under the Gaylord Rockies Loan bore interest at an annual rate of LIBOR plus 2.50%. The Gaylord Rockies joint venture has hedged its interest rate exposure with an interest rate swap that fixes the LIBOR portion of interest payments through August 2022. If the Gaylord Rockies joint venture does not enter into an additional interest rate swap, the joint venture will be subject to interest rate risk from August 2022 through the maturity date of July 2023.

Certain of our outstanding cash balances are occasionally invested overnight with high credit quality financial institutions. We do not have significant exposure to changing interest rates on invested cash at March 31, 2020. As a result, the interest rate market risk implicit in these investments at March 31, 2020, if any, is low.

Risk Related to Changes in Asset Values that Fund our Pension Plans

The expected rates of return on the assets that fund our defined benefit pension plan are based on the asset allocation of the plan and the long-term projected return on those assets, which represent a diversified mix of equity securities, fixed income securities and cash. At March 31, 2020, the value of the investments in the pension plan was $54.9 million, and an immediate 10% decrease in this value would have reduced the value of the investments in the pension plan by approximately $5.5 million.

ITEM 4. CONTROLS AND PROCEDURES.

The Company maintains disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act, that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company carried out an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

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There has been no change in our internal control over financial reporting that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is a party to certain litigation in the ordinary course, as described in Note 13, “Commitments and Contingencies,” to our condensed consolidated financial statements included herein and which our management deems will not have a material effect on our financial statements.

ITEM 1A. RISK FACTORS.

Except as otherwise described herein, there have been no material changes from the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

The novel coronavirus (COVID-19) pandemic has had and is expected to continue to have a material adverse effect on our financial condition, results of operations, and our ability to make distributions to our shareholders. Depending on its length and severity, the COVID-19 pandemic may also have a material adverse effect on our access to financial markets and our ability to service our indebtedness.

In March 2020, the World Health Organization declared COVID-19 to be a pandemic. In an effort to contain and mitigate the spread of COVID-19, many countries, including the United States, have imposed unprecedented restrictions on travel, group gatherings and non-essential activities, including orders and guidance issued by U.S. federal, state and local governmental authorities, such as “social distancing” guidance and Safer at Home orders. There have also been significant business closures and a substantial reduction in economic activity in the United States as a result of the COVID-19 pandemic. Significant uncertainty remains as to the potential impact of the COVID-19 pandemic on the U.S. economy as a whole, our businesses, and the lodging and entertainment industries in particular.

In response to the COVID-19 pandemic, on March 17, 2020, we completed a $400 million draw from our existing $700 million revolving line of credit as a precaution to ensure funds are available to meet our obligations for a sustained period of time during the COVID-19 pandemic. By March 24, 2020, we, working with our hotel manager, Marriott, had started suspending operations at our Gaylord Hotels properties and also suspended operations at substantially all of our entertainment assets. In addition, following the payment of our first quarter 2020 dividend on April 15, 2020 to stockholders of record on March 31, 2020, we suspended our regular quarterly dividend payments for the remainder of 2020, and any future dividend will be determined by our board of directors as permitted by our Credit Agreement. Further, we deferred substantially all non-essential capital projects, including our previously announced expansion at Gaylord Rockies, which was scheduled to begin in second quarter 2020.

While we were successful in amending our Credit Agreement to obtain waivers of the financial covenants, as described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Principal Debt Agreements,” the Amendment also increased the interest rates under our Revolver and Term Loan A, and imposed additional restrictions on debt, investments, dividends, share repurchases and capital expenditures, and included a minimum liquidity requirement, which will increase our interest costs and impose constraints on the manner in which we do business.

The material adverse effect on our businesses will continue while our assets remain closed, if not longer. Although we have taken steps, including those described above, to mitigate the impact of the COVID-19 pandemic on our businesses, we cannot predict the full extent and duration of the effects of the COVID-19 pandemic on our businesses. The longer and more severe the pandemic, the greater the material adverse effect on our financial condition, our results of operations, and our ability to make distributions to our shareholders. Further, depending on its duration and severity, the COVID-19 pandemic may have a material adverse effect on our access to financial markets and our ability to service our indebtedness.

We also cannot predict how soon we will be able to reopen our Gaylord Hotels properties or our entertainment assets when the COVID-19 pandemic subsides, as our ability to reopen and to resume normal operations will depend in part on

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the actions of a number of governmental authorities over which we have no control. It is possible that modified social distancing requirements or recommendations will alter the way we do business after we reopen, possibly for an extended period of time. Such changes may result in higher costs and lower profit margins at our assets. Moreover, once restrictions are relaxed or lifted, it is unclear whether consumer demand for convention center resorts and country music entertainment experiences will return, in part, because we cannot predict the levels of consumer confidence in the safety of travel and group gatherings following the COVID-19 pandemic. We also cannot predict the pace of recovery following the reopening of our Gaylord Hotels properties, which may be affected by adverse economic conditions, including job losses, group customers’ budget constraints, debt loads and other factors. For our managed assets, we will rely on Marriott to safely reopen, to operate these assets in a matter consistent with their obligations under their management agreements with us and to increase business levels at our properties, and we cannot assure you that Marriott will be successful in doing so.

The COVID-19 pandemic has also resulted in significant financial market volatility and uncertainty, including on the market price of our common stock. A continuation or worsening of the levels of market disruption and volatility seen during the first and second quarters of 2020 could have a further adverse effect on the market price of our common stock.

We could be required to refinance our debt before it matures and there is no assurance that we will be able to refinance our debt on acceptable terms.

Our ability to refinance each of our agreements governing our indebtedness on acceptable terms will be dependent on a number of factors, including our degree of leverage, the value of our assets, borrowing restrictions which may be imposed by lenders and conditions in the credit markets at the time we refinance. In addition, although we have been successful in negotiating an amendment to our Credit Agreement, which waives the financial covenants imposed by the Credit Agreement through March 31, 2021 and ending April 1, 2021, we may be unsuccessful in negotiating any further amendments or modifications to the agreements governing our indebtedness as we may deem necessary in response to the COVID-19 pandemic. To the extent the COVID-19 pandemic continues or our business levels do not recover to pre-pandemic levels or we are otherwise unable to refinance our debt on acceptable terms, we may be forced to choose from a number of unfavorable options, including agreeing to otherwise unfavorable financing terms, selling one or more hotel properties at unattractive prices or on disadvantageous terms, or defaulting on mortgages and allowing our lenders to foreclose. Any one of these options could have a material adverse effect on our business, financial condition, results of operations and our ability to make distributions to our stockholders.

Our cash distributions are not guaranteed and may fluctuate, and we have suspended our regularly quarterly dividend for the remainder of 2020.

A REIT generally is required to distribute at least 90% of its REIT taxable income to its stockholders. Generally, our board of directors, in its sole discretion, will determine on a quarterly basis the amount of cash to be distributed to our stockholders based on a number of factors including, but not limited to, our results of operations, cash flow and capital requirements, economic conditions, tax considerations, borrowing capacity and other factors, including debt covenant restrictions that may impose limitations on cash payments and plans for future acquisitions and divestitures. Our board of directors has previously approved a dividend policy pursuant to which we will pay a quarterly cash dividend based on an annualized amount of at least 50% of adjusted funds from operations (as defined by us) less maintenance capital expenditures or 100% of REIT taxable income on an annual basis, whichever is greater. As part of the actions taken to preserve liquidity in light of the COVID-19 pandemic, our board of directors suspended our regular monthly dividend payments for the remainder of 2020, and our board of directors will consider a future dividend as permitted by our credit agreement, which currently permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter. The dividend policy may be altered at any time by our board of directors (as otherwise permitted by our credit agreement) and certain provisions of our agreements governing our other indebtedness may prohibit us from paying dividends in accordance with the prior policy. Consequently, our distribution levels may fluctuate.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Inapplicable.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Inapplicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Inapplicable.

ITEM 5. OTHER INFORMATION.

Inapplicable.

ITEM 6. EXHIBITS.

Exhibit Number	Description
3.1	Amended and Restated Certificate of Incorporation of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 1, 2012).
3.2	Amended and Restated Bylaws of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed October 1, 2012).
10.1	Amendment No. 1 to Sixth Amended Credit Agreement, dated April 23, 2020, among Ryman Hospitality Properties, Inc., as a guarantor, RHP Hotel Properties, LP, as borrower, certain other subsidiaries of Ryman Hospitality Properties, Inc. party thereto, as guarantors, certain subsidiaries of Ryman Hospitality Properties, Inc. party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 24, 2020).
31.1*	Certification of Colin V. Reed pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2*	Certification of Mark Fioravanti pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1**	Certification of Colin V. Reed and Mark Fioravanti pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101*	The following materials from Ryman Hospitality Properties, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (unaudited) at March 31, 2020 and December 31, 2019, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) for the three months ended March 31, 2020 and 2019, (iii) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2020 and 2019, (iv) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 31, 2020 and 2019, and (v) Notes to Condensed Consolidated Financial Statements (unaudited). ​
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*     Filed herewith.

**   Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	RYMAN HOSPITALITY PROPERTIES, INC.
Date: May 7, 2020	By:	/s/ Colin V. Reed
		Colin V. Reed
		Chairman of the Board of Directors and
		Chief Executive Officer
	By:	/s/ Mark Fioravanti
		Mark Fioravanti
		President and Chief Financial Officer
	By:	/s/ Jennifer Hutcheson
		Jennifer Hutcheson
		Executive Vice President, Corporate
		Controller and Chief Accounting Officer

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EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Colin V. Reed, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Ryman Hospitality Properties, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2020
By:	/s/ Colin V. Reed
Name: Colin V. Reed
Title: Chairman of the Board of Directors and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Mark Fioravanti, certify that:

1.            I have reviewed this quarterly report on Form 10-Q of Ryman Hospitality Properties, Inc.;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.            The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)           Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.            The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2020
By:	/s/ Mark Fioravanti
Name: Mark Fioravanti
Title: President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ryman Hospitality Properties, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)         The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)         The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Colin V. Reed
	Colin V. Reed
	Chairman of the Board of Directors and Chief Executive Officer
	May 7, 2020
By:	/s/ Mark Fioravanti
	Mark Fioravanti
	President and Chief Financial Officer
	May 7, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Financial Reporting By Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Financial Reporting By Business Segments

Segments' Internal Financial Reports

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended
	March 31,
	2020		2019
Revenues:
Hospitality	$	285,671	$	337,510
Entertainment		27,359		33,265
Corporate and Other		—		—
Total	$	313,030	$	370,775
Depreciation and amortization:
Hospitality	$	49,769	$	50,133
Entertainment		3,105		2,479
Corporate and Other		471		397
Total	$	53,345	$	53,009
Operating income:
Hospitality	$	23,817	$	60,354
Entertainment		(5,092)		5,145
Corporate and Other		(8,607)		(9,401)
Preopening costs (1)		(801)		(2,134)
Gain on sale of assets (2)		1,261		—
Credit loss on held-to-maturity securities (3)		(5,828)		—
Total operating income		4,750		53,964
Interest expense		(29,358)		(32,087)
Interest income		2,371		2,908
Loss from unconsolidated joint ventures		(1,895)		—
Other gains and (losses), net		195		(141)
Income (loss) before income taxes	$	(23,937)	$	24,644

(1) Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended March 31, 2019 include $0.7 million and $1.4 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the three months ended March 31, 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

	March 31,		December 31,
	2020		2019
Identifiable assets:
Hospitality	$	3,462,739	$	3,494,084
Entertainment		192,696		181,036
Corporate and Other		689,367		413,348
Total identifiable assets	$	4,344,802	$	4,088,468

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Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at March 31, 2020 and December 31, 2019 consisted of (in thousands):

	March 31,		December 31,
	2020		2019
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing March 31, 2024, less unamortized deferred financing costs of $8,126 and $0	$	391,874	$	—
$300M Term Loan A, interest at LIBOR plus 1.50%, maturing May 31, 2025, less unamortized deferred financing costs of $2,370 and $2,478		297,630		297,522
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $4,268 and $4,501		380,732		381,749
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $2,992 and $3,222		397,008		396,778
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $11,489 and $11,808, plus unamortized premium of $2,367 and $2,434		690,878		690,626
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $7,483 and $8,015		792,517		791,985
Finance lease obligations		1,249		1,308
Total debt	$	2,951,888	$	2,559,968

