XML 23 R12.htm IDEA: XBRL DOCUMENT v3.22.2
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.