UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

GAYLORD ENTERTAINMENT COMPANY

(Exact name of registrant as specified in its charter)

Delaware		1-13079		73-0664379
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer
				Identification No.)
One Gaylord Drive
Nashville, Tennessee				37214
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (615) 316-6000

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On August 5, 2008, Gaylord Entertainment Company (“GEC”) issued a press release announcing its financial results for the quarter ended June 30, 2008. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

     (d) Exhibits

99.1

Press Release of Gaylord Entertainment Company dated August 5, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1

GAYLORD ENTERTAINMENT CO. REPORTS SECOND QUARTER 2008 RESULTS

– Same-Store Hospitality Revenue Increased 2.0 Percent –

– Same-Store Consolidated Cash Flow Increased 8.2 Percent –

- Same-Store Operating Income Increased 7.0 Percent -

NASHVILLE, Tenn. (August 5, 2008) — Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter ended June 30, 2008.

For the second quarter ended June 30, 2008:

	•		Consolidated revenue increased 36.4 percent to $258.3 million in the second quarter of 2008 from $189.4 million in the same period last year, primarily driven by the opening of the Gaylord National Resort and Convention Center.
	•		Income from continuing operations was $8.5 million, or $0.21 per share, compared to income from continuing operations of $93.6 million, or $2.21 per share, in the prior-year quarter. Income from continuing operations in 2007 included a $140.3 million pre-tax gain from the sale of the company’s investment in Bass Pro Group.
	•		Hospitality segment total revenue increased 38.7 percent to $233.6 million in the second quarter of 2008 compared to $168.4 million in the prior-year quarter. Gaylord Hotels’ revenue per available room1 (“RevPAR”) and total revenue per available room2 (“Total RevPAR”) increased 2.6 percent and 3.5 percent, respectively, compared to the second quarter of 2007. Total RevPAR was impacted by some softening in outside-the-room spend. Same-store hospitality revenue increased 2.0 percent to $171.8 million driven by increases in average daily rate (“ADR”) and resort fees across the network of hotels, offset by lower occupancy due to increased attrition levels.

	•		Adjusted EBITDA3 was $57.9 million in the second quarter of 2008 compared to $38.7 million in the prior-year quarter.
	•		Consolidated Cash Flow4 (“CCF”) increased 44.1 percent to $64.5 million in the second quarter of 2008 compared to $44.8 million in the same period last year driven by the opening of the Gaylord National Resort and Convention Center. CCF was also positively impacted by increased collection of attrition and cancellation fees as well as the Company’s focus on margin management and its ability to manage resources according to current demand.

“Our meetings-focused business model is working well in this difficult environment. This quarter, and year-to-date, we have produced very solid increases in profitability growth despite modest same-store revenue growth. This profitability growth was driven by attrition and cancellation fees, increases in average daily rate and by running our hotels more efficiently,” said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment.

Reed added, “The Gaylord National had a very solid opening producing 67.5 percent occupancy and more than $14.0 million in CCF. We are pleased with the opening and with the progress the property is making.”

“We are seeing higher than historic attrition levels across the brand, which have affected occupancy and will likely continue for the remainder of the year. We are confident, however, in our business model, the contractual protection we have and our ability to maximize profits given this difficult operating environment.”

Segment Operating Results

Hospitality

Key components of the Company’s hospitality segment performance in the second quarter of 2008 include:

	•		Gaylord Hotels’ RevPAR increased 2.6 percent to $133.59 in the second quarter of 2008 compared to $130.18 in the prior-year quarter, driven by the opening of Gaylord National, increases in ADR and strong transient business. Gaylord Hotels’ Total RevPAR increased 3.5 percent to $321.09 in the second quarter of 2008 compared to $310.36 in the second quarter of 2007, though there was some softening in outside-the-room spend during the quarter. Same-store RevPAR and Total RevPAR were flat in the second quarter of 2008 compared to the prior-year quarter.
	•		Gaylord Hotels’ CCF increased 35.5 percent to $69.8 million in the second quarter of 2008 compared to $51.5 million in the same period last year. Same-store CCF increased 8.2 percent due to revenue growth, increased attrition and cancellation fee collections, the Company’s