Schedule of Fair Value of the Company's Derivative Financial Instruments

The estimated fair value of the Company’s derivative financial instruments at March 31, 2020 and December 31, 2019 is as follows (in thousands):

						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2020		2019
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(2,464)	$	959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		956
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(2,486)		934
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(24,887)		(2,174)
						$	(34,765)	$	1,634

Summary of Effect of Derivative Financial Instruments on the Accompanying Condensed Consolidated Statements of Operations

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2020		2019		into Income (Expense)	2020		2019
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(35,947)	$	—	Interest expense	$	452	$	—
Total derivatives	$	(35,947)	$	—		$	452	$	—

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Pension and Postretirement Benefits Other than Pension Plans

3 Months Ended

Mar. 31, 2020

Pension and Postretirement Benefits Other Than Pension Plans

Pension and Postretirement Benefits Other than Pension Plans

11. PENSION AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS:

Net periodic pension expense (benefit) reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	676	$	878
Expected return on plan assets		(1,055)		(944)
Amortization of net actuarial loss		282		287
Total net periodic pension expense (benefit)	$	(97)	$	221

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	17	$	25
Amortization of net actuarial loss		63		61
Amortization of prior service credit		(328)		(328)
Total net postretirement benefit income	$	(248)	$	(242)

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Income Per Share

3 Months Ended

Mar. 31, 2020

Income Per Share

Income Per Share

3. INCOME PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):

	Three Months Ended
	March 31,
	2020	2019
Weighted average shares outstanding - basic	54,911	51,349
Effect of dilutive stock-based compensation	—	215
Effect of dilutive put rights	—	385
Weighted average shares outstanding - diluted	54,911	51,949

For the three months ended March 31, 2020, the effect of dilutive stock-based compensation was the equivalent of 141,000 shares of common stock outstanding. Because the Company had a loss from continuing operations in the three

months ended March 31, 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 13, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein, certain affiliates of Ares Management, L.P. (“Ares”) each have a put right to require the Company to purchase their joint venture interests in the Gaylord Rockies joint venture in consideration of cash or operating partnership units (“OP Units”) of RHP Hotel Properties, LP (the “Operating Partnership”). Any OP Units issued by the Operating Partnership to the certain affiliates of Ares will be redeemable at the option of the holders thereof for shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. For the three months ended March 31, 2020, the effect of dilutive put rights was the equivalent of 538,000 shares of common stock outstanding. Because the Company had a loss from continuing operations in the three months ended March 31, 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

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Debt

3 Months Ended

Mar. 31, 2020

Debt

Debt

7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2020 and December 31, 2019 consisted of (in thousands):

	March 31,		December 31,
	2020		2019
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing March 31, 2024, less unamortized deferred financing costs of $8,126 and $0	$	391,874	$	—
$300M Term Loan A, interest at LIBOR plus 1.50%, maturing May 31, 2025, less unamortized deferred financing costs of $2,370 and $2,478		297,630		297,522
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $4,268 and $4,501		380,732		381,749
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $2,992 and $3,222		397,008		396,778
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $11,489 and $11,808, plus unamortized premium of $2,367 and $2,434		690,878		690,626
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $7,483 and $8,015		792,517		791,985
Finance lease obligations		1,249		1,308
Total debt	$	2,951,888	$	2,559,968

Amounts due within one year consist of the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

At March 31, 2020, the Company was in compliance with all of its covenants related to its outstanding debt, and the lenders had waived the covenant in the credit facility that prohibits closure of the Gaylord Hotels properties for longer than a specified period of time. See Note 17, “Subsequent Events,” for additional discussion.

Interest Rate Derivatives

The Company may enter into interest rate swap agreements to hedge against interest rate fluctuations. The Company and the Gaylord Rockies joint venture have each entered into interest rate swaps to manage interest rate risk associated with the Company’s $500 million term loan B and the Gaylord Rockies joint venture’s $800 million term loan, respectively. Each swap has been designated as a cash flow hedge whereby the Company or the joint venture receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. Neither the Company nor the Gaylord Rockies joint venture use derivatives for trading or speculative purposes and currently do not hold any derivatives that are not designated as hedges.

For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $13.6 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months.

The estimated fair value of the Company’s derivative financial instruments at March 31, 2020 and December 31, 2019 is as follows (in thousands):

						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2020		2019
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(2,464)	$	959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,464)		956
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(2,486)		934
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(24,887)		(2,174)
						$	(34,765)	$	1,634

Derivative financial instruments in an asset position are included in prepaid expenses and other assets and those in a liability position are included in other liabilities in the accompanying condensed consolidated balance sheets.

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2020		2019		into Income (Expense)	2020		2019
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(35,947)	$	—	Interest expense	$	452	$	—
Total derivatives	$	(35,947)	$	—		$	452	$	—

Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for the three months ended March 31, 2020 and 2019 was $29.4 million and $32.1 million, respectively.

At March 31, 2020, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $35.7 million. As of March 31, 2020, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $35.7 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

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Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	$ 4,671	$ 54,560
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(43,168)	(48,873)
Investment in other joint ventures	(3,090)	(102)
Other investing activities	1,004	(127)
Net cash used in investing activities	(45,254)	(49,102)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings under revolving credit facility	400,000	10,000
Deferred financing costs paid	(106)
Payment of dividends	(50,078)	(44,420)
Payment of tax withholdings for share-based compensation	(1,631)	(3,813)
Other financing activities	(91)	1,605
Net cash flows used in financing activities	346,844	(7,731)
Net change in cash, cash equivalents, and restricted cash	306,261	(2,273)
Cash, cash equivalents, and restricted cash, beginning of period	420,396	149,089
Cash, cash equivalents, and restricted cash, end of period	726,657	146,816
Gaylord Rockies [Member]
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings under term loan		28,897
Term Loan B
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayments under term loan B	(1,250)
Reportable Legal Entities [Member] | Parent Company [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	51,733	48,198
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payment of dividends	(50,078)	(44,420)
Payment of tax withholdings for share-based compensation	(1,631)	(3,813)
Other financing activities	(31)
Net cash flows used in financing activities	(51,740)	(48,233)
Net change in cash, cash equivalents, and restricted cash	(7)	(35)
Cash, cash equivalents, and restricted cash, beginning of period	29	81
Cash, cash equivalents, and restricted cash, end of period	22	46
Reportable Legal Entities [Member] | Subsidiary Issuer [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	(15,826)	(8,415)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings under revolving credit facility	400,000	10,000
Deferred financing costs paid	(106)
Net cash flows used in financing activities	398,644	10,000
Net change in cash, cash equivalents, and restricted cash	382,818	1,585
Cash, cash equivalents, and restricted cash, beginning of period	200,534	657
Cash, cash equivalents, and restricted cash, end of period	583,352	2,242
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Term Loan B
Net Cash Provided by (Used in) Financing Activities [Abstract]
Repayments under term loan B	(1,250)
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	23,063	7,077
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(23,018)	(7,083)
Net cash used in investing activities	(23,018)	(7,083)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net change in cash, cash equivalents, and restricted cash	45	(6)
Cash, cash equivalents, and restricted cash, beginning of period	3	54
Cash, cash equivalents, and restricted cash, end of period	48	48
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	(54,299)	7,700
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(20,150)	(41,790)
Investment in other joint ventures	(3,090)	(102)
Other investing activities	1,004	(127)
Net cash used in investing activities	(22,236)	(42,019)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Other financing activities	(60)	1,605
Net cash flows used in financing activities	(60)	30,502
Net change in cash, cash equivalents, and restricted cash	(76,595)	(3,817)
Cash, cash equivalents, and restricted cash, beginning of period	219,830	148,297
Cash, cash equivalents, and restricted cash, end of period	$ 143,235	144,480
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Gaylord Rockies [Member]
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings under term loan		$ 28,897

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Subsequent Events (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020	Dec. 31, 2019
Sixth Amended And Restated Credit Agreement [Member]
Subsequent Events
Minimum liquidity maintenance		$ 100.0
Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member]
Subsequent Events
Remaining borrowing capacity	$ 299.1
Line of Credit [Member] | Revolving Credit Facility [Member] | Sixth Amended And Restated Credit Agreement [Member] | Subsequent event | $700 Million Revolving Credit Facility [Member]
Subsequent Events
Remaining borrowing capacity		$ 300.0
Secured Debt [Member] | $800M Term Loan (Gaylord Rockies JV) [Member]
Subsequent Events
Face amount	$ 800.0		$ 800.0
Debt instrument, maturity date	Jul. 02, 2023

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Debt - Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 29,358,000	$ 32,087,000
Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	(35,947,000)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	(452,000)
Derivatives in Cash Flow Hedging | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclassification from AOCI to interest expenses	13,600,000
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative liability	35,700,000
Termination value in case of breach of provisions	35,700,000
Interest rate swaps | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Estimated Fair Value Asset (Liability) Balance	(34,765,000)		$ 1,634,000
Amount of Gain (Loss) Recognized in OCI on Derivative	(35,947,000)
Interest rate swaps | Derivatives in Cash Flow Hedging | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	$ (452,000)
Gaylord Rockies [Member] | Interest rate swaps | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.65%
Derivative, maturity date	Aug. 01, 2022
Notional amount	$ 800,000,000
Estimated Fair Value Asset (Liability) Balance	$ (24,887,000)		(2,174,000)
Term Loan B | Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B | Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (2,464,000)		959,000
Term Loan B | Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B | Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (2,464,000)		959,000
Term Loan B | Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B | Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (2,464,000)		956,000
Term Loan B | Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B | Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2315%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	(2,486,000)		934,000
$500 Million Term Loan B [Member] | Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	500,000,000		500,000,000
$800M Term Loan (Gaylord Rockies JV) [Member] | Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	$ 800,000,000		$ 800,000,000

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Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due [Abstract]
Year 1	$ 6,417
Year 2	6,147
Year 3	6,039
Year 4	6,006
Year 5	5,827
Years thereafter	572,754
Total future minimum lease payments	603,190
Less amount representing interest	(496,265)
Total present value of minimum payments	106,925	$ 106,331
Finance Lease Liabilities, Payments, Due [Abstract]
Year 1	260
Year 2	255
Year 3	232
Year 4	153
Year 5	46
Years thereafter	602
Total future minimum lease payments	1,548
Less amount representing interest	(299)
Total present value of minimum payments	$ 1,249	$ 1,308

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Financial Reporting By Business Segments - Identifiable Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Preopening costs	$ 801	$ 2,134
Identifiable assets	4,344,802		$ 4,088,468
Hospitality [Member]
Segment Reporting Information [Line Items]
Preopening costs	100	700
Identifiable assets	3,462,739		3,494,084
Entertainment [Member]
Segment Reporting Information [Line Items]
Preopening costs	700	$ 1,400
Identifiable assets	192,696		181,036
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Identifiable assets	$ 689,367		$ 413,348

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Pension and Postretirement Benefits Other Than Pension Plans - Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Plan [Member] | Qualified Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 676	$ 878
Expected return on plan assets	(1,055)	(944)
Amortization of net actuarial loss	282	287
Total net periodic benefit cost (credit)	(97)	221
Postretirement Health Coverage [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	17	25
Amortization of net actuarial loss	63	61
Amortization of prior service credit	(328)	(328)
Total net periodic benefit cost (credit)	$ (248)	$ (242)

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	$ 25,940	$ 29,174
Total assets measured at fair value	25,940	32,982
Total liabilities measured at fair value	34,765	2,174
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value			$ 3,808
Total liabilities measured at fair value	34,765		2,174
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	25,940	29,174
Total assets measured at fair value	25,940	29,174
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		3,808
Total liabilities measured at fair value	34,765	$ 2,174
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value			3,808
Total liabilities measured at fair value	$ 34,765		$ 2,174

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Basis of Presentation

3 Months Ended

Mar. 31, 2020

Basis of Presentation

Basis of Presentation

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”) and the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

The Company also owns a 62.1% interest in a joint venture (the “Gaylord Rockies joint venture”) that owns the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which opened in December 2018 and is managed by Marriott. As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, management has concluded that the Company is the primary beneficiary of this variable interest entity. As such, the Company has consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company does not own is recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statement of stockholders’ equity. Creditors of the Gaylord Rockies joint venture have no recourse to the general credit of the Company, except with respect to certain limited loan guarantees as discussed in Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein.

The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, and the General Jackson Showboat. The Company also owns a 50% interest in a joint venture intended to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. See Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

Impact of COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (COVID-19) as a pandemic, which continues to spread throughout the United States. COVID-19 is having an unprecedented impact on the U.S. economy, and due to the COVID-19 pandemic, there is significant uncertainty surrounding the full extent of its impact on the Company’s future results of operations and financial position.

