Executive Summary

Q4 delivered record consolidated revenue ($647.6M) with stable Adjusted EBITDAre ($188.6M), but results were below internal expectations due to weaker holiday leisure demand at Gaylord Texan and Opryland and elevated price sensitivity; management called out the shortfall explicitly and quantified non-GAAP drivers year-on-year (2023 had a large deferred tax benefit) .
Hospitality revenue hit an all-time quarterly record ($549.5M) while Entertainment also set a quarterly record ($98.2M); same-store leisure softness contrasted with continued strength in group (banquet/AV +5% YoY) and record bookings (1.3M same-store gross room nights at $284 ADR) .
2025 outlook: consolidated Adjusted EBITDAre $749–$801M (midpoint $775M), consolidated hospitality RevPAR growth 2.25–4.75%, Total RevPAR growth 1.75–4.25%, AFFO/share $8.24–$8.86; management expects 250–350 bps RevPAR headwind and $30–$35M EBITDAre impact from construction in 2025 .
Capital allocation and liquidity remain solid (Q4 cash $477.7M; no draws on corporate revolver) and dividend maintained at $1.15/quarter with an intent for at least $4.60/share in 2025; net leverage ~3.9x (end of Q4) .

What Went Well and What Went Wrong

What Went Well
- Record consolidated, Hospitality, and Entertainment revenues in Q4; consolidated revenue $647.6M, Hospitality $549.5M, Entertainment $98.2M; Adjusted EBITDAre $188.6M held roughly flat YoY (+0.6%) despite headwinds .
- Group demand and pricing resilience: banquet/AV set a Q4 same-store record (+5.1% YoY), ADR rose ~2% YoY to a quarterly record; bookings: 1.3M same-store gross room nights at $284 ADR (Q4 record); management: “record number of group room nights on the books for all future years” .
- Property highlights: Gaylord Rockies posted double-digit revenue/RevPAR gains YoY in Q4; National achieved margin expansion, and JW Hill Country saw strong RevPAR/Total RevPAR growth with ICE! inducing incremental leisure demand .
What Went Wrong
- Leisure shortfall at year-end: holiday leisure demand softened in the last two weeks of December, concentrated at Gaylord Texan and Opryland; consumers showed more price sensitivity, shifting to day trips and reducing overnight stays; Q4 same-store occupancy fell 360 bps YoY (67.3% vs 70.9%) .
- Construction disruption higher than planned in 2024 (particularly at Gaylord Palms due to labor shortages in Orlando), lifting out-of-service days; estimated 2024 impact: ~320 bps to same-store RevPAR growth, ~220 bps to Total RevPAR growth, ~$27M to Hospitality operating income/Adj. EBITDAre; Entertainment impact ~$12M .
- Headwinds to 2025: management anticipates continued construction drag (250–350 bps RevPAR, $30–$35M EBITDAre), and mix shift toward associations tempering out-of-room spend vs 2024; wage growth planning at ~3–4% also continues (managed with productivity) .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Total Revenue ($M)	$633.1	$550.0	$647.6
Operating Income ($M)	$123.9	$105.9	$120.5
Operating Income Margin (%)	19.6%	19.3%	18.6%
Net Income ($M)	$169.9 (incl. $112.5M deferred tax benefit)	$60.4	$72.3
Net Income Margin (%)	26.8%	11.0%	11.2%
Diluted EPS ($)	$2.37	$0.94	$1.13
Adjusted EBITDAre ($M)	$187.5	$174.8	$188.6
Adjusted EBITDAre Margin (%)	29.6%	31.8%	29.1%
FFO/Share (diluted) ($)	$3.26	$1.86	$2.08
Adjusted FFO/Share (diluted) ($)	$2.08	$1.93	$2.15

Segment breakdown (Q4):

Segment	Q4 2023	Q4 2024
Hospitality Revenue ($M)	$545.2	$549.5
Hospitality Adjusted EBITDAre ($M)	$166.7	$165.3
Hospitality Adj. EBITDAre Margin (%)	30.6%	30.1%
Entertainment Revenue ($M)	$87.9	$98.2
Entertainment Adjusted EBITDAre ($M)	$30.3	$31.9
Entertainment Adj. EBITDAre Margin (%)	34.4%	32.5%

