Ryman Hospitality Properties (RHP) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 consolidated revenue of $550 million, up 4.1% year over year, and record Adjusted EBITDAre of $175 million, driven by strong group business and entertainment segment momentum.

• Net income for Q3 2024 rose 48.1% to $60.4 million, with diluted EPS up 46.9% to $0.94.

• Major capital investment initiatives and renovations are nearing completion, with significant upgrades across hospitality and entertainment assets expected to drive long-term value.

• Entertainment business delivered record revenue, supported by the launch of Ole Red Las Vegas and the soft opening of Category 10 in Nashville.

• JW Marriott Hill Country acquisition contributed $116.3 million in revenue for the nine-month period.

Financial highlights

• Nine-month 2024 revenues rose 10.9% to $1.69 billion; Q3 net income available to common stockholders increased 43.1% to $59.0 million.

• Q3 Adjusted EBITDAre was $174.8 million; Adjusted FFO per diluted share/unit up 6.6% to $1.93.

• Hospitality segment Q3 revenue grew 4.7% to $467.0 million; Entertainment segment Q3 revenue was $82.9 million, up 0.7%.

• Cash flow from operations for the nine months was $409.9 million; capital expenditures totaled $317.3 million.

• Declared $199.8 million in cash dividends YTD, with $1.15 per share paid in Q4, a 4.5% increase.

Outlook and guidance

• Revised full-year 2024 consolidated Adjusted EBITDAre guidance midpoint to $770.5 million, up 11.5% over last year, but lowered due to leisure softness, construction disruption, and hurricane impacts.

• Raised midpoint and tightened ranges for full-year AFFO and AFFO per diluted share, expecting lower interest expense to offset EBITDAre revision.

• Full-year capital expenditures expected at $400–$450 million, up from prior range.

• No debt maturities until January 2026; sufficient liquidity to fund operations, capital needs, and dividends.

• Entertainment segment expected to see zero disruption in 2025, with strong growth anticipated as major projects complete and Opry 100 programming activates.