Revenues

6 Months Ended

Jun. 30, 2022

Revenues

Revenues

4. 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,
	2022		2021		2022		2021
Hotel group rooms	$	110,464	$	20,079	$	172,942	$	24,591
Hotel transient rooms		51,042		41,892		90,157		65,608
Hotel food and beverage - banquets		130,510		18,251		203,334		22,220
Hotel food and beverage - outlets		57,573		27,368		96,865		41,574
Hotel other		52,213		28,098		99,615		51,497
Entertainment admissions/ticketing		26,733		12,655		42,282		15,815
Entertainment food and beverage		24,036		12,160		38,397		16,956
Entertainment produced content		1,091		1,165		2,559		3,291
Entertainment retail and other		16,542		9,193		23,188		13,484
Total revenues	$	470,204	$	170,861	$	769,339	$	255,036

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Gaylord Opryland	$	105,497	$	45,002	$	179,016	$	66,761
Gaylord Palms		68,289		32,702		128,137		47,819
Gaylord Texan		77,665		34,069		134,301		52,427
Gaylord National		72,223		2,311		104,810		3,568
Gaylord Rockies		70,755		18,338		105,542		30,308
AC Hotel		3,261		1,459		4,868		2,264
Inn at Opryland		4,112		1,807		6,239		2,343
Total Hospitality segment revenues	$	401,802	$	135,688	$	662,913	$	205,490

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 and advanced ticketing at its OEG venues. At June 30, 2022 and December 31, 2021, the Company had $138.5 million and $116.8 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, 2021, approximately $37.6 million was recognized in revenue during the six months ended June 30, 2022.