Key KPIs (Hospitality portfolio):

KPI	Q4 2023	Q3 2024	Q4 2024
Occupancy (%)	69.8	69.5	66.7
ADR ($)	260.81	252.42	267.45
RevPAR ($)	181.97	175.37	178.37
Total RevPAR ($)	519.15	444.77	523.24

Estimates vs Actuals (Quarter): S&P Global consensus (EPS/Revenue/FFO/share) was unavailable at time of analysis due to data access limits; management stated Q4 results were below expectations primarily due to late-December leisure softness .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Consolidated Adjusted EBITDAre ($M)	FY 2025	—	$749–$801 (mid $775)	New
Hospitality Adj. EBITDAre ($M)	FY 2025	—	$675–$715 (mid $695)	New
Entertainment Adj. EBITDAre ($M)	FY 2025	—	$110–$120 (mid $115)	New
AFFO per diluted share/unit ($)	FY 2025	—	$8.24–$8.86 (mid $8.55)	New
Net income/share diluted ($)	FY 2025	—	$3.80–$4.05 (mid $3.93)	New
Consolidated Hosp. RevPAR growth (%)	FY 2025	—	2.25–4.75	New
Consolidated Hosp. Total RevPAR growth (%)	FY 2025	—	1.75–4.25	New
Construction disruption (Hosp.)	FY 2025	—	RevPAR −250–350 bps; Total RevPAR −200–300 bps; EBITDAre −$30–$35M	New
Capex ($M)	FY 2025	—	$400–$500	New
Dividend ($/share)	FY 2025	—	Board intends minimum $4.60 aggregate (subject to determination)	New
Q1 2025 Dividend ($/share)	Q1 2025	—	$1.15 declared, payable Apr 15, 2025	New

Note: Prior year (FY 2024) guidance was updated at Q3; 2025 is the first issuance provided on Feb 20, 2025 .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Leisure demand	Noted softness in Nashville/Orlando; conservative H2 outlook; holiday programming expected to help	Holiday leisure underperformed last 2 weeks Dec; price sensitivity; overnight stays fell; day visits flat	Deteriorated vs plan in late Dec
Group demand & pricing	Record bookings; ADR records; banquet/AV strength; 2026/27 pace strong	Record 1.3M same‑store gross RN at $284 ADR in Q4; group rooms on the books up for 2025–27	Strength sustained
Construction disruption	2024 impact flagged; incremental disruption at Palms; W Austin & Category 10 investments	2024 disruption above plan (Orlando labor); 2025 drag: −250–350 bps RevPAR and −$30–$35M EBITDAre	Headwind persists into 2025
Mix shift (corporate vs association)	Emphasis on remixing to premium corporate; association migration at National; strong corporate ADR	2025 mix skews more association (lower out-of-room spend), 2026 trending more corporate; still pushing higher-rated groups	Near-term mix a modest headwind
Entertainment strategy	Ole Red Las Vegas outperformed; Category 10 opening; Opry 100 to drive 2025	Entertainment set Q4/full-year revenue records; invested in Southern Entertainment; Opry 100 underway	Positioned for growth
Labor/wages & margins	Wage pressures, but margin management effective; net leverage ~3.8–3.9x	Wage growth planning ~3–4%; margin discipline continues; leverage ~3.9x; TLB repriced (−25 bps)	Controlled cost inflation

Management Commentary

“Our fourth quarter results were below expectations, primarily due to softness in holiday leisure demand during the last two weeks of December, particularly at Gaylord Texan and Gaylord Opryland… consumers attending ICE! were more price sensitive than anticipated” (CEO) .
“Despite the fourth quarter shortfall, we are proud of our full year results… ~10% growth in consolidated Adjusted EBITDAre, ~11.6% growth in AFFO and record same-store bookings production” (CEO) .
“We believe our consolidated strategy could yield adjusted EBITDAre in the range of $900 million to $1 billion in 2027… we are well on track” (Executive Chairman) .
“In the fourth quarter… booked a record 1.3 million same-store gross group room nights… at a fourth quarter record ADR of $284” (CEO) .
“2025… assumes… 250 to 350 bps impact to RevPAR, 200 to 300 bps to Total RevPAR, and $30 to $35 million impact to adjusted EBITDAre from construction disruption” (CFO) .

