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Gaylord Entertainment Company Reports Second Quarter 2012 Results

Stocks in this article: GET

Reed continued, “We were pleased with how our properties performed this quarter. The results at Gaylord National were particularly encouraging, as the property posted double-digit percent increases in revenue, occupancy, RevPAR, and Total RevPAR, helping drive a 600 basis point increase in CCF margin. This performance reinforces our confidence that the D.C. group market is continuing to improve. Gaylord Palms had a very strong quarter aided by the full renovation of the hotel’s guest rooms and the addition of the new amenities that were opened earlier this year. Gaylord Palms second quarter performance was highlighted by a Total RevPAR increase of over 24 percent and a CCF margin increase of 400 basis points. Gaylord Opryland also performed well yet again, posting occupancy, RevPAR and Total RevPAR increases despite a difficult comparison against a record second quarter in 2011. Although the results across the board at Gaylord Texan were negatively impacted by the last-minute cancellation of a large 5,000 room night group, the property performed solidly.”

Opry and Attractions

Opry and Attractions segment revenue increased 8.5 percent to $20.2 million in the second quarter of 2012, compared to $18.6 million in the year-ago quarter driven by increased attendance and additional shows at the Grand Ole Opry. The segment’s CCF increased to $6.1 million in the second quarter of 2012 from $5.2 million in the prior-year quarter.

Corporate and Other

Corporate and Other operating loss totaled $19.2 million in the second quarter of 2012 compared to an operating loss of $13.9 million in the same period last year. Corporate and Other CCF in the second quarter of 2012 was a loss of $16.1 million compared to a loss of $10.7 million in the same period last year. Corporate and Other operating loss and CCF for the second quarter 2012 reflects $3.4 million in expenses related to the Company’s process of exploring opportunities to unlock shareholder value.

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