The Company, in consultation with local governmental authorities, first determined to close its Nashville-based entertainment venues on March 15, 2020. As cancellations at the Gaylord Hotels properties began to increase, the Company and its hotel manager, Marriott, implemented a series of operational changes, beginning with scaling back operations at the hotels to reflect reduced occupancy, closing food and beverage outlets, and reducing hourly staffing and culminating with the suspension of operations at the Gaylord Hotels properties beginning March 24, 2020. Hotel employees that were laid off or furloughed were generally paid the equivalent of one week of compensation, and benefits for hotel employees are being maintained through June 30, 2020. The Gaylord Hotels properties, as well as substantially all of the Company’s entertainment assets remain closed, and the decision to reopen will be based on a number of factors and made in consultation with local health authorities.

In the Company’s Entertainment segment, in addition to the closure of its entertainment assets, the Company has taken steps to reduce operating costs in all areas. The Company is continuing to pay all full-time and part-time employees at its Company-managed properties through May 15, 2020.

To preserve liquidity, on March 17, 2020, the Company completed a $400 million draw from its existing $700 million revolving line of credit as a precaution to ensure funds are available to meet the Company’s obligations for a sustained period of time. At March 31, 2020, the Company had an additional $299.1 million available for borrowing under its revolving credit facility and $662.2 million in unrestricted cash on hand. In addition, following the payment of the Company’s first quarter 2020 dividend as discussed in Note 14, “Stockholders Equity,” to the condensed consolidated financial statements included herein, the Company suspended its regular quarterly dividend payments for the remainder of 2020. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement amendment described in Note 17, “Subsequent Events,” to the condensed consolidated financial statements included herein, permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determinations as to the amount of distributions and timing thereof.

The Company has deferred substantially all non-essential capital projects, in addition to delaying the Gaylord Rockies expansion project, which was scheduled to begin construction in second quarter 2020. The Gaylord Palms expansion project is continuing, and the Company believes the expansion will allow Gaylord Palms to serve groups moving meetings to next year.

The Company amended its credit facility on April 23, 2020, as described in Note 17, “Subsequent Events.” The Company continues to pay all required debt service payments on its indebtedness, lease payments, taxes and other payables.

The Company’s smaller hotels, the Inn at Opryland and the AC Hotel, as well as Gaylord Springs, remain operational, and the Company currently has no plans to temporarily close these businesses. Revenues from these assets have been negligible during the COVID-19 pandemic.

Block 21 Acquisition

In December 2019, the Company entered into an agreement to purchase Block 21, a mixed-use entertainment, lodging, office and retail complex located in Austin, Texas, for $275 million, which includes the assumption of approximately $141 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin Hotel, the 350-seat 3TEN at ACL Live club and approximately 53,000 square feet of Class A commercial space. The Company paid a nonrefundable deposit of $15 million with the agreement, and the acquisition is subject to customary closing conditions, including, but not limited

to, the consent to the Company’s assumption of the existing mortgage loan by the loan servicer. If the acquisition is completed, the Company intends to fund the acquisition with a portion of the proceeds from the equity offering discussed in Note 11, “Equity” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Newly Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU replaces the previous “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The Company has applied these amendments with a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For debt securities for which an other-than-temporary impairment has been previously recognized, a prospective transition approach for the prior other-than-temporary impairment is required. The Company adopted this ASU in the first quarter of 2020 and recorded an adjustment to beginning retained earnings of $5.3 million and an adjustment to accumulated other comprehensive loss of $2.2 million. See Note 4, “Accumulated Other Comprehensive Loss” and Note 6, “Notes Receivable” for additional disclosure.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

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Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 644,729
Other Comprehensive Income (Loss), Net of Tax	(37,437)	$ 109
Ending balance	560,021
ASU 2016-13 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit and Translation adjustment related to adoption of ASU	(3,185)
Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,634
Losses (gains) arising during period	(35,947)
Amounts reclassified from accumulated other comprehensive loss	(452)
Net other comprehensive income	(36,399)
Ending balance	(34,765)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(23,916)	(21,814)
Losses (gains) arising during period	(1,107)
Amounts reclassified from accumulated other comprehensive loss	17	20
Income tax benefit		(6)
Net other comprehensive income	(1,090)	26
Ending balance	(25,006)	(24,495)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ASU 2018-02 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit and Translation adjustment related to adoption of ASU		(2,707)
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,877)	(6,210)
Amounts reclassified from accumulated other comprehensive loss	52	83
Net other comprehensive income	52	83
Ending balance	(3,667)	(6,127)
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ASU 2016-13 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit and Translation adjustment related to adoption of ASU	2,158
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(28,159)	(28,024)
Losses (gains) arising during period	(37,054)
Amounts reclassified from accumulated other comprehensive loss	(383)	103
Income tax benefit		(6)
Net other comprehensive income	(37,437)	109
Other Comprehensive Income (Loss), Net of Tax	(37,437)	109
Ending balance	(63,438)	(30,622)
AOCI Attributable to Parent [Member] | ASU 2016-13 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit and Translation adjustment related to adoption of ASU	$ 2,158
AOCI Attributable to Parent [Member] | ASU 2018-02 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit and Translation adjustment related to adoption of ASU		$ (2,707)

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-13079
Entity Registrant Name	RYMAN HOSPITALITY PROPERTIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-0664379
Entity Address, Address Line One	One Gaylord Drive
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37214
City Area Code	615
Local Phone Number	316-6000
Title of 12(b) Security	Common stock
Trading Symbol	RHP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,970,480
Entity Central Index Key	0001040829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net income	$ (50,736)	$ 22,670
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision for deferred income taxes	26,559	1,100
Depreciation and amortization	53,345	53,009
Amortization of deferred financing costs	1,894	1,927
Credit loss on held-to-maturity securities	5,828
(Income) loss from unconsolidated joint ventures	1,895
Stock-based compensation expense	2,230	2,026
Changes in:
Trade receivables	(8,345)	(42,050)
Accounts payable and accrued liabilities	(26,297)	17,632
Other assets and liabilities	(1,702)	(1,754)
Net cash flows provided by operating activities	4,671	54,560
Cash Flows from Investing Activities:
Purchases of property and equipment	(43,168)	(48,873)
Investment in other joint ventures	(3,090)	(102)
Other investing activities	1,004	(127)
Net cash flows used in investing activities	(45,254)	(49,102)
Cash Flows from Financing Activities:
Net borrowings under revolving credit facility	400,000	10,000
Deferred financing costs paid	(106)
Payment of dividends	(50,078)	(44,420)
Payment of tax withholdings for share-based compensation	(1,631)	(3,813)
Other financing activities	(91)	1,605
Net cash flows provided by (used in) financing activities	346,844	(7,731)
Net change in cash, cash equivalents, and restricted cash	306,261	(2,273)
Cash, cash equivalents, and restricted cash, beginning of period	420,396	149,089
Cash, cash equivalents, and restricted cash, end of period	726,657	146,816
Term Loan B
Cash Flows from Financing Activities:
Repayments under term loan B	$ (1,250)
Gaylord Rockies [Member]
Cash Flows from Financing Activities:
Borrowing under Gaylord Rockies term loan		$ 28,897

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Revenues - Hospitality Segment Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 313,030	$ 370,775
Hospitality [Member]
Disaggregation of Revenue [Line Items]
Total revenues	285,671	337,510
Hospitality [Member] | Gaylord Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	76,127	88,958
Hospitality [Member] | Gaylord Palms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	45,375	59,917
Hospitality [Member] | Gaylord Texan [Member]
Disaggregation of Revenue [Line Items]
Total revenues	55,996	72,039
Hospitality [Member] | Gaylord National [Member]
Disaggregation of Revenue [Line Items]
Total revenues	49,394	65,630
Hospitality [Member] | Gaylord Rockies [Member]
Disaggregation of Revenue [Line Items]
Total revenues	54,598	45,243
Hospitality [Member] | AC Hotel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	1,849	2,435
Hospitality [Member] | Inn at Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,332	$ 3,288

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Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Fair Value Measurements

15. FAIR VALUE MEASUREMENTS:

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit

of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1.

The Company’s interest rate swaps and the Gaylord Rockies joint venture’s interest rate swap consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company or the Gaylord Rockies joint venture, as applicable, determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2.

The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument.

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, were as follows (in thousands):

			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	25,940	$	25,940	$	—	$	—
Total assets measured at fair value	$	25,940	$	25,940	$	—	$	—
Variable to fixed interest rate swaps	$	34,765	$	—	$	34,765	$	—
Total liabilities measured at fair value	$	34,765	$	—	$	34,765	$	—

			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,174	$	29,174	$	—	$	—
Variable to fixed interest rate swaps		3,808		—		3,808		—
Total assets measured at fair value	$	32,982	$	29,174	$	3,808	$	—
Variable to fixed interest rate swaps	$	2,174	$	—	$	2,174	$	—
Total liabilities measured at fair value	$	2,174	$	—	$	2,174	$	—

The remainder of the assets and liabilities held by the Company at March 31, 2020 are not required to be recorded at fair value, and the carrying value of these assets and liabilities approximate fair value, except as described below.

The Company has outstanding $400.0 million in aggregate principal amount of $400 million 5% senior notes. The carrying value of these notes at March 31, 2020 was $397.0 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $316.1 million at March 31, 2020.

The Company has outstanding $700.0 million in aggregate principal amount of $700 million 4.75% senior notes. The carrying value of these notes at March 31, 2020 was $690.9 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $524.0 million at March 31, 2020.

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2020

Basis of Presentation

Revenue Recognition

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.

Deferred Revenue

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.

Newly Issued Accounting Standards

Newly Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU replaces the previous “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities are required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. The Company has applied these amendments with a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For debt securities for which an other-than-temporary impairment has been previously recognized, a prospective transition approach for the prior other-than-temporary impairment is required. The Company adopted this ASU in the first quarter of 2020 and recorded an adjustment to beginning retained earnings of $5.3 million and an adjustment to accumulated other comprehensive loss of $2.2 million. See Note 4, “Accumulated Other Comprehensive Loss” and Note 6, “Notes Receivable” for additional disclosure.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

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Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Plans
Compensation cost on stock-based compensation plans	$ 2.2	$ 2.0

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Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Apr. 23, 2020
Subsidiary or Equity Method Investee [Line Items]
Dividend amount for current period (in dollars per share)	$ 0.95	$ 0.90
Aggregated dividend paid	$ 52.2
Dividend payable date declared	Feb. 25, 2020
Common stock Dividend Payable Date	Apr. 15, 2020
Dividend payable date of record	Mar. 31, 2020
Subsequent event
Subsidiary or Equity Method Investee [Line Items]
Dividends permitted amount per quarter			$ 0.01
Subsequent event | Sixth Amended And Restated Credit Agreement [Member]
Subsidiary or Equity Method Investee [Line Items]
Dividends permitted amount per quarter			$ 0.01

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Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 313,030	$ 370,775
Depreciation and amortization	53,345	53,009
Preopening costs	(801)	(2,134)
Gain on sale of assets	1,261
Credit loss on held-to-maturity securities	(5,828)
Operating income	4,750	53,964
Interest expense	(29,358)	(32,087)
Interest income	2,371	2,908
Loss from unconsolidated joint ventures	(1,895)
Income (loss) before income taxes	(23,937)	24,644
Hospitality [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	285,671	337,510
Depreciation and amortization	49,769	50,133
Preopening costs	(100)	(700)
Operating income	23,817	60,354
Entertainment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	27,359	33,265
Depreciation and amortization	3,105	2,479
Preopening costs	(700)	(1,400)
Operating income	(5,092)	5,145
Corporate and Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Depreciation and amortization	471	397
Operating income	(8,607)	(9,401)
Notes Receivable [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest income	1,500	$ 2,600
Bonds B Series [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Credit loss on held-to-maturity securities	$ (5,828)

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Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Right-of-use finance lease assets	$ 1,613	$ 1,613
Property and equipment, gross	4,866,940	4,834,537
Accumulated depreciation	(1,736,963)	(1,704,285)
Property and equipment, net	3,129,977	3,130,252
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	350,993	349,024
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,441,389	3,432,136
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	969,130	968,858
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 103,815	$ 82,906

