Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2023

Financial Reporting By Business Segments

Financial Reporting By Business Segments

13. Financial Reporting By Business Segments

The Company’s continuing operations are organized into the following principal business segments:

● Hospitality, which includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel;

● Entertainment, which includes the OEG business, specifically, the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the Company’s investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes.

	2023		2022		2021
Revenues:
Hospitality	$	1,833,478	$	1,537,974	$	786,583
Entertainment		324,658		267,995		152,790
Corporate and Other		—		—		—
Total	$	2,158,136	$	1,805,969	$	939,373
Depreciation and amortization:
Hospitality	$	186,749	$	189,375	$	203,675
Entertainment		23,611		18,420		14,655
Corporate and Other		867		821		2,027
Total	$	211,227	$	208,616	$	220,357
Operating income (loss):
Hospitality	$	421,264	$	310,924	$	(38,013)
Entertainment		77,384		61,030		20,382
Corporate and Other		(43,656)		(43,803)		(40,624)
Preopening costs		(1,308)		(532)		(737)
Loss on sale of assets		—		(469)		317
Total operating income (loss)		453,684		327,150		(58,675)
Interest expense		(211,370)		(148,406)		(125,347)
Interest income		21,423		5,750		5,685
Loss on extinguishment of debt		(2,252)		(1,547)		(2,949)
Loss from unconsolidated joint ventures (1)		(17,308)		(10,967)		(8,963)
Other gains and (losses), net		3,921		1,743		405
Income (loss) before income taxes	$	248,098	$	173,723	$	(189,844)

(1) Loss from unconsolidated joint ventures relates to the Entertainment segment.

	December 31,		December 31,
	2023		2022
Total assets:
Hospitality	$	4,039,804	$	3,314,444
Entertainment		610,663		502,913
Corporate and Other		538,070		223,266
Total assets	$	5,188,537	$	4,040,623

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):

	2023		2022		2021
Hospitality	$	145,805	$	70,406	$	73,199
Entertainment		60,428		18,767		3,560
Corporate and other		543		347		667
Total capital expenditures	$	206,776	$	89,520	$	77,426