Ryman Hospitality Properties (RHP) Q4 2024 earnings summary

Executive summary

• Fourth quarter and full-year results were slightly below guidance due to weaker-than-expected leisure demand in late December, but bookings production reached record levels, supporting the long-term transformation strategy.

• Achieved record consolidated revenue of $647.6M in Q4 and $2.3B for full year 2024, with net income of $72.3M in Q4 and $280.2M for the year.

• Strategic capital investments in hospitality and entertainment assets are driving premium group business and enhancing long-term shareholder value.

• Hospitality and Entertainment segments both set all-time quarterly and annual revenue records.

• Major renovations and expansions are underway at key properties, with continued focus on high-return projects and minimal competitive threats in core markets.

Financial highlights

• Q4 2024 revenue up 2.3% year-over-year to $647.6M; full year revenue up 8.4% to $2.34B.

• Q4 Adjusted EBITDAre up 0.6% to $188.6M; full year Adjusted EBITDAre up 9.7% to $757.7M.

• Q4 Adjusted FFO per diluted share $2.15, up 3.4% year-over-year; full year $8.54, up 5.6%.

• Same-Store Hospitality Q4 revenue was $496 million, ADR rose 2% to $265, banquet and AV revenue up 5%.

• OEG (entertainment) Q4 revenue hit $98 million, up 12% year-over-year; Adjusted EBITDAre up 6%.

Outlook and guidance

• 2025 guidance: consolidated Hospitality RevPAR growth 2.25%-4.75%, Total RevPAR growth 1.75%-4.25%.

• 2025 net income guidance: $245M–$261M; Adjusted EBITDAre: $749M–$801M; Adjusted FFO per diluted share: $8.24–$8.86.

• Entertainment segment 2025 Adjusted EBITDAre expected at $110M-$120M.

• Minimum aggregate dividends for 2025 expected to be $4.60 per share.

• Construction disruption in 2025 expected to impact RevPAR by 250–350 bps and operating income/EBITDAre by $30–$35M, with higher volume but not higher disruption.