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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 313,030	$ 370,775
Operating expenses:
Total hotel operating expenses	212,085	227,023
Corporate	8,136	9,004
Preopening costs	801	2,134
Gain on sale of assets	(1,261)
Credit loss on held-to-maturity securities	5,828
Depreciation and amortization	53,345	53,009
Total operating expenses	308,280	316,811
Operating income	4,750	53,964
Interest expense	(29,358)	(32,087)
Interest income	2,371	2,908
Loss from unconsolidated joint ventures	(1,895)
Other gains and (losses), net	195	(141)
Income (loss) before income taxes	(23,937)	24,644
Provision for income taxes	(26,799)	(1,974)
Net income (loss)	(50,736)	22,670
Net loss attributable to noncontrolling interest in consolidated joint venture	4,220	6,738
Net income (loss) available to common stockholders	$ (46,516)	$ 29,408
Basic income (loss) per share available to common stockholders	$ (0.85)	$ 0.57
Diluted income (loss) per share available to common stockholders	$ (0.85)	$ 0.57
Comprehensive income (loss), net of taxes	$ (88,173)	$ 22,779
Comprehensive loss, net of taxes, attributable to noncontrolling interest	12,829	6,738
Comprehensive income (loss), net of taxes, available to common stockholders	(75,344)	29,517
Notes Receivable [Member]
Operating expenses:
Interest income	1,500	2,600
Bonds B Series [Member]
Operating expenses:
Credit loss on held-to-maturity securities	5,828
Rooms [Member]
Revenues:
Total revenues	106,128	132,212
Operating expenses:
Total hotel operating expenses	32,308	34,969
Food and Beverage [Member]
Revenues:
Total revenues	145,750	171,143
Operating expenses:
Total hotel operating expenses	83,811	91,359
Hotel, Other [Member]
Revenues:
Total revenues	33,793	34,155
Operating expenses:
Total hotel operating expenses	90,474	90,939
Management Fees [Member]
Operating expenses:
Total hotel operating expenses	5,492	9,756
Entertainment [Member]
Revenues:
Total revenues	27,359	33,265
Operating expenses:
Total hotel operating expenses	$ 29,346	$ 25,641

XML

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Contract with Customer, Liability [Abstract]
Deferred revenues	$ 77.7	$ 76.7
Change in Contract with Customer, Liability [Abstract]
Revenue recognized	$ 43.3

XML

Condensed Consolidated Statements of Stockholders' Equity And Noncontrolling Interest (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity And Noncontrolling Interest [Abstract]
Dividend amount for current period (in dollars per share)	$ 0.95	$ 0.90

XML

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity

Stockholders' Equity

14. STOCKHOLDERS’ EQUITY:

On February 25, 2020, the Company’s board of directors declared the Company’s first quarter 2020 cash dividend in the amount of $0.95 per share of common stock, or an aggregate of approximately $52.2 million in cash, which was paid on April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Following the payment of the first quarter 2020 cash dividend, the Company suspended its regular quarterly dividend payments for the remainder of 2020. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement amendment described in Note 17, “Subsequent Events,” to the condensed consolidated financial statements included herein, permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determination as to the amount of distributions and the timing thereof.

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Information Concerning Guarantor and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2020

Information Concerning Guarantor and Non-Guarantor Subsidiaries

Information Concerning Guarantor and Non-Guarantor Subsidiaries

18. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The Company’s $400 million 5% senior notes and $700 million 4.75% senior notes were each issued by the Operating Partnership and RHP Finance Corporation, a Delaware corporation, and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s credit facility, as amended (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the Company’s $400 million 5% senior notes and $700 million 4.75% senior notes.

The following condensed consolidating financial information includes certain allocations of expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2020

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,641,355	$	1,488,622	$	—	$	3,129,977
Cash and cash equivalents - unrestricted		22		583,352		48		78,734		—		662,156
Cash and cash equivalents - restricted		—		—		—		64,501		—		64,501
Notes receivable		—		—		—		99,900		—		99,900
Trade receivables, less allowance		—		—		—		78,952		—		78,952
Prepaid expenses and other assets		—		58		26		126,170		(14,018)		112,236
Intangible assets		—		—		—		197,080		—		197,080
Intercompany receivables, net		—		—		2,142,311		—		(2,142,311)		—
Investments		953,898		2,949,445		708,341		2,040,163		(6,651,847)		—
Total assets	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	2,158,122	$	—	$	793,766	$	—	$	2,951,888
Accounts payable and accrued liabilities		62		27,401		9,247		210,829		(7,226)		240,313
Dividends payable		53,037		—		—		—		—		53,037
Deferred management rights proceeds		—		—		—		174,558		—		174,558
Operating lease liabilities		—		—		105,877		7,840		(6,792)		106,925
Deferred income tax liabilities, net		—		—		413		187		—		600
Other liabilities		—		9,878		—		84,556		—		94,434
Intercompany payables, net		340,800		1,553,804		—		247,707		(2,142,311)		—
Total liabilities		393,899		3,749,205		115,537		1,519,443		(2,156,329)		3,621,755
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		163,026		—		163,026
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		550		1		1		2,387		(2,389)		550
Additional paid-in-capital		1,185,885		266,031		2,894,831		2,843,451		(6,004,313)		1,185,885
Treasury stock		(17,872)		—		—		—		—		(17,872)
Accumulated deficit		(545,104)		(472,504)		1,481,712		(300,625)		(708,583)		(545,104)
Accumulated other comprehensive loss		(63,438)		(9,878)		—		(53,560)		63,438		(63,438)
Total stockholders' equity		560,021		(216,350)		4,376,544		2,491,653		(6,651,847)		560,021
Total liabilities and equity	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,632,744	$	1,497,508	$	—	$	3,130,252
Cash and cash equivalents - unrestricted		29		200,534		3		161,864		—		362,430
Cash and cash equivalents - restricted		—		—		—		57,966		—		57,966
Notes receivable		—		—		—		110,135		—		110,135
Trade receivables, less allowance		—		—		—		70,768		—		70,768
Deferred income tax assets, net		—		—		(413)		26,372		—		25,959
Prepaid expenses and other assets		—		12,390		3		118,301		(6,849)		123,845
Intangible assets		—		—		—		207,113		—		207,113
Intercompany receivables, net		—		—		2,113,481		—		(2,113,481)		—
Investments		1,050,955		2,949,445		708,588		2,077,984		(6,786,972)		—
Total assets	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	1,766,675	$	—	$	793,293	$	—	$	2,559,968
Accounts payable and accrued liabilities		50		13,738		6,996		244,734		(603)		264,915
Dividends payable		50,711		—		—		—		—		50,711
Deferred management rights proceeds		—		—		—		175,332		—		175,332
Operating lease liabilities		—		—		104,742		7,835		(6,246)		106,331
Other liabilities		—		—		—		64,971		—		64,971
Intercompany payables, net		355,494		1,514,770		—		243,217		(2,113,481)		—
Total liabilities		406,255		3,295,183		111,738		1,529,382		(2,120,330)		3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		221,511		—		221,511
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		549		1		1		2,387		(2,389)		549
Additional paid-in-capital		1,185,168		315,680		2,894,830		2,843,450		(6,053,960)		1,185,168
Treasury stock		(17,315)		—		—		—		—		(17,315)
Accumulated deficit		(495,514)		(452,303)		1,447,837		(236,752)		(758,782)		(495,514)
Accumulated other comprehensive loss		(28,159)		3,808		—		(31,967)		28,159		(28,159)
Total stockholders' equity		644,729		(132,814)		4,342,668		2,577,118		(6,786,972)		644,729
Total liabilities and equity	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	106,128	$	—	$	106,128
Food and beverage		—		—		—		145,750		—		145,750
Other hotel revenue		—		—		64,741		48,634		(79,582)		33,793
Entertainment		—		—		—		27,898		(539)		27,359
Total revenues		—		—		64,741		328,410		(80,121)		313,030
Operating expenses:
Rooms		—		—		—		32,308		—		32,308
Food and beverage		—		—		—		83,811		—		83,811
Other hotel expenses		—		—		12,442		155,067		(77,035)		90,474
Management fees, net		—		—		—		5,492		—		5,492
Total hotel operating expenses		—		—		12,442		276,678		(77,035)		212,085
Entertainment		—		—		—		29,346		—		29,346
Corporate		63		376		1		7,696		—		8,136
Preopening costs		—		—		—		801		—		801
Corporate overhead allocation		979		—		2,107		—		(3,086)		—
Gain on sale of assets		—		—		—		(1,261)		—		(1,261)
Credit loss on held-to-maturity securities		—		—		—		5,828		—		5,828
Depreciation and amortization		—		—		16,316		37,029		—		53,345
Total operating expenses		1,042		376		30,866		356,117		(80,121)		308,280
Operating income (loss)		(1,042)		(376)		33,875		(27,707)		—		4,750
Interest expense		—		(20,401)		—		(9,008)		51		(29,358)
Interest income		—		576		—		1,846		(51)		2,371
Loss from unconsolidated joint ventures		—		—		—		(1,895)		—		(1,895)
Other gains and (losses), net		—		—		—		195		—		195
Income (loss) before income taxes		(1,042)		(20,201)		33,875		(36,569)		—		(23,937)
Provision for income taxes		—		—		—		(26,799)		—		(26,799)
Equity in subsidiaries’ losses, net		(49,694)		—		—		—		49,694		—
Net income (loss)	$	(50,736)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(50,736)
Comprehensive income (loss), net of taxes	$	(88,173)	$	(33,887)	$	33,875	$	(87,119)	$	87,131	$	(88,173)
Net income (loss) available to common shareholders	$	(46,516)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(46,516)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(75,344)	$	(33,887)	$	33,875	$	(74,290)	$	74,302	$	(75,344)

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss)	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51,733	$	(15,826)	$	23,063	$	(54,299)	$	—	$	4,671
Purchases of property and equipment		—		—		(23,018)		(20,150)		—		(43,168)
Investment in other joint ventures		—		—		—		(3,090)		—		(3,090)
Other investing activities		—		—		—		1,004		—		1,004
Net cash used in investing activities		—		—		(23,018)		(22,236)		—		(45,254)
Net borrowings under revolving credit facility		—		400,000		—		—		—		400,000
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Deferred financing costs paid		—		(106)		—				—		(106)
Payment of dividends		(50,078)		—		—		—		—		(50,078)
Payment of tax withholdings for share-based compensation		(1,631)		—		—		—		—		(1,631)
Other financing activities		(31)		—		—		(60)		—		(91)
Net cash provided by (used in) financing activities		(51,740)		398,644		—		(60)		—		346,844
Net change in cash, cash equivalents, and restricted cash		(7)		382,818		45		(76,595)		—		306,261
Cash, cash equivalents, and restricted cash, beginning of period		29		200,534		3		219,830		—		420,396
Cash, cash equivalents, and restricted cash, end of period	$	22	$	583,352	$	48	$	143,235	$	—	$	726,657

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560
Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Investment in other joint ventures		—		—		—		(102)		—		(102)
Other investing activities		—		—		—		(127)		—		(127)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)
Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)
Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

XML

Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2020

Basis of Presentation

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2020

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,641,355	$	1,488,622	$	—	$	3,129,977
Cash and cash equivalents - unrestricted		22		583,352		48		78,734		—		662,156
Cash and cash equivalents - restricted		—		—		—		64,501		—		64,501
Notes receivable		—		—		—		99,900		—		99,900
Trade receivables, less allowance		—		—		—		78,952		—		78,952
Prepaid expenses and other assets		—		58		26		126,170		(14,018)		112,236
Intangible assets		—		—		—		197,080		—		197,080
Intercompany receivables, net		—		—		2,142,311		—		(2,142,311)		—
Investments		953,898		2,949,445		708,341		2,040,163		(6,651,847)		—
Total assets	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	2,158,122	$	—	$	793,766	$	—	$	2,951,888
Accounts payable and accrued liabilities		62		27,401		9,247		210,829		(7,226)		240,313
Dividends payable		53,037		—		—		—		—		53,037
Deferred management rights proceeds		—		—		—		174,558		—		174,558
Operating lease liabilities		—		—		105,877		7,840		(6,792)		106,925
Deferred income tax liabilities, net		—		—		413		187		—		600
Other liabilities		—		9,878		—		84,556		—		94,434
Intercompany payables, net		340,800		1,553,804		—		247,707		(2,142,311)		—
Total liabilities		393,899		3,749,205		115,537		1,519,443		(2,156,329)		3,621,755
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		163,026		—		163,026
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		550		1		1		2,387		(2,389)		550
Additional paid-in-capital		1,185,885		266,031		2,894,831		2,843,451		(6,004,313)		1,185,885
Treasury stock		(17,872)		—		—		—		—		(17,872)
Accumulated deficit		(545,104)		(472,504)		1,481,712		(300,625)		(708,583)		(545,104)
Accumulated other comprehensive loss		(63,438)		(9,878)		—		(53,560)		63,438		(63,438)
Total stockholders' equity		560,021		(216,350)		4,376,544		2,491,653		(6,651,847)		560,021
Total liabilities and equity	$	953,920	$	3,532,855	$	4,492,081	$	4,174,122	$	(8,808,176)	$	4,344,802

