NASHVILLE, Tenn.-July 13, 2010 -In its continued effort to provide
timely business updates since the temporary closure of Gaylord Opryland,
Gaylord Entertainment Co. (NYSE: GET) today provided an update on the Company's
preliminary room night production for the month of June 2010 and for the
six months ending June 30, 2010 and preliminary RevPAR and Total RevPAR
growth rates at the Gaylord Palms, Gaylord Texan and Gaylord National for
the second quarter.
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Gaylord Hotels (including Gaylord Opryland) gross advance group bookings
for the month of June 2010 for all future years was 280,488 room nights,
an increase of 28.6 percent when compared to June 2009. Gross advance group
bookings for the month of June 2010 included 7,699 flood impacted room
nights that were transferred from Gaylord Opryland to other Gaylord properties.
Net of attrition and cancellations, Gaylord Hotels (including Gaylord Opryland)
advance group bookings for the month of June 2010 for all future periods
were 203,160 room nights, an increase of 114.4 percent when compared to
June 2009.
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Gaylord Opryland gross advance group bookings for the month of June 2010
for all future years were 78,644 room nights, an increase of 8.8 percent
over June 2009. Net of attrition and cancellations, Gaylord Opryland advance
group bookings sold during the month of June 2010 for all future periods
were 60,642 room nights, a 30.9 percent increase over the prior year period.
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For the six months ending June 30, 2010, Gaylord Hotels (including Gaylord
Opryland) gross advance group bookings for all future periods were 1,060,288
room nights, an increase of 25.5 percent when compared to the same period
in 2009. Net of attrition and cancellations, Gaylord Hotels (including
Gaylord Opryland) advance group bookings for the six month period ending
June 30, 2010 for all future periods were 451,699, an increase of 66.0
percent when compared to the same period in 2009. This includes 273,151
room night cancellations for Gaylord Opryland, incurred as a result of
the May 2010 flood and not transferred to another Gaylord property.
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The Gaylord Opryland has been closed since the first week of May 2010,
when historic flooding left catastrophic damage throughout much of the
Nashville area. Since that time, the Company has worked diligently to find
alternative meeting solutions for displaced groups. Whenever possible,
conventions have been relocated to other hotels within the Gaylord family,
such as the Gaylord Palms, Gaylord National, Gaylord Texan and Radisson
Hotel Opryland. Gaylord Hotels gross advance group bookings for the six
months ending June 30, 2010 included 43,645 flood-impacted room nights
that were transferred from Gaylord Opryland to other Gaylord properties.
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For Gaylord assets located outside of Nashville, Tennessee - the Gaylord
Palms, the Gaylord Texan and the Gaylord National, revenue per available
room1 (�RevPAR�) increased approximately 5.7 percent and total revenue
per available room2 (�Total RevPAR�) increased approximately 4.7 percent
in the second quarter of 2010 compared to the second quarter of 2009.
�We are very pleased with the significantly improved room night production
over last year, as well as the continued growth in revenue for our hotels
located outside Nashville. These results demonstrate that our business
model remains strong and that our loyal customers understand that we have
built a product that is unmatched in the markets we serve,� said Colin
V. Reed, chairman and chief executive officer of Gaylord Entertainment.
�While our team�s immediate focus has been on rebuilding and re-opening
our Nashville-area assets, we have not in any way lost sight of our plans
to continue to strengthen our other core properties. We are proud of what
we have been able to accomplish in the face of some dire circumstances.�
The Company will release its full second quarter 2010 earnings results
before the market opens on Tuesday, August 3, 2010.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality
and entertainment company based in Nashville, Tenn., owns and operates
Gaylord Hotels (http://www.gaylordhotels.com), its network of upscale,
meetings-focused resorts, and the Grand Ole Opry (http://www.opry.com),
the weekly showcase of country music's finest performers for more than
80 consecutive years. The Company's entertainment brands and properties
include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson
Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For
more information about the Company, visit http://www.GaylordEntertainment.com.
This press release contains statements as to the Company's
beliefs and expectations of the outcome of future events that are forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the statements
made. These include the risks and uncertainties associated with the flood
damage to the Gaylord Opryland and other Nashville-area Gaylord facilities,
economic conditions affecting the hospitality business generally, rising
labor and benefits costs, the timing of any new development projects, increased
costs and other risks associated with building and developing new hotel
facilities, the geographic concentration of our hotel properties, business
levels at the Company's hotels, our ability to successfully operate our
hotels and our ability to obtain financing for new developments. Other
factors that could cause operating and financial results to differ are
described in the filings made from time to time by the Company with the
Securities and Exchange Commission and include the risk factors described
in our Annual Report on Form 10-K for the fiscal year ended December 31,
2009 and our Quarterly Report on Form 10-Q for the quarter ended March
31, 2010. The Company does not undertake any obligation to release publicly
any revisions to forward-looking statements made by it to reflect events
or circumstances occurring after the date hereof or the occurrence of unanticipated
events.
1 The Company calculates revenue per available room (�RevPAR�)
for its hotels by dividing room sales by room nights available to guests
for the period.
2 The Company calculates total revenue per available
room (�Total RevPAR�) by dividing the sum of room sales, food & beverage,
and other ancillary services revenue by room nights available to guests
for the period.
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