			continued focus on margin management initiatives and Gaylord’s ability to effectively manage resources according to demand. The CCF margin for the hospitality segment was relatively flat at 29.9 percent, compared to 30.6 percent in the prior-year quarter. Same-store CCF margin grew 190 basis points to 32.5 percent versus 30.6 percent for the same period last year.
	•		Gaylord Hotels’ same-store net definite bookings for all future years decreased 17.6 percent to 341,000 room nights booked in the second quarter of 2008 compared to the same period in 2007. At the end of the quarter, all Gaylord Hotel properties have 5.7 million room nights booked for future years as compared to 5.2 million at the same time last year.
	•		Gaylord Hotels’ same-store attrition levels reached 10 percent in the second quarter compared to 8 percent for the same period in 2007. Attrition in the first quarter 2008 was 11 percent.

Reed continued, “We’ve already booked more room nights for 2009 than we had for 2008 at this time last year, indicating that our business model remains strong. While we have experienced an increase in attrition from conventions held in the quarter, we have a degree of profit protection that is built into our contracts with customers. Though this increase in attrition impacts RevPAR, it does not affect Total RevPAR or CCF as significantly. Our strong CCF levels are an indication that we can grow profitability even in a period when the industry is experiencing a major slowdown.”

“We continue to forge solid relationships with meeting planners and remain focused on growing our brand to meet the demand we continue to see. Additionally, our brand is becoming popular with leisure customers as well, evidenced by strong transient business this quarter, which is different from what others in the industry are experiencing,” said Reed. “With the addition of Gaylord National to our portfolio, where we already have 1.5 million room nights on the books for all future years, and future opportunities to expand our network, we are optimistic about the success of our long-term growth strategies and the greater potential of our brand.”

At the property level, Gaylord Opryland generated revenue of $73.5 million in the second quarter of 2008, a 3.0 percent increase compared to the prior-year quarter, largely a result of a shift toward more corporate business groups, which drove higher ADR. Second quarter RevPAR decreased 4.0 percent to $124.54 compared to $129.69 in the same period last year driven by an 8.3 point decline in occupancy. Total RevPAR decreased slightly to $280.68 in the second quarter of 2008 compared to the prior-year quarter. CCF increased 8.5 percent to $23.1 million, versus $21.3 million in the year-ago quarter due to successful cost control initiatives, the collection of cancellation and attrition payments and an increase in

resort fees. CCF margin increased 160 basis points for the quarter to 31.4 percent, compared to the 29.8 percent CCF margin in the prior-year quarter. Operating statistics for the second quarter of 2007 reflect 12,574 room nights out of available inventory due to the Opryland room renovation. Completed in February 2008, this did not impact availability during the second quarter of this year.

Gaylord Palms posted revenue of $47.8 million in the second quarter of 2008, an increase of 3.6 percent compared to $46.1 million in the prior-year quarter. Second quarter RevPAR increased 8.3 percent to $152.89 compared to $141.23 in the same quarter last year, aided by an uptick in ADR and an increase in transient room nights. Total RevPAR increased 3.6 percent to $373.45. Driven by a 3.2 percent increase in group ADR, CCF increased to $16.0 million compared to $14.2 million in the prior-year quarter, resulting in a CCF margin of 33.4 percent, a 260 basis point increase from the prior-year quarter.

Gaylord Texan revenue was $48.0 million in the second quarter of 2008, down slightly from $48.4 million in the prior-year quarter. RevPAR in the second quarter increased 1.0 percent to $132.56 due to a 2.6 percent increase in ADR. Total RevPAR decreased 0.9 percent to $348.95. CCF increased 4.0 percent to $15.9 million in the second quarter of 2008, versus $15.3 million in the prior-year quarter, resulting in a 33.1 percent CCF margin, a 160 basis point increase from the prior-year quarter. The increase in CCF was primarily due to the increased ADR, an increase in attrition and cancellation fee collections in the quarter and lower commissions.