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2019

(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,632,744	$	1,497,508	$	—	$	3,130,252
Cash and cash equivalents - unrestricted		29		200,534		3		161,864		—		362,430
Cash and cash equivalents - restricted		—		—		—		57,966		—		57,966
Notes receivable		—		—		—		110,135		—		110,135
Trade receivables, less allowance		—		—		—		70,768		—		70,768
Deferred income tax assets, net		—		—		(413)		26,372		—		25,959
Prepaid expenses and other assets		—		12,390		3		118,301		(6,849)		123,845
Intangible assets		—		—		—		207,113		—		207,113
Intercompany receivables, net		—		—		2,113,481		—		(2,113,481)		—
Investments		1,050,955		2,949,445		708,588		2,077,984		(6,786,972)		—
Total assets	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	—	$	1,766,675	$	—	$	793,293	$	—	$	2,559,968
Accounts payable and accrued liabilities		50		13,738		6,996		244,734		(603)		264,915
Dividends payable		50,711		—		—		—		—		50,711
Deferred management rights proceeds		—		—		—		175,332		—		175,332
Operating lease liabilities		—		—		104,742		7,835		(6,246)		106,331
Other liabilities		—		—		—		64,971		—		64,971
Intercompany payables, net		355,494		1,514,770		—		243,217		(2,113,481)		—
Total liabilities		406,255		3,295,183		111,738		1,529,382		(2,120,330)		3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		221,511		—		221,511
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		549		1		1		2,387		(2,389)		549
Additional paid-in-capital		1,185,168		315,680		2,894,830		2,843,450		(6,053,960)		1,185,168
Treasury stock		(17,315)		—		—		—		—		(17,315)
Accumulated deficit		(495,514)		(452,303)		1,447,837		(236,752)		(758,782)		(495,514)
Accumulated other comprehensive loss		(28,159)		3,808		—		(31,967)		28,159		(28,159)
Total stockholders' equity		644,729		(132,814)		4,342,668		2,577,118		(6,786,972)		644,729
Total liabilities and equity	$	1,050,984	$	3,162,369	$	4,454,406	$	4,328,011	$	(8,907,302)	$	4,088,468

Condensed Consolidating Statement of Operations and Comprehensive Income

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	106,128	$	—	$	106,128
Food and beverage		—		—		—		145,750		—		145,750
Other hotel revenue		—		—		64,741		48,634		(79,582)		33,793
Entertainment		—		—		—		27,898		(539)		27,359
Total revenues		—		—		64,741		328,410		(80,121)		313,030
Operating expenses:
Rooms		—		—		—		32,308		—		32,308
Food and beverage		—		—		—		83,811		—		83,811
Other hotel expenses		—		—		12,442		155,067		(77,035)		90,474
Management fees, net		—		—		—		5,492		—		5,492
Total hotel operating expenses		—		—		12,442		276,678		(77,035)		212,085
Entertainment		—		—		—		29,346		—		29,346
Corporate		63		376		1		7,696		—		8,136
Preopening costs		—		—		—		801		—		801
Corporate overhead allocation		979		—		2,107		—		(3,086)		—
Gain on sale of assets		—		—		—		(1,261)		—		(1,261)
Credit loss on held-to-maturity securities		—		—		—		5,828		—		5,828
Depreciation and amortization		—		—		16,316		37,029		—		53,345
Total operating expenses		1,042		376		30,866		356,117		(80,121)		308,280
Operating income (loss)		(1,042)		(376)		33,875		(27,707)		—		4,750
Interest expense		—		(20,401)		—		(9,008)		51		(29,358)
Interest income		—		576		—		1,846		(51)		2,371
Loss from unconsolidated joint ventures		—		—		—		(1,895)		—		(1,895)
Other gains and (losses), net		—		—		—		195		—		195
Income (loss) before income taxes		(1,042)		(20,201)		33,875		(36,569)		—		(23,937)
Provision for income taxes		—		—		—		(26,799)		—		(26,799)
Equity in subsidiaries’ losses, net		(49,694)		—		—		—		49,694		—
Net income (loss)	$	(50,736)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(50,736)
Comprehensive income (loss), net of taxes	$	(88,173)	$	(33,887)	$	33,875	$	(87,119)	$	87,131	$	(88,173)
Net income (loss) available to common shareholders	$	(46,516)	$	(20,201)	$	33,875	$	(63,368)	$	49,694	$	(46,516)
Comprehensive income (loss), net of taxes, available to common shareholders	$	(75,344)	$	(33,887)	$	33,875	$	(74,290)	$	74,302	$	(75,344)

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss)	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2020

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	51,733	$	(15,826)	$	23,063	$	(54,299)	$	—	$	4,671
Purchases of property and equipment		—		—		(23,018)		(20,150)		—		(43,168)
Investment in other joint ventures		—		—		—		(3,090)		—		(3,090)
Other investing activities		—		—		—		1,004		—		1,004
Net cash used in investing activities		—		—		(23,018)		(22,236)		—		(45,254)
Net borrowings under revolving credit facility		—		400,000		—		—		—		400,000
Repayments under term loan B		—		(1,250)		—		—		—		(1,250)
Deferred financing costs paid		—		(106)		—				—		(106)
Payment of dividends		(50,078)		—		—		—		—		(50,078)
Payment of tax withholdings for share-based compensation		(1,631)		—		—		—		—		(1,631)
Other financing activities		(31)		—		—		(60)		—		(91)
Net cash provided by (used in) financing activities		(51,740)		398,644		—		(60)		—		346,844
Net change in cash, cash equivalents, and restricted cash		(7)		382,818		45		(76,595)		—		306,261
Cash, cash equivalents, and restricted cash, beginning of period		29		200,534		3		219,830		—		420,396
Cash, cash equivalents, and restricted cash, end of period	$	22	$	583,352	$	48	$	143,235	$	—	$	726,657

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2019

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560
Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Investment in other joint ventures		—		—		—		(102)		—		(102)
Other investing activities		—		—		—		(127)		—		(127)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)
Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)
Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

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Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases

Schedule of Company's Lease Cost

The Company’s lease costs for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Operating lease cost	$	3,287	$	3,346
Finance lease cost:
Amortization of right-of-use assets		37		41
Interest on lease liabilities		13		17
Net lease cost	$	3,337	$	3,404

Summary of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable leases at March 31, 2020 are as follows (in thousands):

	Operating		Finance
	Leases		Leases
Year 1	$	6,417	$	260
Year 2		6,147		255
Year 3		6,039		232
Year 4		6,006		153
Year 5		5,827		46
Years thereafter		572,754		602
Total future minimum lease payments		603,190		1,548
Less amount representing interest		(496,265)		(299)
Total present value of minimum payments	$	106,925	$	1,249

Schedule of Remaining Lease Term and Discount Rate of Leases

Weighted-average remaining lease term:
Operating leases	50.4	years
Finance leases	10.1	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%

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Revenues

3 Months Ended

Mar. 31, 2020

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,
	2020		2019
Hotel group rooms	$	82,711	$	102,692
Hotel transient rooms		23,417		29,520
Hotel food and beverage - banquets		108,170		126,196
Hotel food and beverage - outlets		37,580		44,947
Hotel other		33,793		34,155
Entertainment admissions/ticketing		10,281		13,623
Entertainment food and beverage		10,027		12,039
Entertainment retail and other		7,051		7,603
Total revenues	$	313,030	$	370,775

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

	Three Months Ended
	March 31,
	2020		2019
Gaylord Opryland	$	76,127	$	88,958
Gaylord Palms		45,375		59,917
Gaylord Texan		55,996		72,039
Gaylord National		49,394		65,630
Gaylord Rockies		54,598		45,243
AC Hotel		1,849		2,435
Inn at Opryland and other		2,332		3,288
Total Hospitality segment revenues	$	285,671	$	337,510

The majority of the Company’s Entertainment segment revenues are concentrated in 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, 2020 and December 31, 2019, the Company had $77.7 million and $76.7 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, 2019, approximately $43.3 million was recognized in revenue during the three months ended March 31, 2020.

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Notes Receivable

3 Months Ended

Mar. 31, 2020

Notes Receivable

Notes Receivable

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $99.9 million and $110.1 million at March 31, 2020 and December 31, 2019, respectively, net of credit loss reserve of $11.0 million and $0, respectively. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. In the first quarter of 2020, the Company recorded an initial transition adjustment of $5.2 million and performed its quarterly assessment of credit losses under the newly adopted credit loss standard discussed in Note 1, which considers the estimate of projected tax revenues that will service the Series B bond over its remaining term. These long-range tax revenue projections were updated as a result of the closure of Gaylord National as a result of the COVID-19 pandemic. As a result of these reduced long-range tax revenue projections over the remaining life of the Series B bond, the Company increased its credit loss reserve by $5.8 million at March 31, 2020.

During the three months ended March 31, 2020 and 2019, the Company recorded interest income of $1.5 million and $2.6 million, respectively, on these bonds. The Company received payments of $2.9 million and $3.0 million during the three months ended March 31, 2020 and 2019, respectively, relating to these bonds. At March 31, 2020 and December 31, 2019, the Company had accrued interest receivable related to these bonds of $39.0 million and $38.2 million, respectively.

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Stock Plans

3 Months Ended

Mar. 31, 2020

Stock Plans

Stock Plans

10. STOCK PLANS:

During the three months ended March 31, 2020, the Company granted 0.1 million restricted stock units with a weighted-average grant date fair value of $92.31 per unit. There were 0.4 million and 0.3 million restricted stock units outstanding at March 31, 2020 and December 31, 2019, respectively.

Compensation expense for all of the Company’s stock-based compensation plans was $2.2 million and $2.0 million for the three months ended March 31, 2020 and 2019, respectively.

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Information Concerning Guarantor and Non-Guarantor Subsidiaries - General Information (Details)	3 Months Ended
	Mar. 31, 2020 USD ($) entity	Dec. 31, 2019 USD ($)
Condensed Financial Statements, Captions [Line Items]
Number of wholly-owned subsidiaries | entity	4
Ownership percentage in subsidiaries (as a percent)	100.00%
$400 Million 5% Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Face amount	$ 400,000,000.0
Senior Notes [Member] | $400 Million 5% Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Face amount	$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	5.00%
Senior Notes [Member] | $700 Million 4.75% Senior Notes
Condensed Financial Statements, Captions [Line Items]
Face amount	$ 700,000,000
Stated interest rate (as a percent)	4.75%

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Debt - $800 Million Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Purchase price	$ 3,090	$ 102
Gaylord Rockies [Member]
Debt Instrument [Line Items]
Percentage of guarantee repayment of principal debt	10.00%
Equity interest (as a percent)	62.10%
$800M Term Loan (Gaylord Rockies JV) [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.50%
$700 Million Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000
Line of Credit [Member] | $700 Million Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000
Line of Credit [Member] | $700 Million Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.55%

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Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases
Operating lease cost	$ 3,287	$ 3,346
Finance lease cost:
Amortization of right-of-use assets	37	41
Interest on lease liabilities	13	17
Net lease cost	$ 3,337	$ 3,404

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Income Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020 shares
Stock-based compensation
INCOME PER SHARE
Anti dilutive securities excluded from EPS computation	141,000
Put rights
INCOME PER SHARE
Anti dilutive securities excluded from EPS computation	538,000

