NASHVILLE, Tenn.--May. 18, 2012-- Gaylord Entertainment Company (NYSE: GET)
announced today that the Colorado State Economic Development
Commission has awarded the Gaylord Aurora project a state sales tax
incentive pursuant to the state’s Regional Tourism Act enacted in 2009.
The incentive award provides for an annual rebate of 65.8 percent of
the state sales tax generated by the project for the first 30 years of
its operation. As a result, the project would receive 65.8 percent of
the state’s 2.9 percent sales tax, equaling 1.91 percent of project
revenues annually over its first 30 years of operation. This award is
subject to the EDC and Gaylord working together over the next 120 days
to refine the parameters of the project.
of Aurora and Gaylord had applied for a 95 percent sales tax
rebate as part of the State EDC’s competitive process to select two
projects for the Regional Tourism Act incentive award.
”We want to thank the State EDC officials and staff for the
thoroughness and transparency they have demonstrated throughout this
process and we are pleased that they have deemed our Aurora project
worthy of RTA funding,” said Colin V. Reed, chairman
and chief executive officer of Gaylord
Entertainment. “We are excited about the greater Denver region
and will review the overall viability of the project in its current
form and structure given this decision, while at the same time
preserving the enormous economic benefits that this project will bring
We look forward to working with the Commission over the coming months
to finalize the details.”
Gaylord originally announced its plans to develop a resort and
convention hotel in Aurora, Colorado in June, 2011.
Located less than ten minutes from Denver International
Airport, one of the most well-traveled and accessible
airports in the world, and 25 minutes from downtown Denver, Aurora is
ideally situated for both business and leisure travel. The company
would expect the resort to be open for business in mid-to-late 2016.
Reed continued, “We remain enthusiastic about the potential
for our proposed Aurora
development, and are confident that a Gaylord property in the Denver market
would represent a substantial boost to the local economy and tourism
(NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn.
owns and operates Gaylord Hotels (www.gaylordhotels.com
its network of upscale, meetings-focused resorts and the Grand Ole Opry
the weekly showcase of country music's finest performers for 86
consecutive years. The company's entertainment brands and properties
include the Radisson Hotel Opryland
, General Jackson Showboat
Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM
For more information about the company, visit www.GaylordEntertainment.com