Gaylord National revenue was $61.8 million in the second quarter of 2008. RevPAR in the second quarter was $143.19. Total RevPAR was $359.02, driven by solid results in the banquets department and high outside-the-room spend. CCF was $14.1 million in the second quarter of 2008, resulting in a 22.7 percent CCF margin. During the quarter, advanced bookings for all future years reached approximately 1.5 million room nights. The Company spent an additional $90.2 million in the second quarter of 2008 on development of the property, bringing total capital expenditures for the hotel to date to $936.9 million.

Opry and Attractions

Opry and Attractions segment revenue increased 17.0 percent to $24.5 million in the second quarter of 2008, compared to $20.9 million in the year-ago quarter. The segment’s CCF decreased to $4.6 million in the second quarter of 2008 from $4.7 million in the prior-year quarter.

Corporate and Other

Corporate and Other operating loss totaled $12.8 million in the second quarter of 2008 compared to an operating loss of $13.9 million in the same period last year. Corporate and Other CCF in the second quarter of 2008 increased 13.3 percent to a loss of $9.9 million compared to a loss of $11.4 million in the same period last year.

Liquidity

As of June 30, 2008, the Company had long-term debt outstanding, including current portion, of $1,247.1 million and unrestricted and restricted cash of $33.3 million. At the end of the second quarter of 2008, $324.3 million of the Company’s $1.0 billion credit facility remained undrawn, which included $10.7 million in letters of credit.

On July 28, 2008, the Company announced that it entered into a new $1.0 billion senior secured credit facility that will be available to fund the Company’s business plan. The $1.0 billion credit facility replaces the Company’s prior $1 billion facility and matures in July 2012. The new facility provides for $300 million of revolving credit and a $700 million fully drawn term loan along with an accordion feature under which the Company can increase availability by $400 million with the agreement of participating banks.

On April 2, 2008, Gaylord took receipt of $145.0 million face value in bonds issued by Prince George’s County related to construction of Gaylord National and is now recording interest income on these securities.

Outlook

The following business performance outlook is based on current information as of August 5, 2008. The Company does not expect to update guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

“Looking ahead, we believe that our core business will continue to yield solid results and that our unique model provides us with solid protection against the current market environment. That said, while demand for our hotels remains strong, we continued to experience higher levels of attrition in the quarter and we have projected similar attrition levels for the rest of this year. As we have pointed out on multiple occasions, when a group turns up with fewer delegates than they bargained for we lose the gross revenue that would have been generated had they filled their block, but we collect attrition fees that essentially cover our lost profitability. We believe that, as a result, it is prudent to trim our RevPAR and Total

RevPAR guidance for the full year 2008. Our profitability metrics remain reasonably strong and as such, we are only reducing the top end of our CCF guidance range,” Reed concluded.

		2008 New		2008 Prior
Consolidated Cash Flow
Gaylord Hotels (Same Store)		$197 – 202 Million		$197 – 207 Million
Gaylord National		$45 – 55 Million		$45 – 55 Million
Opry and Attractions		$13 – 14 Million		$13 – 14 Million
Corporate and Other		$(49 – 46) Million		$(49 – 46) Million
Gaylord Hotels Same-Store Advanced Bookings		1.3 – 1.4 Million		1.3 – 1.4 Million
Gaylord Hotels RevPAR		1% – 3%		4.5% – 7%
Gaylord Hotels Total RevPAR		1% – 3%		4% – 6%

Webcast and Replay

Gaylord Entertainment will hold a conference call to discuss this release today at 10 a.m. ET. Investors can listen to the conference call over the Internet at www.gaylordentertainment.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings, and Webcasts) at least 15 minutes prior to the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will run for at least 30 days.

About Gaylord Entertainment

Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country music’s finest performers for more than 80 consecutive years. The Company’s entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For more information about the Company, visit www.GaylordEntertainment.com.

