Revenues

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Hotel group rooms	$	120,334	$	110,464	$	240,847	$	172,942
Hotel transient rooms		48,158		51,042		88,896		90,157
Hotel food and beverage - banquets		138,662		130,510		299,161		203,334
Hotel food and beverage - outlets		59,246		57,573		114,551		96,865
Hotel other		51,285		52,213		98,669		99,615
Entertainment admissions/ticketing		34,103		26,733		56,259		42,282
Entertainment food and beverage		28,641		24,036		52,707		38,397
Entertainment produced content		960		1,091		2,094		2,559
Entertainment retail and other		23,454		16,542		43,378		23,188
Total revenues	$	504,843	$	470,204	$	996,562	$	769,339

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Gaylord Opryland	$	110,475	$	105,497	$	222,281	$	179,016
Gaylord Palms		73,829		68,289		158,375		128,137
Gaylord Texan		81,479		77,665		167,877		134,301
Gaylord National		77,014		72,223		149,786		104,810
Gaylord Rockies		67,127		70,755		131,174		105,542
AC Hotel		3,401		3,261		5,612		4,868
Inn at Opryland and other		4,360		4,112		7,019		6,239
Total Hospitality segment revenues	$	417,685	$	401,802	$	842,124	$	662,913

The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee and Austin, Texas.

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, 2023 and December 31, 2022, the Company had $161.7 million and $136.5 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, 2022, approximately $87.7 million was recognized in revenue during the six months ended June 30, 2023.