Ryman Hospitality Properties Reports Second Quarter Results

Ryman Auditorium
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– Ryman Auditorium
Nashville’s Ryman Auditorium continues to play an important role in the business of Ryman Hospitality Properties.

Ryman Hospitality Properties, Inc. reported its second quarter 2019 results on Tuesday.

The company, whose assets encompass the Grand Ole Opry, Ryman Auditorium and Nashville radio station WSM, as well as several hospitality properties including Gaylord Hotels, Gaylord Springs Golf Links, General Jackson Showboat, Inn at Opryland and Wildhorse Saloon, reported that consolidated adjusted EBITDAre increased 27.1% to $144.5 million.

Other highlights of the reported included a 1.4% increase in same-store RevPAR and an 11.1% decrease to $49.4 million in consolidated net income available to common shareholders.

Ryman Hospitality Properties chairman and CEO Colin Reed said the company was “very pleased” with the second quarter results, considering that the period is often “a modest performer for us given the group travel patterns.”

The company’s entertainment properties, according to Reed, played a big role in its business. “Not to be outdone, our Entertainment business also had a very good second quarter, thanks to strong performances at our Nashville-based attractions and the continued positive reception of our Ole Red brand,” Reed said.

For the second quarter, Ryman’s entertainment segment reported a 19.9% increase in revenue year-over-year.

According to Pollstar Boxoffice data, Ryman Auditorium’s highest-grossing run of the second quarter was a sold-out three-night stand by Gary Clark, Jr., who raked in $360,871 from April 5-7. The highest-grossing single show of the quarter was a May 21 performance by Carol Burnett, who sold 2,247 tickets and grossed $298,669.

Meanwhile, the highest-grossing night reported by the Grand Ole Opry was a sold-out April 22 gig by Santana, who moved 4,404 tickets and grossed $500,082.

“Our Entertainment business continued its strong performance this quarter in Nashville, led by the Grand Ole Opry and the Ryman Auditorium,” Reed said. Results were also buoyed by the company’s newest Ole Red location, located in Gatlinburg, Tenn.; Ryman Hospitality is currently plotting an Ole Red Orlando.

“We are similarly excited by the potential to reach an even greater number of fans through our recently announced joint venture with Gray Television to create a multi-platform country lifestyle television channel that will showcase our assets and the talented artists who play our venues,” said Reed, sharing that the channel should launch in early 2020.

Ryman Hospitality underwent a major personnel change last month when longtime executive Sally Williams announced her impending departure after two decades with the company. Williams leaves her post as Opry Entertainment’s senior vice president of programming and artist relations at the end of this week to assume the role of President of Nashville Music and Business Strategy at Live Nation.

For more about Ryman personnel, revisit Pollstar‘s April interview with Williams and VenuesNow‘s profile of Pam Matthews, a 2019 VenuesNow Woman of Influence who has played a key role in the Ryman Auditorium’s success.