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
ASSETS:
Property and equipment, net of accumulated depreciation (including $969,130 and $979,012 from VIEs, respectively)	$ 3,129,977	$ 3,130,252
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	662,156	362,430	$ 94,873
Cash and cash equivalents - restricted	64,501	57,966	$ 51,943
Notes receivable	99,900	110,135
Trade receivables, less credit loss reserve of $1,155 and $828, respectively (including $20,688 and $16,523 from VIEs, respectively)	78,952	70,768
Deferred income tax assets, net		25,959
Prepaid expenses and other assets (including $32,247 and $27,888 from VIEs, respectively)	112,236	123,845
Intangible assets (including $192,366 and $202,366 from VIEs, respectively)	197,080	207,113
Total assets	4,344,802	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations (including $793,174 and $792,696 from VIEs, respectively)	2,951,888	2,559,968
Accounts payable and accrued liabilities (including $44,818 and $57,590 from VIEs, respectively)	240,313	264,915
Dividends payable	53,037	50,711
Deferred management rights proceeds	174,558	175,332
Operating lease liabilities	106,925	106,331
Deferred income tax liabilities, net	600
Other liabilities (including $24,887 and $2,174 from VIEs, respectively)	94,434	64,971
Total liabilities	3,621,755	3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	163,026	221,511
Stockholders' equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 400,000 shares authorized, 54,970 and 54,897 shares issued and outstanding, respectively	550	549
Additional paid-in capital	1,185,885	1,185,168
Treasury stock of 626 and 619 shares, at cost	(17,872)	(17,315)
Accumulated deficit	(545,104)	(495,514)
Accumulated other comprehensive loss	(63,438)	(28,159)
Total stockholders' equity	560,021	644,729
Total liabilities and equity	$ 4,344,802	$ 4,088,468

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$ 662,156	$ 362,430	$ 94,873
Cash and cash equivalents - restricted	64,501	57,966	51,943
Cash, cash equivalents, and restricted cash, end of period	$ 726,657	$ 420,396	$ 146,816	$ 149,089

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Revenues - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 313,030	$ 370,775
Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	106,128	132,212
Hotel Group Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	82,711	102,692
Hotel Transient Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	23,417	29,520
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	145,750	171,143
Hotel Food And Beverage Banquets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	108,170	126,196
Hotel Food And Beverage Outlets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	37,580	44,947
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	33,793	34,155
Entertainment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	27,359	33,265
Entertainment Admissions And Ticketing [Member]
Disaggregation of Revenue [Line Items]
Total revenues	10,281	13,623
Entertainment Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	10,027	12,039
Entertainment Retail And Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,051	$ 7,603

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Notes Receivable - Interest Income and Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 2,371	$ 2,908
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,500	2,600
Payment received relating to notes receivables	2,900	$ 3,000
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 39,000		$ 38,200

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Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Provision for income taxes	$ 26,799	$ 1,974
Valuation allowance	26,700
Current Income Tax Expense (Benefit)	100
Unrecognized tax benefits	$ 0		$ 0

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Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
$400 Million 5% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 400,000,000.0
Senior Notes [Member] | $400 Million 5% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	5.00%
Debt amount	$ 397,008,000	396,778,000
Fair value of notes	316,100,000
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 700,000,000.0	$ 700,000,000
Stated interest rate (as a percent)	4.75%
Debt amount	$ 690,900,000
Fair value of notes	$ 524,000,000.0

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Revenues (Tables)

3 Months Ended

Mar. 31, 2020

Revenues

Revenues Disaggregated by Major Source

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

	Three Months Ended
	March 31,
	2020		2019
Hotel group rooms	$	82,711	$	102,692
Hotel transient rooms		23,417		29,520
Hotel food and beverage - banquets		108,170		126,196
Hotel food and beverage - outlets		37,580		44,947
Hotel other		33,793		34,155
Entertainment admissions/ticketing		10,281		13,623
Entertainment food and beverage		10,027		12,039
Entertainment retail and other		7,051		7,603
Total revenues	$	313,030	$	370,775

Hospitality Segment Revenues Disaggregated by Location

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

	Three Months Ended
	March 31,
	2020		2019
Gaylord Opryland	$	76,127	$	88,958
Gaylord Palms		45,375		59,917
Gaylord Texan		55,996		72,039
Gaylord National		49,394		65,630
Gaylord Rockies		54,598		45,243
AC Hotel		1,849		2,435
Inn at Opryland and other		2,332		3,288
Total Hospitality segment revenues	$	285,671	$	337,510

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Income Taxes

3 Months Ended

Mar. 31, 2020

Income Taxes

Income Taxes

12. INCOME TAXES:

The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

For the three months ended March 31, 2020, the Company recorded an income tax provision of $26.8 million. The provision was primarily due to recording a valuation allowance of $26.7 million, as further described below. In the three months ended March 31, 2020, the Company also recorded income tax expense of $0.1 million, inclusive of valuation allowance, related to the current period operations of the Company.

Due to the financial statement impact of the COVID-19 pandemic, the Company reassessed the realizability of net deferred tax assets as of March 31, 2020, and as a result, the Company recorded a full valuation allowance of $26.7 million on the net deferred tax assets of its TRSs.

For the three months ended March 31, 2019, the Company recorded an income tax provision of $2.0 million related to regular operations, which differs from the statutory rate primarily due to the REIT dividends paid deduction.

At March 31, 2020 and December 31, 2019, the Company had no unrecognized tax benefits.

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Financial Reporting By Business Segments

3 Months Ended

Mar. 31, 2020

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture;

● Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended
	March 31,
	2020		2019
Revenues:
Hospitality	$	285,671	$	337,510
Entertainment		27,359		33,265
Corporate and Other		—		—
Total	$	313,030	$	370,775
Depreciation and amortization:
Hospitality	$	49,769	$	50,133
Entertainment		3,105		2,479
Corporate and Other		471		397
Total	$	53,345	$	53,009
Operating income:
Hospitality	$	23,817	$	60,354
Entertainment		(5,092)		5,145
Corporate and Other		(8,607)		(9,401)
Preopening costs (1)		(801)		(2,134)
Gain on sale of assets (2)		1,261		—
Credit loss on held-to-maturity securities (3)		(5,828)		—
Total operating income		4,750		53,964
Interest expense		(29,358)		(32,087)
Interest income		2,371		2,908
Loss from unconsolidated joint ventures		(1,895)		—
Other gains and (losses), net		195		(141)
Income (loss) before income taxes	$	(23,937)	$	24,644

(1) Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended March 31, 2019 include $0.7 million and $1.4 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the three months ended March 31, 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

	March 31,		December 31,
	2020		2019
Identifiable assets:
Hospitality	$	3,462,739	$	3,494,084
Entertainment		192,696		181,036
Corporate and Other		689,367		413,348
Total identifiable assets	$	4,344,802	$	4,088,468

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2020

Equity

Accumulated Other Comprehensive Loss

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 11, “Pension and Postretirement Benefits Other Than Pension Plans,” interest rate derivatives designated as cash flow hedges of the Company’s and the Gaylord Rockies joint venture’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to the Company’s adoption of ASU 2016-13 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein, and Note 3, “Notes Receivable,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 and 2019 consisted of the following (in thousands):

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2019	$	(23,916)	$	(5,877)	$	1,634	$	(28,159)
Losses arising during period		(1,107)		—		(35,947)		(37,054)
Amounts reclassified from accumulated other comprehensive loss		17		52		(452)		(383)
Net other comprehensive income (loss)		(1,090)		52		(36,399)		(37,437)
Transition adjustment related to adoption of ASU 2016-13 (see Note 1)		—		2,158		—		2,158
Balance, March 31, 2020	$	(25,006)	$	(3,667)	$	(34,765)	$	(63,438)

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	—	$	(28,024)
Amounts reclassified from accumulated other comprehensive loss		20		83		—		103
Income tax benefit		6		—		—		6
Net other comprehensive income		26		83		—		109
Transition adjustment related to adoption of ASU 2018-02		(2,707)		—		—		(2,707)
Balance, March 31, 2019	$	(24,495)	$	(6,127)	$	—	$	(30,622)

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Deferred Management Rights Proceeds

3 Months Ended

Mar. 31, 2020

Deferred Management Rights Proceeds

Deferred Management Rights Proceeds

8. DEFERRED MANAGEMENT RIGHTS PROCEEDS:

On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. The Company allocated $190.0 million of the purchase price to the Management Rights, based on the Company’s estimates of the fair values for the respective components. For financial accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Assets Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, were as follows (in thousands):

			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	25,940	$	25,940	$	—	$	—
Total assets measured at fair value	$	25,940	$	25,940	$	—	$	—
Variable to fixed interest rate swaps	$	34,765	$	—	$	34,765	$	—
Total liabilities measured at fair value	$	34,765	$	—	$	34,765	$	—

			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,174	$	29,174	$	—	$	—
Variable to fixed interest rate swaps		3,808		—		3,808		—
Total assets measured at fair value	$	32,982	$	29,174	$	3,808	$	—
Variable to fixed interest rate swaps	$	2,174	$	—	$	2,174	$	—
Total liabilities measured at fair value	$	2,174	$	—	$	2,174	$	—

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Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Property and Equipment

Property and Equipment

Property and equipment, including right-of-use finance lease assets, at March 31, 2020 and December 31, 2019 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):

	March 31,		December 31,
	2020		2019
Land and land improvements	$	350,993	$	349,024
Buildings		3,441,389		3,432,136
Furniture, fixtures and equipment		969,130		968,858
Right-of-use finance lease assets		1,613		1,613
Construction-in-progress		103,815		82,906
		4,866,940		4,834,537
Accumulated depreciation and amortization		(1,736,963)		(1,704,285)
Property and equipment, net	$	3,129,977	$	3,130,252

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Basis of Presentation - Acquisition (Details) - Block 21 [Member] $ in Millions	1 Months Ended
	Dec. 31, 2019 USD ($) ft² item
Business Acquisition [Line Items]
Purchase price | $	$ 275
Liabilities assumed | $	141
Nonrefundable deposit | $	$ 15
ACL Live at Moody Theater [Member]
Business Acquisition [Line Items]
Seat capacity | item	2,750
W Austin Hotel [Member]
Business Acquisition [Line Items]
Number of hotel rooms | item	251
Three TEN at ACL Live club [Member]
Business Acquisition [Line Items]
Seat capacity | item	350
Class A Commercial Space [Member]
Business Acquisition [Line Items]
Net rentable area, commercial space | ft²	53,000

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Leases - Discount Rate (Details)	Mar. 31, 2020
Weighted-average remaining lease term (years):
Operating leases	50 years 4 months 24 days
Finance leases	10 years 1 month 6 days
Operating leases	6.80%
Finance leases	4.00%

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Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 1,249	$ 1,308
Total debt	2,951,888	2,559,968
Line of Credit [Member] | $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	391,874
Secured Debt [Member] | $200 Million Term Loan A [Member]
Debt Instrument [Line Items]
Long-term debt	297,630	297,522
Secured Debt [Member] | $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Long-term debt	380,732	381,749
Secured Debt [Member] | $800M Term Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Long-term debt	792,517	791,985
Senior Notes [Member] | $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	397,008	396,778
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Long-term debt	690,900
Senior Notes [Member] | $500 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 690,878	$ 690,626

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Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 01, 2012	Mar. 31, 2020
Deferred Management Rights Proceeds
Sales price of management rights and intellectual property	$ 210.0
Purchase price to the Management Rights	$ 190.0
Term of management rights for income amortization		65 years

