Ryman Hospitality Properties, Inc. Reports First Quarter 2023 Results – Ryman Ho… – Press Release

NASHVILLE, Tenn., May 03, 2023 (GLOBE NEWSWIRE) — Ryman Hospitality Properties, Inc. RHP, a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today reported financial results for the three months ended March 31, 2023.

First Quarter 2023 Highlights and Recent Developments:

• The Company generated net income available to common stockholders of $61.3 million or $1.02 per diluted share, marking four consecutive quarters of profitability.
• The Hospitality segment achieved record first quarter revenue of $424.4 million, driven by strength in room rates and outside the room spend, with particular strength in catering revenue.
• The Hospitality segment achieved a record first quarter average daily rate (ADR) of $238, an increase of 3.8% from Q1 2022 and an increase of 18.3% from Q1 2019.
• During the quarter, the Company booked over 348,000 gross advanced group room nights for all future years, at an ADR of $251, an increase of 9.1% over Q1 2022 ADR for future bookings and 22.9% above Q1 2019 ADR for future bookings.
• Opry Entertainment Group (OEG) achieved record first quarter revenue, operating income, and Adjusted EBITDAre, led by a strong slate of live events, attendance across our portfolio, and the contribution of Block 21.
• The Company declared a cash dividend of $1.00 per share for the second quarter of 2023, increased from $0.75 per share for the first quarter of 2023.
• The Company increases its consolidated Full Year 2023 outlook to reflect strong Q1 2023 financial results and sustained confidence in the remainder of 2023.
  

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Both sides of our business are off to a great start in 2023. We set multiple records in our Hospitality and Entertainment segments as the trends we saw during the last three quarters of 2022 continued in this first quarter. Our core group customers…

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