Revenues

6 Months Ended

Jun. 30, 2021

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. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle is eliminated for the portion of Circle that the Company owns. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Hotel group rooms	$	20,079	$	153	$	24,591	$	82,864
Hotel transient rooms		41,892		2,649		65,608		26,066
Hotel food and beverage - banquets		18,251		81		22,220		108,251
Hotel food and beverage - outlets		27,368		1,429		41,574		39,009
Hotel other		28,098		5,993		51,497		39,786
Entertainment admissions/ticketing		12,655		486		15,815		10,767
Entertainment food and beverage		12,160		1,499		16,956		11,526
Entertainment produced content		1,165		678		3,291		2,617
Entertainment retail and other		9,193		1,713		13,484		6,825
Total revenues	$	170,861	$	14,681	$	255,036	$	327,711

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Gaylord Opryland	$	45,002	$	1,320	$	66,761	$	77,447
Gaylord Palms		32,702		814		47,819		46,189
Gaylord Texan		34,069		5,472		52,427		61,468
Gaylord National		2,311		529		3,568		49,923
Gaylord Rockies		18,338		1,806		30,308		56,404
AC Hotel		1,459		146		2,264		1,995
Inn at Opryland		1,807		218		2,343		2,550
Total Hospitality segment revenues	$	135,688	$	10,305	$	205,490	$	295,976

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 June 30, 2021 and December 31, 2020, the Company had $105.2 million and $70.4 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, 2020, approximately $8.0 million was recognized in revenue during the six months ended June 30, 2021.