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Ryman Hospitality Properties, Inc. Extends Temporary Closures at Managed Entertainment Venues

Mar 27, 2020

- Company Extends Pay and Benefits Through Closure Period -

 

NASHVILLE, Tenn., March 27, 2020 – Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced it has extended temporary closures at its managed entertainment venues and restaurants through April 26. The Company’s full-time and part-time employees will continue to receive pay and benefits through the end of April.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties said, “In the interest of the health and wellbeing of our employees, artists, guests and the communities in which we operate, we have made the decision to extend our temporary closures at our entertainment venues. We have committed to providing all of our employees pay and benefits during this time and have encouraged our employees to take this opportunity to work from home on projects and initiatives that will further enhance our guest experience and their professional development. We look forward to welcoming our guests back as soon as we are able and invite everyone to stay connected with us through social media and the Grand Ole Opry broadcast in the meantime.”

Below is a property-by-property summary of how this closure will affect guests:

  • Grand Ole Opry House live shows and tours will be paused through April 26. Guests with tickets to these shows and tours will receive automatic refunds within 7-14 days.
  • The Grand Ole Opry will continue its Saturday night broadcast without a live audience. Grand Ole Opry management has worked closely with Nashville’s Director of Health to bring the show live to people around the world while following strict safety protocols under the guidance of local health professionals. The Saturday, March 28 Opry will be live on WSM 650 AM, Circle, and over 87 local broadcast affiliates. This Saturday’s performance will feature Opry member Vince Gill alongside wife Amy Grant and daughters Jenny Gill and Corrina Grant Gill. Last week’s broadcast was livestreamed by more than 1.1 million people in 66 countries.
  • Ryman Auditorium tours will be suspended through April 26. Ticketholders for shows scheduled to occur during this time will be contacted with information regarding rescheduled dates or refunds as the venue continues to work with artists and promoters specific to each event.
  • All Ole Red locations will remain closed through April 26.
  • All retail stores will remain closed through April 26. Guests can still shop the Opry Entertainment online store.

Reed continued, “These are unprecedented times, and we are fortunate to have the opportunity to provide our people some stability during this difficult period. We are thankful for the actions of our state and local officials to put measures in place to help control the spread of COVID-19 and for the efforts of our federal elected officials to pass the CARES Act, which will provide some much-needed relief to our industry.”

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company’s core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture partnership with Gray Television. For more details about Circle and how to watch Saturday’s Grand Ole Opry, please visit circleplus.com. The Company operates its Entertainment segment as part of a taxable REIT subsidiary.

 

*The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns Gaylord Rockies Resort & Convention Center.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the anticipated impact of COVID-19 on travel, transient and group demand, the anticipated impact of COVID-19 on our results of operations, the amount of cancellation and attrition fees, cost containment efforts, and our plans to assess the reopening of our Gaylord Hotels properties. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include, but are not limited to, the effects of COVID-19, including on the demand for travel, transient and group business (including government-imposed restrictions), and levels of consumer confidence in the safety of travel and group gatherings as a result of COVID-19; the length and severity of the COVID-19 pandemic in the United States; the pace of recovery following the COVID-19 pandemic; our ability to implement cost containment strategies; and the adverse effects of COVID-19 on our business or the market price of our common stock. Other factors that could cause results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Reports on Form 10-Q and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.


Investor Relations Contacts:

Media Contacts:

Mark Fioravanti, President & Chief Financial Officer

Shannon Sullivan, Vice President Corporate and Brand Communications

Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc.

(615) 316-6588

(615) 316-6725

mfioravanti@rymanhp.com

ssullivan@rymanhp.com

~or~

~or~

Todd Siefert, Vice President Corporate Finance & Treasurer

Robert Winters

Ryman Hospitality Properties, Inc.

Alpha IR Group

(615) 316-6344

(929) 266-6315

tsiefert@rymanhp.com

robert.winters@alpha-ir.com

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