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.  These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made.  These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the timing of the opening of new hotel facilities, increased costs and other risks associated with building and developing

new hotel facilities, the geographic concentration of our hotel properties, business levels at the Company’s hotels, our ability to successfully operate our hotels and our ability to obtain financing for new developments. 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 Securities and Exchange Commission and include the risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007. 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:
David Kloeppel, CFO		Elliot Sloane
Gaylord Entertainment		Sloane & Company
(615) 316-6101		(212) 446-1860
dkloeppel@gaylordentertainment.com		esloane@sloanepr.com
~or~		~or~
Mark Fioravanti, Senior Vice President and Treasurer		Josh Hochberg
Gaylord Entertainment		Sloane & Company
615-316-6588		(212) 446-1892
mfioravanti@gaylordentertainment.com		jhochberg@sloanepr.com
~or~
Rob Tanner, Director Investor Relations
Gaylord Entertainment
(615) 316-6572
rtanner@gaylordentertainment.com

Unaudited

(In thousands, except per share data)

		Three Months Ended								Six Months Ended
		Jun. 30,								Jun. 30,
		2008				2007				2008				2007
Revenues		$	258,269			$	189,381			$	453,504			$	371,739
Operating expenses:
Operating costs			149,043				108,771				262,531				217,324
Selling, general and administrative (a) (b)			48,114				38,691				87,656				79,491
Impairment charge			—				—				12,031				—
Preopening costs			3,246				3,230				18,821				6,175
Depreciation and amortization			28,998				19,303				50,209				38,763
Operating income			28,868				19,386				22,256				29,986
Interest expense, net of amounts capitalized			(18,548	)			(13,611	)			(22,127	)			(32,388	)
Interest income			3,773				1,630				4,097				2,147
Unrealized gain on Viacom stock and CBS stock			—				9,147				—				6,358
Unrealized (loss) gain on derivatives			—				(6,448	)			—				3,121
(Loss) income from unconsolidated companies			(454	)			2,931				(218	)			1,013
Other gains and (losses), net (c)			(9	)			140,212				50				146,075
Income before provision for income taxes			13,630				153,247				4,058				156,312
Provision for income taxes			5,082				59,631				2,358				62,039
Income from continuing operations			8,548				93,616				1,700				94,273
Income (loss) from discontinued operations, net of taxes			239				13,226				(219	)			16,033
Net income		$	8,787			$	106,842			$	1,481			$	110,306
Basic net income per share:
Income from continuing operations		$	0.21			$	2.29			$	0.04			$	2.31
Income from discontinued operations, net of taxes			0.01				0.32				—				0.39
Net income		$	0.22			$	2.61			$	0.04			$	2.70
Fully diluted net income per share:
Income from continuing operations		$	0.21			$	2.21			$	0.04			$	2.23
Income from discontinued operations, net of taxes			—				0.31				—				0.38
Net income		$	0.21			$	2.52			$	0.04			$	2.61
Weighted average common shares for the period:
Basic			40,812				40,961				41,029				40,882
Fully-diluted			41,183				42,344				41,515				42,285

CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited

(In thousands)

		Jun. 30,				Dec. 31,
		2008				2007
ASSETS
Current assets:
Cash and cash equivalents — unrestricted		$	32,046			$	23,592
Cash and cash equivalents — restricted			1,208				1,216
Trade receivables, net			71,494				31,371
Estimated fair value of derivative assets			528				—
Deferred income taxes			7,689				7,689
Other current assets			40,292				30,180
Current assets of discontinued operations			969				797
Total current assets			154,226				94,845
Property and equipment, net of accumulated depreciation			2,258,267				2,196,264
Notes receivable			150,441				—
Intangible assets, net of accumulated amortization			147				174
Goodwill			6,915				6,915
Indefinite lived intangible assets			1,480				1,480
Investments			3,956				4,143
Estimated fair value of derivative assets			2,870				2,043
Long-term deferred financing costs			12,470				14,621
Other long-term assets			24,604				16,382
Total assets		$	2,615,376			$	2,336,867
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations		$	2,101			$	2,058
Accounts payable and accrued liabilities			266,212				240,827
Current liabilities of discontinued operations			2,550				2,760
Total current liabilities			270,863				245,645
Long-term debt and capital lease obligations, net of current portion			1,244,964				979,042
Deferred income taxes			72,039				73,662
Other long-term liabilities			98,342				96,484
Long-term liabilities and minority interest of discontinued operations			519				542
Stockholders’ equity			928,649				941,492
Total liabilities and stockholders’ equity		$	2,615,376			$	2,336,867

