Revenues

9 Months Ended

Sep. 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. Cash received from advanced ticket sales is deferred and recognized at the time of the event. 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,
	2023		2022		2023		2022
Hotel group rooms	$	115,626	$	100,417	$	356,473	$	273,359
Hotel transient rooms		64,683		54,523		153,579		144,680
Hotel food and beverage - banquets		134,503		129,449		433,664		332,783
Hotel food and beverage - outlets		68,347		56,739		182,898		153,604
Hotel other		63,039		49,474		161,708		149,089
Entertainment admissions/ticketing		31,030		30,805		87,289		73,087
Entertainment food and beverage		27,706		25,075		80,413		63,472
Entertainment produced content		2,687		1,372		4,781		3,931
Entertainment retail and other		20,890		19,901		64,268		43,089
Total revenues	$	528,511	$	467,755	$	1,525,073	$	1,237,094

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Gaylord Opryland	$	111,939	$	106,819	$	334,220	$	285,835
Gaylord Palms		63,885		60,516		222,260		188,653
Gaylord Texan		73,991		70,734		241,868		205,035
Gaylord National		72,124		68,925		221,910		173,735
Gaylord Rockies		68,203		77,346		199,377		182,888
JW Marriott Hill Country		50,026		—		50,747		—
AC Hotel		3,244		2,932		8,856		7,800
Inn at Opryland and other		2,786		3,330		9,084		9,569
Total Hospitality segment revenues	$	446,198	$	390,602	$	1,288,322	$	1,053,515

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 September 30, 2023 and December 31, 2022, the Company had $188.0 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 $96.9 million was recognized in revenue during the nine months ended September 30, 2023.