Revenues

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Hotel group rooms	$	58,358	$	2,747	$	82,949	$	85,611
Hotel transient rooms		54,834		21,740		120,442		47,806
Hotel food and beverage - banquets		61,669		3,653		83,889		111,904
Hotel food and beverage - outlets		44,134		12,564		85,708		51,573
Hotel other		38,858		17,274		90,355		57,060
Entertainment admissions/ticketing		21,207		1,689		37,022		12,456
Entertainment food and beverage		16,513		4,899		33,469		16,425
Entertainment produced content		1,552		886		4,843		3,503
Entertainment retail and other		9,781		4,797		23,265		11,622
Total revenues	$	306,906	$	70,249	$	561,942	$	397,960

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gaylord Opryland	$	75,483	$	17,514	$	142,244	$	94,961
Gaylord Palms		34,476		7,658		82,295		53,847
Gaylord Texan		56,041		19,651		108,468		81,119
Gaylord National		36,008		133		39,576		50,056
Gaylord Rockies		51,209		11,931		81,517		68,335
AC Hotel		1,846		735		4,110		2,730
Inn at Opryland		2,790		356		5,133		2,906
Total Hospitality segment revenues	$	257,853	$	57,978	$	463,343	$	353,954

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, 2021 and December 31, 2020, the Company had $118.6 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 $12.4 million was recognized in revenue during the nine months ended September 30, 2021.