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS
Unaudited

(in thousands, except operating metrics)

Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (“Adjusted EBITDA”) and Consolidated Cash Flow
(“CCF”) reconciliation:

		Three Months Ended Jun. 30,																Six Months Ended Jun. 30,
		2008								2007								2008								2007
		$				Margin				$				Margin				$				Margin				$				Margin
Consolidated
Revenue		$	258,269				100.0	%		$	189,381				100.0	%		$	453,504				100.0	%		$	371,739				100.0	%
Net income		$	8,787				3.4	%		$	106,842				56.4	%		$	1,481				0.3	%		$	110,306				29.7	%
(Income) loss from discontinued operations, net of taxes			(239	)			-0.1	%			(13,226	)			-7.0	%			219				0.0	%			(16,033	)			-4.3	%
Provision for income taxes			5,082				2.0	%			59,631				31.5	%			2,358				0.5	%			62,039				16.7	%
Other (gains) and losses, net			9				0.0	%			(140,212	)			-74.0	%			(50	)			0.0	%			(146,075	)			-39.3	%
Loss (income) from unconsolidated companies			454				0.2	%			(2,931	)			-1.5	%			218				0.0	%			(1,013	)			-0.3	%
Unrealized loss (gain) on derivatives			—				0.0	%			6,448				3.4	%			—				0.0	%			(3,121	)			-0.8	%
Unrealized gain on Viacom stock and CBS stock			—				0.0	%			(9,147	)			-4.8	%			—				0.0	%			(6,358	)			-1.7	%
Interest expense, net			14,775				5.7	%			11,981				6.3	%			18,030				4.0	%			30,241				8.1	%
Operating income (1)			28,868				11.2	%			19,386				10.2	%			22,256				4.9	%			29,986				8.1	%
Depreciation & amortization			28,998				11.2	%			19,303				10.2	%			50,209				11.1	%			38,763				10.4	%
Adjusted EBITDA			57,866				22.4	%			38,689				20.4	%			72,465				16.0	%			68,749				18.5	%
Pre-opening costs			3,246				1.3	%			3,230				1.7	%			18,821				4.2	%			6,175				1.7	%
Impairment charge			—				0.0	%			—				0.0	%			12,031				2.7	%			—				0.0	%
Other non-cash expenses			1,530				0.6	%			1,554				0.8	%			3,060				0.7	%			3,108				0.8	%
Stock option expense			1,793				0.7	%			1,303				0.7	%			3,319				0.7	%			2,710				0.7	%
Other gains and (losses), net (2)			(9	)			0.0	%			140,212				74.0	%			50				0.0	%			146,075				39.3	%
Gain on sale of investment in Bass Pro			—				0.0	%			(140,313	)			-74.1	%			—				0.0	%			(140,313	)			-37.7	%
Losses and (gains) on sales of assets			80				0.0	%			102				0.1	%			112				0.0	%			(4,562	)			-1.2	%
CCF		$	64,506				25.0	%		$	44,777				23.6	%		$	109,858				24.2	%		$	81,942				22.0	%
Hospitality segment
Revenue		$	233,614				100.0	%		$	168,408				100.0	%		$	411,558				100.0	%		$	334,869				100.0	%
Operating income (1)			38,417				16.4	%			30,093				17.9	%			58,334				14.2	%			54,710				16.3	%
Depreciation & amortization			25,985				11.1	%			16,262				9.7	%			44,246				10.8	%			32,687				9.8	%
Pre-opening costs			3,246				1.4	%			3,230				1.9	%			18,821				4.6	%			6,175				1.8	%
Other non-cash expenses			1,530				0.7	%			1,554				0.9	%			3,060				0.7	%			3,108				0.9	%
Stock option expense			565				0.2	%			375				0.2	%			1,035				0.3	%			798				0.2	%
Other gains and (losses), net			68				0.0	%			7				0.0	%			127				0.0	%			(3	)			0.0	%
Losses on sales of assets			3				0.0	%			—				0.0	%			35				0.0	%			—				0.0	%
CCF		$	69,814				29.9	%		$	51,521				30.6	%		$	125,658				30.5	%		$	97,475				29.1	%
Opry and Attractions segment
Revenue		$	24,474				100.0	%		$	20,922				100.0	%		$	41,590				100.0	%		$	36,764				100.0	%
Operating income			3,247				13.3	%			3,144				15.0	%			2,203				5.3	%			2,138				5.8	%
Depreciation & amortization			1,269				5.2	%			1,424				6.8	%			2,569				6.2	%			2,980				8.1	%
Stock option expense			63				0.3	%			79				0.4	%			141				0.3	%			156				0.4	%
Other gains and (losses), net			(1	)			0.0	%			14				0.1	%			(1	)			0.0	%			12				0.0	%
Losses on sales of assets			1				0.0	%			—				0.0	%			1				0.0	%			—				0.0	%
CCF		$	4,579				18.7	%		$	4,661				22.3	%		$	4,913				11.8	%		$	5,286				14.4	%
Corporate and Other segment
Revenue		$	181							$	51							$	356							$	106
Operating loss			(12,796	)							(13,851	)							(38,281	)							(26,862	)
Depreciation & amortization			1,744								1,617								3,394								3,096
Impairment charge			—								—								12,031								—
Stock option expense			1,165								849								2,143								1,756
Other gains and (losses), net (2)			(76	)							140,191								(76	)							146,066
Gain on sale of investment in Bass Pro			—								(140,313	)							—								(140,313	)
Losses (gains) on sales of assets			76								102								76								(4,562	)
CCF		$	(9,887	)						$	(11,405	)						$	(20,713	)						$	(20,819	)

