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Ryman Hospitality Properties Issues Statement Regarding Opry City Stage Venue In Times Square
NASHVILLE, Tenn. – (Sept. 27, 2018) – Ryman Hospitality Properties today announced it has temporarily suspended operations at its Opry City Stage location at 1604 Broadway in New York City as the Company evaluates the venue’s market positioning, concept and operating strategy.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties issued the following statement:
“As we have shared over the past several months, our Opry City Stage venue has taken longer to ramp up its operations than we initially anticipated and has unfortunately underperformed our revenue expectations this year. We have decided that suspending operations at Opry City Stage while we evaluate the venue’s ground floor experience and operations is the appropriate course of action.
I would like to thank both our New York City-based employees as well as the artists who have performed at Opry City Stage for bringing an authentic slice of Southern culture to life in Times Square. We look forward to sharing more details in the months ahead.”
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. These forward-looking statements, including plans and expectations of future growth, are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Other factors that could cause operating and financial 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, 2017 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.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE:RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 8,114 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; 650 AM WSM, the Opry’s radio home; Ole Red, a country lifestyle and entertainment brand; and Opry City Stage, the Opry’s first home away from home, in Times Square. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com..
Shannon Sullivan, Vice President of Corporate and Brand Communications
Ryman Hospitality Properties, Inc.