Q2 2024 Ryman Hospitality Properties Inc Earnings Call Transcript
Key Points
- Ryman Hospitality Properties Inc (RHP) reported strong second-quarter 2024 results, with consolidated total revenue reaching a record $613 million, up 21.5% year-over-year.
- The company's same-store hospitality segment delivered record second-quarter revenue driven by continued strength in group business and all-time record adjusted EBITDAre.
- Group bookings production accelerated meaningfully, with gross group rooms revenue and ADR booked for all future years reaching all-time records.
- The Entertainment segment reported all-time record revenue of $94 million, an increase of 8.1% year-over-year, driven by strong show calendar and performance from Ole Red Las Vegas.
- Ryman Hospitality Properties Inc (RHP) has a robust liquidity position with $1.3 billion in total available liquidity and a net leverage ratio of 3.9 times, indicating strong financial health.
- There was noted leisure transient softness in key markets like Nashville and Orlando, which impacted overall performance.
- Despite strong group business, the company had to lower its full-year same-store Hospitality RevPAR and total RevPAR growth outlook due to continued leisure transient softness.
- The JW Hill Country resort is expected to experience several hundred basis points of adjusted EBITDAre margin compression in the third quarter due to unfavorable incentive management fee comparisons and P&L impact of investments.
- The company faces potential risks from economic softness and budget-conscious leisure consumers, which could impact future performance.
- Ryman Hospitality Properties Inc (RHP) has significant capital investment plans for 2024, totaling $375 million to $425 million, which could strain resources if not managed effectively.
Good morning, everyone. Welcome to Ryman Hospitality Properties second-quarter 2024 earnings conference call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr. Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group.
This call will be available for digital replay. The number is 1800-753-9134 with no conference ID required. At this time, all participants have been placed on a listen-only mode.
It is now my pleasure to turn the floor over to Jennifer Hutcheson. Ms. Hutcheson, please go ahead.
Good morning. Thank you all for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 including statements
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