Revenues

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Hotel group rooms	$	2,747	$	93,172	$	85,611	$	301,932
Hotel transient rooms		21,740		41,778		47,806		109,934
Hotel food and beverage - banquets		3,653		104,961		111,904		354,678
Hotel food and beverage - outlets		12,564		50,212		51,573		144,668
Hotel other		17,274		38,134		57,060		111,684
Entertainment admissions/ticketing		1,689		24,075		12,456		59,658
Entertainment food and beverage		4,899		17,617		16,425		47,504
Entertainment retail and other		5,683		9,838		15,125		28,223
Total revenues	$	70,249	$	379,787	$	397,960	$	1,158,281

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Gaylord Opryland	$	17,514	$	90,186	$	94,961	$	278,131
Gaylord Palms		7,658		40,854		53,847		148,127
Gaylord Texan		19,651		66,508		81,119		207,873
Gaylord National		133		59,128		50,056		202,886
Gaylord Rockies		11,931		64,949		68,335		165,628
AC Hotel		735		2,882		2,730		8,631
Inn at Opryland and other		356		3,750		2,906		11,620
Total Hospitality segment revenues	$	57,978	$	328,257	$	353,954	$	1,022,896

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 September 30, 2020 and December 31, 2019, the Company had $61.7 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 $44.8 million was recognized in revenue during the nine months ended September 30, 2020.