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)

		Three Months Ended Jun. 30,								Six Months Ended Jun. 30,
		2008				2007				2008				2007
HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment (1) (2)
Occupancy			74.2	%			80.1	%			75.5	%			78.7	%
Average daily rate (ADR)		$	180.03			$	162.49			$	177.26			$	165.01
RevPAR		$	133.59			$	130.18			$	133.91			$	129.91
OtherPAR		$	187.50			$	180.18			$	188.25			$	179.19
Total RevPAR		$	321.09			$	310.36			$	322.16			$	309.10
Revenue		$	233,614			$	168,408			$	411,558			$	334,869
CCF (3)		$	69,814			$	51,521			$	125,658			$	97,475
CCF Margin			29.9	%			30.6	%			30.5	%			29.1	%
Gaylord Opryland (1)
Occupancy			76.4	%			84.7	%			76.2	%			79.5	%
Average daily rate (ADR)		$	162.97			$	153.04			$	160.13			$	150.30
RevPAR		$	124.54			$	129.69			$	122.03			$	119.42
OtherPAR		$	156.14			$	156.26			$	159.56			$	149.73
Total RevPAR		$	280.68			$	285.95			$	281.59			$	269.15
Revenue		$	73,535			$	71,371			$	146,126			$	134,726
CCF (3)		$	23,088			$	21,277			$	44,460			$	33,294
CCF Margin			31.4	%			29.8	%			30.4	%			24.7	%
Gaylord Palms
Occupancy			82.2	%			78.4	%			83.3	%			81.1	%
Average daily rate (ADR)		$	185.90			$	180.08			$	195.65			$	194.32
RevPAR		$	152.89			$	141.23			$	163.05			$	157.57
OtherPAR		$	220.56			$	219.35			$	238.80			$	230.26
Total RevPAR		$	373.45			$	360.58			$	401.85			$	387.83
Revenue		$	47,781			$	46,134			$	102,831			$	98,698
CCF		$	15,960			$	14,197			$	35,922			$	33,136
CCF Margin			33.4	%			30.8	%			34.9	%			33.6	%
Gaylord Texan
Occupancy			72.2	%			73.4	%			74.2	%			77.0	%
Average daily rate (ADR)		$	183.53			$	178.82			$	183.96			$	176.29
RevPAR		$	132.56			$	131.29			$	136.56			$	135.68
OtherPAR		$	216.39			$	220.95			$	213.50			$	219.06
Total RevPAR		$	348.95			$	352.24			$	350.06			$	354.74
Revenue		$	47,981			$	48,433			$	96,268			$	97,018
CCF		$	15,868			$	15,256			$	29,924			$	29,832
CCF Margin			33.1	%			31.5	%			31.1	%			30.7	%
Gaylord National (2)
Occupancy			67.5	%			n/a				67.5	%			n/a
Average daily rate (ADR)		$	212.10				n/a			$	212.10				n/a
RevPAR		$	143.19				n/a			$	143.19				n/a
OtherPAR		$	215.83				n/a			$	215.83				n/a
Total RevPAR		$	359.02				n/a			$	359.02				n/a
Revenue		$	61,839				n/a			$	61,839				n/a
CCF		$	14,061				n/a			$	14,061				n/a
CCF Margin			22.7	%			n/a				22.7	%			n/a