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Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 313,030	$ 370,775
Operating expenses:
Total hotel operating expenses	212,085	227,023
Corporate	8,136	9,004
Preopening costs	801	2,134
Gain on sale of assets	(1,261)
Credit loss on held-to-maturity securities	5,828
Depreciation and amortization	53,345	53,009
Total operating expenses	308,280	316,811
Operating income	4,750	53,964
Interest expense	(29,358)	(32,087)
Interest income	2,371	2,908
Loss from unconsolidated joint ventures	(1,895)
Other gains and (losses), net	195	(141)
Income (loss) before income taxes	(23,937)	24,644
Provision for income taxes	(26,799)	(1,974)
Net income (loss)	(50,736)	22,670
Comprehensive income (loss), net of taxes	(88,173)	22,779
Net income (loss)	(46,516)	29,408
Comprehensive income (loss)	(75,344)	29,517
Rooms [Member]
Revenues:
Total revenues	106,128	132,212
Operating expenses:
Total hotel operating expenses	32,308	34,969
Food and Beverage [Member]
Revenues:
Total revenues	145,750	171,143
Operating expenses:
Total hotel operating expenses	83,811	91,359
Hotel, Other [Member]
Revenues:
Total revenues	33,793	34,155
Operating expenses:
Total hotel operating expenses	90,474	90,939
Management Fees [Member]
Operating expenses:
Total hotel operating expenses	5,492	9,756
Entertainment [Member]
Revenues:
Total revenues	27,359	33,265
Operating expenses:
Total hotel operating expenses	29,346	25,641
Reportable Legal Entities [Member] | Parent Company [Member]
Operating expenses:
Corporate	63	63
Corporate overhead allocation	979	997
Total operating expenses	1,042	1,060
Operating income	(1,042)	(1,060)
Income (loss) before income taxes	(1,042)	(1,060)
Equity in subsidiaries' losses, net	(49,694)	23,730
Net income (loss)	(50,736)	22,670
Comprehensive income (loss), net of taxes	(88,173)	22,779
Net income (loss)	(46,516)	29,408
Comprehensive income (loss)	(75,344)	29,517
Reportable Legal Entities [Member] | Subsidiary Issuer [Member]
Operating expenses:
Corporate	376	451
Total operating expenses	376	451
Operating income	(376)	(451)
Interest expense	(20,401)	(23,839)
Interest income	576	8
Income (loss) before income taxes	(20,201)	(24,282)
Net income (loss)	(20,201)	(24,282)
Comprehensive income (loss), net of taxes	(33,887)	(24,282)
Net income (loss)	(20,201)	(24,282)
Comprehensive income (loss)	(33,887)	(24,282)
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Revenues:
Total revenues	64,741	80,410
Operating expenses:
Total hotel operating expenses	12,442	12,052
Corporate	1	1
Corporate overhead allocation	2,107	3,058
Depreciation and amortization	16,316	16,250
Total operating expenses	30,866	31,361
Operating income	33,875	49,049
Income (loss) before income taxes	33,875	49,049
Provision for income taxes		(38)
Net income (loss)	33,875	49,011
Comprehensive income (loss), net of taxes	33,875	49,011
Net income (loss)	33,875	49,011
Comprehensive income (loss)	33,875	49,011
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Hotel, Other [Member]
Revenues:
Total revenues	64,741	80,410
Operating expenses:
Total hotel operating expenses	12,442	12,052
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Revenues:
Total revenues	328,410	385,568
Operating expenses:
Total hotel operating expenses	276,678	306,066
Corporate	7,696	8,489
Preopening costs	801	2,134
Gain on sale of assets	(1,261)
Depreciation and amortization	37,029	36,759
Total operating expenses	356,117	379,142
Operating income	(27,707)	6,426
Interest expense	(9,008)	(8,354)
Interest income	1,846	3,006
Loss from unconsolidated joint ventures	(1,895)
Other gains and (losses), net	195	(141)
Income (loss) before income taxes	(36,569)	937
Provision for income taxes	(26,799)	(1,936)
Net income (loss)	(63,368)	(999)
Comprehensive income (loss), net of taxes	(87,119)	(890)
Net income (loss)	(63,368)	(999)
Comprehensive income (loss)	(74,290)	(890)
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Rooms [Member]
Revenues:
Total revenues	106,128	132,212
Operating expenses:
Total hotel operating expenses	32,308	34,969
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Food and Beverage [Member]
Revenues:
Total revenues	145,750	171,143
Operating expenses:
Total hotel operating expenses	83,811	91,359
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Hotel, Other [Member]
Revenues:
Total revenues	48,634	48,424
Operating expenses:
Total hotel operating expenses	155,067	169,982
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Management Fees [Member]
Operating expenses:
Total hotel operating expenses	5,492	9,756
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Entertainment [Member]
Revenues:
Total revenues	27,898	33,789
Operating expenses:
Total hotel operating expenses	29,346	25,694
Consolidation, Eliminations [Member]
Revenues:
Total revenues	(80,121)	(95,203)
Operating expenses:
Total hotel operating expenses	(77,035)	(91,095)
Corporate overhead allocation	(3,086)	(4,055)
Total operating expenses	(80,121)	(95,203)
Interest expense	51	106
Interest income	(51)	(106)
Equity in subsidiaries' losses, net	49,694	(23,730)
Net income (loss)	49,694	(23,730)
Comprehensive income (loss), net of taxes	87,131	(23,839)
Net income (loss)	49,694	(23,730)
Comprehensive income (loss)	74,302	(23,839)
Consolidation, Eliminations [Member] | Hotel, Other [Member]
Revenues:
Total revenues	(79,582)	(94,679)
Operating expenses:
Total hotel operating expenses	(77,035)	(91,095)
Consolidation, Eliminations [Member] | Entertainment [Member]
Revenues:
Total revenues	(539)	(524)
Operating expenses:
Total hotel operating expenses		(53)
Notes Receivable [Member]
Operating expenses:
Interest income	1,500	$ 2,600
Bonds B Series [Member]
Operating expenses:
Credit loss on held-to-maturity securities	5,828
Bonds B Series [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Operating expenses:
Credit loss on held-to-maturity securities	$ 5,828

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Property and Equipment

3 Months Ended

Mar. 31, 2020

Property and Equipment

Property and Equipment

5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2020 and December 31, 2019 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):

	March 31,		December 31,
	2020		2019
Land and land improvements	$	350,993	$	349,024
Buildings		3,441,389		3,432,136
Furniture, fixtures and equipment		969,130		968,858
Right-of-use finance lease assets		1,613		1,613
Construction-in-progress		103,815		82,906
		4,866,940		4,834,537
Accumulated depreciation and amortization		(1,736,963)		(1,704,285)
Property and equipment, net	$	3,129,977	$	3,130,252

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Leases

3 Months Ended

Mar. 31, 2020

Leases

Leases

9. LEASES:

The Company is a lessee of a 65.3 acre site in Osceola County, Florida on which Gaylord Palms is located, building or land leases for Ole Red Gatlinburg, Ole Red Orlando and Ole Red Tishomingo, various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through

January 2101, at the Company’s discretion. The leases for Ole Red locations range from five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion. Extension options are not considered reasonably assured and thus are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applied judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “Leases”. The Company calculated its incremental borrowing rates by utilizing judgments and estimates regarding the Company’s secured borrowing rates, market credit rating, comparable bond yield curve, and adjustments to market yield curves to determine a securitized rate.

The Company’s lease costs for the three months ended March 31, 2020 and 2019 are as follows (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Operating lease cost	$	3,287	$	3,346
Finance lease cost:
Amortization of right-of-use assets		37		41
Interest on lease liabilities		13		17
Net lease cost	$	3,337	$	3,404

Future minimum lease payments under non-cancelable leases at March 31, 2020 are as follows (in thousands):

	Operating		Finance
	Leases		Leases
Year 1	$	6,417	$	260
Year 2		6,147		255
Year 3		6,039		232
Year 4		6,006		153
Year 5		5,827		46
Years thereafter		572,754		602
Total future minimum lease payments		603,190		1,548
Less amount representing interest		(496,265)		(299)
Total present value of minimum payments	$	106,925	$	1,249

The remaining lease term and discount rate for the Company’s leases are as follows:

Weighted-average remaining lease term:
Operating leases	50.4	years
Finance leases	10.1	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%

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Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Operating lease liabilities	$ 106,925		$ 106,331
Retained earnings	(545,104)		(495,514)
Accumulated other comprehensive loss	$ (63,438)		$ (28,159)
ASU 2016-13 [Member] | Restatement Adjustment [Member]
Schedule of Equity Method Investments [Line Items]
Retained earnings		$ (5,300)
Accumulated other comprehensive loss		$ 2,200
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	62.10%
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	50.00%

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Pension and Postretirement Benefits Other Than Pension Plans (Tables)

3 Months Ended

Mar. 31, 2020

Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense

Net periodic pension expense (benefit) reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	676	$	878
Expected return on plan assets		(1,055)		(944)
Amortization of net actuarial loss		282		287
Total net periodic pension expense (benefit)	$	(97)	$	221

Postretirement Health Coverage [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Interest cost	$	17	$	25
Amortization of net actuarial loss		63		61
Amortization of prior service credit		(328)		(328)
Total net postretirement benefit income	$	(248)	$	(242)

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2020

Equity

Summary of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2020 and 2019 consisted of the following (in thousands):

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2019	$	(23,916)	$	(5,877)	$	1,634	$	(28,159)
Losses arising during period		(1,107)		—		(35,947)		(37,054)
Amounts reclassified from accumulated other comprehensive loss		17		52		(452)		(383)
Net other comprehensive income (loss)		(1,090)		52		(36,399)		(37,437)
Transition adjustment related to adoption of ASU 2016-13 (see Note 1)		—		2,158		—		2,158
Balance, March 31, 2020	$	(25,006)	$	(3,667)	$	(34,765)	$	(63,438)

			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	—	$	(28,024)
Amounts reclassified from accumulated other comprehensive loss		20		83		—		103
Income tax benefit		6		—		—		6
Net other comprehensive income		26		83		—		109
Transition adjustment related to adoption of ASU 2018-02		(2,707)		—		—		(2,707)
Balance, March 31, 2019	$	(24,495)	$	(6,127)	$	—	$	(30,622)

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Debt - Summary of Debt and Capital Lease Obligations - General Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
$400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000.0
$800M Term Loan (Gaylord Rockies JV) [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.50%
Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000
Credit facility, maturity date	Mar. 31, 2024
Unamortized deferred financing costs	$ 8,126,000	$ 0
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.55%
Secured Debt [Member] | $200 Million Term Loan A [Member]
Debt Instrument [Line Items]
Credit facility, maturity date	May 31, 2025
Unamortized deferred financing costs	$ 2,370,000	2,478,000
Secured Debt [Member] | $200 Million Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.50%
Secured Debt [Member] | $300 Million Term Loan A [Member]
Debt Instrument [Line Items]
Face amount	$ 300,000,000	300,000,000
Secured Debt [Member] | $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount	$ 500,000,000	500,000,000
Credit facility, maturity date	May 11, 2024
Unamortized deferred financing costs	$ 4,268,000	$ 4,501,000
Percentage of amortization of original principal balance (as a percent)	1.00%	1.00%
Secured Debt [Member] | $500 Million Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.00%
Secured Debt [Member] | $800M Term Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Face amount	$ 800,000,000	$ 800,000,000
Debt instrument, maturity date	Jul. 02, 2023
Unamortized deferred financing costs	$ 7,483,000	8,015,000
Senior Notes [Member] | $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000	400,000,000
Stated interest rate (as a percent)	5.00%
Debt instrument, maturity date	Apr. 15, 2023
Unamortized deferred financing costs	$ 2,992,000	3,222,000
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 700,000,000.0	700,000,000
Stated interest rate (as a percent)	4.75%
Unamortized premium	$ 2,367,000	2,434,000
Senior Notes [Member] | $500 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.75%
Debt instrument, maturity date	Oct. 15, 2027
Unamortized deferred financing costs	$ 11,489,000	$ 11,808,000

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Leases (Details)	3 Months Ended
	Mar. 31, 2020 a
Ole Red [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	5 years
Operating lease, renewal term	5 years
Ole Red [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	10 years
Operating lease, renewal term	55 years
Land in Osceola County, Florida [Member]
Lessee, Lease, Description [Line Items]
Area of leased property	65.3
Lease expiration year	2074
Expiration date of lease under extension	Jan. 31, 2101

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Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted stock award granted by Company (in shares)	0.1
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share)	$ 92.31
Restricted stock award, outstanding (in shares)	0.4	0.3