Q&A Highlights

Renovation cadence and peak headwinds: 2025 disruption comparable to 2024 in magnitude despite higher volume; first phase of Opryland meeting space most disruptive, improving thereafter .
Mix: 2025 has higher association mix (lower outside-the-room spend), but rate on the books is healthy; 2026 trending more corporate .
Labor costs: 2024 wage growth ~3.3%; planning ~3–4% in 2025; margin discipline and productivity offset wage inflation .
Leisure dynamics: holiday customers shortened stays and were more price sensitive; day admissions held; pricing tests showed sensitivity but lowering price didn’t materially lift volumes .
Competitive landscape: limited like-for-like supply; no notable new competitive threats cited; strategy focused on premium corporate segment and asset enhancement .

Estimates Context

S&P Global (Capital IQ) consensus for Q4 2024 EPS, FFO/share, and revenue was unavailable at request time due to API access limits; therefore, we do not present beat/miss vs Street for Q4. Management stated results were below expectations due to holiday leisure softness, and updated 2025 guidance embeds ongoing construction disruption and conservative leisure assumptions .
Where investors may adjust: lower leisure run-rate into 1H25, modestly lower out-of-room spend on association mix in 2025, but maintain higher ADR assumptions, strong group pace, and Entertainment growth tied to Opry 100 and Southern Entertainment .

Key Takeaways for Investors

Group engine intact: record bookings and ADR underpin 2025–2027 trajectory even as leisure normalizes; banquet/AV strength persists, supporting Total RevPAR and margins .
Leisure variance is episodic and concentrated: short booking windows and price sensitivity drove a late-December miss; not a structural demand issue per management, but monitor Q1/Q2 transient trends .
Construction drag is known and bounded: 2025 headwind of −250–350 bps to RevPAR and −$30–$35M EBITDAre, with decreasing noise as projects move past the most disruptive phases (notably Opryland) .
Balance sheet supports capex and dividend: ~$1.2B liquidity, TLB repricing, dividend at $1.15/quarter and intent for at least $4.60 in 2025; leverage ~3.9x gives flexibility through the capex cycle .
Entertainment optionality: Las Vegas (Ole Red), Category 10, Block 21, and Southern Entertainment plus Opry 100 catalyze 2025 revenue/EBITDAre, broadening growth beyond hotels .
2025 set-up: guidance midpoints imply modest growth with embedded disruption; upside skew from better‑than‑assumed leisure and efficient disruption management; watch association mix impact on out‑of‑room spend .

Appendix: Property Snapshots (Q4 2024 YoY)

Gaylord Rockies: Revenue +14.1%, RevPAR +13.1%, Total RevPAR +14.1% on improved occupancy and ADR; Adj. EBITDAre +13.8% .
Gaylord National: Revenue −0.3%, ADR +4.5% with occupancy headwind; Adj. EBITDAre +2.2% .
Gaylord Texan: Revenue −6.2%, Total RevPAR −6.2%; leisure weakness cited in December period; Adj. EBITDAre −5.8% .
Gaylord Opryland: Revenue −1.4%; Total RevPAR −1.4%; margin resilient; December leisure softness noted .
JW Marriott Hill Country: Revenue +27.1%; RevPAR +14.4%; Total RevPAR +27.1%; ICE! induced incremental transient demand .

Sources and notes:

Q4/FY 2024 earnings press release (Exhibit 99.1) and Form 8-K (published Feb 20–21, 2025) .
Company press release (Feb 20, 2025) mirroring Exhibit 99.1 details .
Q4 2024 earnings call transcript (Feb 21, 2025) for qualitative commentary, guidance color, and Q&A .
Prior quarters’ context: Q3 2024 press release and call for trend analysis and .

Estimates note: Street consensus from S&P Global for Q4 2024 EPS/Revenue/FFO per share was not retrievable at time of request due to access limits; management indicated results were below internal expectations primarily due to late-December leisure softness .

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