Ryman Hospitality Properties Stock Earnings Reports

Ryman reported a strong first quarter that exceeded expectations, driven by hospitality outperformance and resilient group demand. Same-store ADR grew just over 5% year-over-year, offsetting slightly fewer room nights, and drove margin expansion via higher outside-the-room spending and improved catering/AV revenue. Key assets posted record or best-ever quarterly results (Gaylord Opryland, Gaylord Rockies, Gaylord Palms), and the recently acquired JW Marriott Desert Ridge outperformed under a group-first strategy. Group bookings accelerated materially (gross group room nights booked up ~27% in Q1 versus prior year), with corporate bookings comprising roughly two-thirds of new production. Management has refined inventory management to prioritize premium corporate groups, which is shifting the mix and creating tougher comps in certain future windows but is expected to drive higher ADR and profitability. Entertainment results were in line with expectations with notable momentum at Ole Red and Category 10, especially in Las Vegas. Capital projects remain on time and on budget (including meeting space conversion at Desert Ridge, Gaylord Texan renovation, JW Hill Country rooms renovation), and liquidity is strong with ~$424M unrestricted cash, undrawn revolvers, and ~$1.35B total availability. Pro forma net leverage was 4.3x (including full-year Desert Ridge EBITDA), and the company completed a $700M 2034 note refinancing to push out maturities. Management raised the midpoints of full-year guidance to reflect Q1 hospitality outperformance and reiterated confidence in achieving the 2027 Adjusted EBITDAre targets, while noting macro/geopolitical risks (e.g., Middle East) as potential headwinds.