		Three Months Ended Jun. 30,								Six Months Ended Jun. 30,
		2008				2007				2008				2007
Nashville Radisson and Other (4)
Occupancy			67.6	%			79.4	%			64.9	%			70.0	%
Average daily rate (ADR)		$	112.04			$	97.86			$	105.94			$	98.01
RevPAR		$	75.78			$	77.75			$	68.76			$	68.64
OtherPAR		$	15.45			$	10.80			$	14.24			$	12.17
Total RevPAR		$	91.23			$	88.55			$	83.00			$	80.81
Revenue		$	2,478			$	2,470			$	4,494			$	4,427
CCF		$	837			$	791			$	1,291			$	1,213
CCF Margin			33.8	%			32.0	%			28.7	%			27.4	%
Gaylord Hospitality Segment (“Same Store”, excludes Gaylord National for Three Months and Six Months Ended June 30) (1)
Occupancy			76.3	%			80.1	%			76.8	%			78.7	%
Average daily rate (ADR)		$	171.22			$	162.49			$	172.49			$	165.01
RevPAR		$	130.61			$	130.18			$	132.47			$	129.91
OtherPAR		$	178.72			$	180.18			$	183.94			$	179.19
Total RevPAR		$	309.33			$	310.36			$	316.41			$	309.10
Revenue		$	171,775			$	168,408			$	349,719			$	334,869
CCF (3)		$	55,753			$	51,521			$	111,597			$	97,475
CCF Margin			32.5	%			30.6	%			31.9	%			29.1	%

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
RECONCILIATION OF FORWARD-LOOKING STATEMENTS
Unaudited
(in thousands, except operating metrics)

Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (“Adjusted EBITDA”) and Consolidated
Cash Flow (“CCF”) reconciliation:

		Guidance Range
		Full Year 2008
		Low				High
Hospitality segment (same store)
Estimated Operating income (loss)		$	124,500			$	127,000
Estimated Depreciation & amortization			64,000				66,000
Estimated Adjusted EBITDA		$	188,500			$	193,000
Estimated Pre-opening costs			500				550
Estimated Non-cash lease expense			6,100				6,100
Estimated Stock Option Expense			1,900				2,200
Estimated Gains and (losses), net			0				150
Estimated CCF		$	197,000			$	202,000
Gaylord National
Estimated Operating income (loss)		$	5,500			$	12,000
Estimated Depreciation & amortization			19,500				21,500
Estimated Adjusted EBITDA		$	25,000			$	33,500
Estimated Pre-opening costs			19,800				21,100
Estimated Stock Option Expense			200				300
Estimated Gains and (losses), net			0				100
Estimated CCF		$	45,000			$	55,000
Opry and Attractions segment
Estimated Operating income (loss)		$	7,700			$	8,250
Estimated Depreciation & amortization			5,000				5,250
Estimated Adjusted EBITDA		$	12,700			$	13,500
Estimated Stock Option Expense			300				450
Estimated Gains and (losses), net			0				50
Estimated CCF		$	13,000			$	14,000
Corporate and Other segment
Estimated Operating income (loss)			($61,050	)			($57,200	)
Estimated Depreciation & amortization			7,550				7,000
Estimated Adjusted EBITDA			($53,500	)			($50,200	)
Estimated Stock Option Expense			4,500				4,000
Estimated Gains and (losses), net			0				200
Estimated CCF			($49,000	)			($46,000	)