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Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
ASSETS:
Property and equipment, net of accumulated depreciation	$ 3,129,977	$ 3,130,252
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	662,156	362,430	$ 94,873
Cash and cash equivalents - restricted	64,501	57,966	$ 51,943
Notes receivable	99,900	110,135
Trade receivables, less allowance	78,952	70,768
Deferred income tax assets, net		25,959
Prepaid expenses and other assets	112,236	123,845
Intangible assets	197,080	207,113
Total assets	4,344,802	4,088,468
LIABILITIES AND EQUITY:
Debt and finance lease obligations	2,951,888	2,559,968
Accounts payable and accrued liabilities	240,313	264,915
Dividends payable	53,037	50,711
Deferred management rights proceeds	174,558	175,332
Operating lease liabilities	106,925	106,331
Deferred income tax liabilities, net	600
Other liabilities (including $24,887 and $2,174 from VIEs, respectively)	94,434	64,971
Total liabilities	3,621,755	3,222,228
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	163,026	221,511
Stockholders' equity:
Preferred stock
Common stock	550	549
Additional paid-in-capital	1,185,885	1,185,168
Treasury stock	(17,872)	(17,315)
Accumulated deficit	(545,104)	(495,514)
Accumulated other comprehensive loss	(63,438)	(28,159)
Total stockholders' equity	560,021	644,729
Total liabilities and equity	4,344,802	4,088,468
Reportable Legal Entities [Member] | Parent Company [Member]
ASSETS:
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	22	29
Investments	953,898	1,050,955
Total assets	953,920	1,050,984
LIABILITIES AND EQUITY:
Accounts payable and accrued liabilities	62	50
Dividends payable	53,037	50,711
Intercompany payables, net	340,800	355,494
Total liabilities	393,899	406,255
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	550	549
Additional paid-in-capital	1,185,885	1,185,168
Treasury stock	(17,872)	(17,315)
Accumulated deficit	(545,104)	(495,514)
Accumulated other comprehensive loss	(63,438)	(28,159)
Total stockholders' equity	560,021	644,729
Total liabilities and equity	953,920	1,050,984
Reportable Legal Entities [Member] | Subsidiary Issuer [Member]
ASSETS:
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	583,352	200,534
Prepaid expenses and other assets	58	12,390
Investments	2,949,445	2,949,445
Total assets	3,532,855	3,162,369
LIABILITIES AND EQUITY:
Debt and finance lease obligations	2,158,122	1,766,675
Accounts payable and accrued liabilities	27,401	13,738
Other liabilities (including $24,887 and $2,174 from VIEs, respectively)	9,878
Intercompany payables, net	1,553,804	1,514,770
Total liabilities	3,749,205	3,295,183
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	1	1
Additional paid-in-capital	266,031	315,680
Accumulated deficit	(472,504)	(452,303)
Accumulated other comprehensive loss	(9,878)	3,808
Total stockholders' equity	(216,350)	(132,814)
Total liabilities and equity	3,532,855	3,162,369
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
ASSETS:
Property and equipment, net of accumulated depreciation	1,641,355	1,632,744
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	48	3
Deferred income tax assets, net		(413)
Prepaid expenses and other assets	26	3
Intercompany receivables, net	2,142,311	2,113,481
Investments	708,341	708,588
Total assets	4,492,081	4,454,406
LIABILITIES AND EQUITY:
Accounts payable and accrued liabilities	9,247	6,996
Operating lease liabilities	105,877	104,742
Deferred income tax liabilities, net	413
Total liabilities	115,537	111,738
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	1	1
Additional paid-in-capital	2,894,831	2,894,830
Accumulated deficit	1,481,712	1,447,837
Total stockholders' equity	4,376,544	4,342,668
Total liabilities and equity	4,492,081	4,454,406
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS:
Property and equipment, net of accumulated depreciation	1,488,622	1,497,508
Cash and cash equivalents - unrestricted (including $22,072 and $33,772 from VIEs, respectively)	78,734	161,864
Cash and cash equivalents - restricted	64,501	57,966
Notes receivable	99,900	110,135
Trade receivables, less allowance	78,952	70,768
Deferred income tax assets, net		26,372
Prepaid expenses and other assets	126,170	118,301
Intangible assets	197,080	207,113
Investments	2,040,163	2,077,984
Total assets	4,174,122	4,328,011
LIABILITIES AND EQUITY:
Debt and finance lease obligations	793,766	793,293
Accounts payable and accrued liabilities	210,829	244,734
Deferred management rights proceeds	174,558	175,332
Operating lease liabilities	7,840	7,835
Deferred income tax liabilities, net	187
Other liabilities (including $24,887 and $2,174 from VIEs, respectively)	84,556	64,971
Intercompany payables, net	247,707	243,217
Total liabilities	1,519,443	1,529,382
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	163,026	221,511
Stockholders' equity:
Preferred stock
Common stock	2,387	2,387
Additional paid-in-capital	2,843,451	2,843,450
Accumulated deficit	(300,625)	(236,752)
Accumulated other comprehensive loss	(53,560)	(31,967)
Total stockholders' equity	2,491,653	2,577,118
Total liabilities and equity	4,174,122	4,328,011
Consolidation, Eliminations [Member]
ASSETS:
Prepaid expenses and other assets	(14,018)	(6,849)
Intercompany receivables, net	(2,142,311)	(2,113,481)
Investments	(6,651,847)	(6,786,972)
Total assets	(8,808,176)	(8,907,302)
LIABILITIES AND EQUITY:
Accounts payable and accrued liabilities	(7,226)	(603)
Operating lease liabilities	(6,792)	(6,246)
Intercompany payables, net	(2,142,311)	(2,113,481)
Total liabilities	(2,156,329)	(2,120,330)
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	(2,389)	(2,389)
Additional paid-in-capital	(6,004,313)	(6,053,960)
Accumulated deficit	(708,583)	(758,782)
Accumulated other comprehensive loss	63,438	28,159
Total stockholders' equity	(6,651,847)	(6,786,972)
Total liabilities and equity	$ (8,808,176)	$ (8,907,302)

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Notes Receivable - General Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 99,900		$ 110,135
Retained earnings	(545,104)		(495,514)
Credit loss	$ 5,828
ASU 2016-13 [Member] | Restatement Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings		$ (5,300)
Bonds A Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Jul. 01, 2034
Bonds B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Sep. 01, 2037
Credit loss	$ 5,828
Bonds B Series [Member] | ASU 2016-13 [Member] | Restatement Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings		$ (5,200)
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	99,900		110,100
Credit loss reserve	$ 11,000		$ 0

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Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - basic (in shares)	54,911	51,349
Effect of dilutive stock-based compensation (in shares)		215
Effect of dilutive put rights (in shares)		385
Net income available to common stockholders - assuming dilution (in shares)	54,911	51,949

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 3,129,977	$ 3,130,252
Cash and cash equivalents - unrestricted	662,156	362,430
Cash and cash equivalents - restricted	64,501	57,966
Notes receivable	99,900	110,135
Trade receivables, less allowance	78,952	70,768
Prepaid expenses and other assets	112,236	123,845
Intangible assets	197,080	207,113
Debt and finance lease obligations	2,951,888	2,559,968
Accounts payable and accrued liabilities	240,313	264,915
Other liabilities	94,434	64,971
Accounts Receivable, Net [Abstract]
Credit loss reserve	$ 1,155	$ 828
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	54,970,000	54,897,000
Common stock, shares outstanding (in shares)	54,970,000	54,897,000
Treasury Stock, Shares [Abstract]
Treasury stock, shares (in shares)	626,000	619,000
Variable Interest Entity [Member]
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 969,130	$ 979,012
Cash and cash equivalents - unrestricted	22,072	33,772
Trade receivables, less allowance	20,688	16,523
Prepaid expenses and other assets	32,247	27,888
Intangible assets	192,366	202,366
Debt and finance lease obligations	793,174	792,696
Accounts payable and accrued liabilities	44,818	57,590
Other liabilities	$ 24,887	$ 2,174

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Condensed Consolidated Statements of Stockholders' Equity And Noncontrolling Interest - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance at Dec. 31, 2018	$ 513	$ 900,795	$ (15,183)	$ (388,524)	$ (28,024)	$ 287,433	$ 469,577
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				29,408		(6,738)	29,408
Adjustment of noncontrolling interest to redemption value				(10,420)		10,420	(10,420)
Other comprehensive income (loss), net of income taxes					109		109
Payment of dividends		168	(504)	(46,076)			(46,412)
Restricted stock units and stock options surrendered	1	(3,825)					(3,824)
Stock-based compensation expense		2,026					2,026
Ending balance at Mar. 31, 2019	514	899,164	(15,687)	(412,905)	(30,622)	291,115	440,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustment related to adoption of ASU | ASU 2018-02 [Member]				2,707	(2,707)
Beginning balance at Dec. 31, 2019	549	1,185,168	(17,315)	(495,514)	(28,159)	221,511	644,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(46,516)		(4,220)	(46,516)
Adjustment of noncontrolling interest to redemption value				54,265		(54,265)	54,265
Other comprehensive income (loss), net of income taxes					(37,437)		(37,437)
Payment of dividends		147	(557)	(51,996)			(52,406)
Restricted stock units and stock options surrendered	1	(1,660)					(1,659)
Stock-based compensation expense		2,230					2,230
Ending balance at Mar. 31, 2020	$ 550	$ 1,185,885	$ (17,872)	(545,104)	(63,438)	$ 163,026	560,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustment related to adoption of ASU | ASU 2016-13 [Member]				$ (5,343)	$ 2,158		$ (3,185)

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Basis of Presentation - Covid 19 (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 17, 2020 USD ($)	Mar. 31, 2020 USD ($) item	Mar. 31, 2019 USD ($)	Apr. 23, 2020 $ / shares	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Number of weeks employee severance compensation paid | item		1
Amounts drawn		$ 400,000	$ 10,000
Cash and cash equivalents - unrestricted		662,156	$ 94,873		$ 362,430
Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amounts drawn	$ 400,000
Maximum borrowing capacity		700,000
Remaining borrowing capacity		$ 299,100
Subsequent event
Debt Instrument [Line Items]
Dividends permitted amount per quarter | $ / shares				$ 0.01
Subsequent event | Sixth Amended And Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Dividends permitted amount per quarter | $ / shares				$ 0.01

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Capital contribution		$ 3,090	$ 102
New Country Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	50.00%
Capital contribution	$ 7,000
Additional possible contribution	$ 8,000
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)		50.00%

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Financial Reporting By Business Segments - General Information (Details)	3 Months Ended
	Mar. 31, 2020 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of business segments	3

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies

Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES:

Pursuant to the Gaylord Rockies joint venture agreements, certain affiliates of Ares each have a put right to require the Company to purchase their joint venture interests at a defined appraised value during an annual window period or under certain other circumstances (not currently applicable) in consideration of cash or OP Units of the Operating Partnership. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock. Any OP Units issued by the Operating Partnership to the Ares affiliates will be redeemable at the option of the holders thereof for shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments.

Affiliates of RIDA Development Corporation (“RIDA”) also have a put right at a defined appraised value for cash, which will generally become exercisable at the earlier of December 31, 2023 or the date on which a certain change of control of RIDA occurs.

In connection with its investment in the Gaylord Rockies joint venture, the Company and an affiliate of RIDA each entered into limited repayment and carry guaranties that, in the aggregate, guarantee repayment of 10% of the principal debt, together with interest and operating expenses, which are to be released once the Gaylord Rockies joint venture achieves a certain debt service coverage threshold as defined in the Gaylord Rockies Loan. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to (i) those limited guaranties, (ii) a completion guaranty in the event a property expansion is pursued, and (iii) customary non-recourse carve-outs.

In April 2019, a subsidiary of the Company entered into a joint venture with Gray Television, Inc. to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“New Country Ventures”). The Company acquired a 50% equity interest in this joint venture and has made capital contributions of $7.0 million. In addition, the joint venture agreement requires the Company to contribute up to an additional $8.0 million through December 31, 2021. The Company accounts for its investment in this joint venture under the equity method of accounting.

The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control.

The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company.

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Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

17. SUBSEQUENT EVENTS:

On April 23, 2020, the Company entered into Amendment No. 1 (the “Amendment”) to the Company’s Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.

The Amendment provides for a waiver of the existing financial covenants through March 31, 2021 and ending on April 1, 2021 (the “Temporary Waiver Period”) and confirms the availability of the remaining $300.0 million of undrawn amounts under the revolving credit facility. In addition, the Amendment contains a covenant that the Company must maintain unrestricted liquidity (in the form of unrestricted cash on hand or undrawn availability under the Revolver) of at least $100 million.

During the Temporary Waiver Period, the Amendment provides for increased interest and fees, additional restrictions on debt, investments, dividends, share repurchases and capital expenditures, and a minimum liquidity requirement.

The Company may elect to terminate the Temporary Waiver Period prior to expiration. Upon expiration or termination of the Temporary Waiver Period, it will calculate compliance with the financial covenants in the Credit Agreement using a designated annualized calculation based on the Company’s most recently completed fiscal quarter or quarters, as applicable. Pursuant to the Amendment, the Company is required to use any proceeds from borrowings drawn during the Temporary Waiver Period to fund operating expenses, debt service of the Company and its subsidiaries, and permitted capital expenditures and investments.

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Income Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Income Per Share

Weighted Average Number of Common Shares Outstanding

The weighted average number of common shares outstanding is calculated as follows (in thousands):

	Three Months Ended
	March 31,
	2020	2019
Weighted average shares outstanding - basic	54,911	51,349
Effect of dilutive stock-based compensation	—	215
Effect of dilutive put rights	—	385
Weighted average shares outstanding - diluted	54,911	51,949