NASHVILLE, Tenn. – August 6, 2021 – Ryman Hospitality Properties, Inc., a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights and Recent Developments:
- Net Loss in second quarter improved sequentially to $(63.0) million from $(117.1) million on 103.0% revenue growth
- Consolidated Adjusted EBITDAre for the second quarter was approximately $28.2 million, primarily driven by improvement in group performance during June
- Since the outset of the pandemic and through the end of second quarter 2021, rebooked approximately 1.9 million room nights, or 66% of total room nights cancelled as a result of COVID-19
- Serviced approximately 114,000 group room nights in the second quarter and approximately 141,000 have been realized year to date
- Average monthly cash burn for the second quarter of 2021 was approximately $1 million1; currently expect third quarter cash flow to continue the positive momentum seen in June
- With the July 1 reopening of Gaylord National, all hotels and entertainment venues are now open and operating at full capacities
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “I am encouraged by the trends we saw across our businesses in the second quarter, and I am particularly pleased with the positive inflection in cash flow we witnessed during the month of June. Our businesses were improving steadily through April and May, but the final month of the second quarter accelerated and we were able to generate over $28 million in Adjusted EBITDAre on a consolidated basis, representing a welcome change from the last few quarters. The momentum continues to build and is not limited to leisure customers, as evidenced by the over 114,000 group room nights serviced in the second quarter. It appears that this key customer segment is beginning to return, and while we will continue to monitor the progression of the delta variant and COVID-19 cases across the country, our current business on the books for the second half of 2021 gives us confidence in the remainder of the year.
Our entertainment businesses, dedicated to the growing popularity of the country music genre, are also experiencing positive momentum with many of our venues on pace to meet or exceed 2019 in terms of the number of scheduled performances during the second half of 2021. Our Ole Red venues are also seeing strong demand, and Nashville, home to the Ryman Auditorium and Grand Ole Opry House, lifted all of its capacity restrictions in mid-May. We are excited to see all of our customers again as they return to in-person dining and live entertainment.”
View full results here.
