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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Ryman Hospitality Properties, Inc.
Entity Central Index Key	0001040829
Trading Symbol	RHP
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		51,436,642

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018
ASSETS:
Property and equipment, net of accumulated depreciation (including $1,010,730 and $1,018,499 from VIEs, respectively)	$ 3,147,749		$ 3,149,095
Cash and cash equivalents - unrestricted	94,873		103,437	$ 59,040
Cash and cash equivalents - restricted	51,943		45,652	$ 26,687
Notes receivable	121,923		122,209
Trade receivables, less allowance of $739 and $763, respectively (including $25,431 and $2,019 from VIEs, respectively)	109,973		67,923
Deferred income tax assets, net	39,463		40,557
Prepaid expenses and other assets (including $29,406 and $20,419 from VIEs, respectively)	90,070		78,240
Intangible assets (including $232,367 and $241,973 from VIEs, respectively)	237,175		246,770
Total assets	3,893,169		3,853,883
LIABILITIES AND EQUITY:
Debt and finance lease obligations (including $526,449 and $494,578 from VIEs, respectively)	2,485,179		2,441,895
Accounts payable and accrued liabilities (including $69,696 and $70,215 from VIEs, respectively)	285,296		274,890
Dividends payable	47,010		45,019
Deferred management rights proceeds	177,652		174,026
Operating lease liabilities	104,265	$ 100,900
Other liabilities	62,188		161,043
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	291,115		287,433
Stockholders' equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 400,000 shares authorized, 51,434 and 51,336 shares issued and outstanding, respectively	514		513
Additional paid-in capital	899,164		900,795
Treasury stock of 599 and 592 shares, at cost	(15,687)		(15,183)
Accumulated deficit	(412,905)		(388,524)
Accumulated other comprehensive loss	(30,622)		(28,024)
Total stockholders' equity	440,464		469,577
Total liabilities and stockholders' equity	$ 3,893,169		$ 3,853,883

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 3,147,749	$ 3,149,095
Trade receivables, less allowance	109,973	67,923
Prepaid expenses and other assets	90,070	78,240
Intangible assets	237,175	246,770
Liabilities [Abstract]
Debt and finance lease obligations	2,485,179	2,441,895
Accounts payable and accrued liabilities	285,296	274,890
Accounts Receivable, Net [Abstract]
Allowance for doubtful accounts receivable	$ 739	$ 763
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	51,434,000	51,336,000
Common stock, shares outstanding (in shares)	51,434,000	51,336,000
Treasury Stock, Shares [Abstract]
Treasury stock, shares (in shares)	599,000	592,000
Variable Interest Entity [Member]
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 1,010,730	$ 1,018,499
Trade receivables, less allowance	25,431	2,019
Prepaid expenses and other assets	29,406	20,419
Intangible assets	232,367	241,973
Liabilities [Abstract]
Debt and finance lease obligations	526,449	494,578
Accounts payable and accrued liabilities	$ 69,696	$ 70,215

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 370,775	$ 288,370
Operating expenses:
Total hotel operating expenses	227,023	183,918
Entertainment	25,641	19,366
Corporate	9,004	8,329
Preopening costs	2,134	2,147
Depreciation and amortization	53,009	28,666
Total operating expenses	316,811	242,426
Operating income	53,964	45,944
Interest expense	(32,087)	(16,729)
Interest income	2,908	2,753
Loss from joint ventures		(2,588)
Other gains and (losses), net	(141)	168
Income before income taxes	24,644	29,548
Provision for income taxes	(1,974)	(2,209)
Net income	22,670	27,339
Net loss attributable to noncontrolling interest in consolidated joint venture	6,738
Net income available to common stockholders	$ 29,408	$ 27,339
Basic income per share available to common stockholders	$ 0.57	$ 0.53
Diluted income per share available to common stockholders	0.57	0.53
Dividends declared per common share (in dollars per share)	$ 0.90	$ 0.85
Comprehensive income (loss)	$ 22,779	$ 27,417
Comprehensive loss, net of taxes, attributable to noncontrolling interest	6,738
Comprehensive income, net of taxes, available to common stockholders	29,517	27,417
Rooms [Member]
Revenues:
Total revenues	132,212	107,564
Operating expenses:
Total hotel operating expenses	34,969	28,928
Food and Beverage [Member]
Revenues:
Total revenues	171,143	132,939
Operating expenses:
Total hotel operating expenses	91,359	71,978
Hotel, Other [Member]
Revenues:
Total revenues	34,155	24,608
Operating expenses:
Total hotel operating expenses	90,939	75,882
Management Service [Member]
Operating expenses:
Total hotel operating expenses	9,756	7,130
Entertainment [Member]
Revenues:
Total revenues	$ 33,265	$ 23,259

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 22,670	$ 27,339
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision (benefit) for deferred income taxes	1,100	1,779
Depreciation and amortization	53,009	28,666
Amortization of deferred financing costs	1,927	1,415
(Income) loss from joint ventures		2,588
Stock-based compensation expense	2,026	1,923
Changes in:
Trade receivables	(42,050)	(8,733)
Accounts payable and accrued liabilities	17,632	(11,385)
Other assets and liabilities	(1,754)	336
Net cash flows provided by operating activities	54,560	43,928
Cash Flows from Investing Activities:
Purchases of property and equipment	(48,873)	(47,588)
Other investing activities	(229)	(4,215)
Net cash flows used in investing activities	(49,102)	(51,803)
Cash Flows from Financing Activities:
Net borrowings under revolving credit facility	10,000	56,500
Payment of dividends	(44,420)	(41,000)
Payment of tax withholdings for share-based compensation	(3,813)	(602)
Other financing activities	1,605	(6)
Net cash flows provided by (used in) financing activities	(7,731)	14,892
Net change in cash, cash equivalents, and restricted cash	(2,273)	7,017
Cash, cash equivalents, and restricted cash, beginning of period	149,089	78,710
Cash, cash equivalents, and restricted cash, end of period	146,816	$ 85,727
Gaylord Rockies [Member]
Cash Flows from Financing Activities:
Borrowings under Gaylord Rockies construction and mezzanine loans	$ 28,897

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents - unrestricted	$ 94,873	$ 103,437	$ 59,040
Cash and cash equivalents - restricted	51,943	45,652	26,687
Cash, cash equivalents, and restricted cash, end of period	$ 146,816	$ 149,089	$ 85,727	$ 78,710

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]	Total
Beginning balance at Dec. 31, 2017	$ 512	$ 896,759	$ (13,253)	$ (479,170)	$ (26,692)		$ 378,156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				27,339			27,339
Other comprehensive income, net of income taxes					78		78
Payment of dividend		167	(454)	(43,461)			(43,748)
Restricted stock units and stock options surrendered	1	(3,692)					(3,691)
Stock-based compensation expense		1,923					1,923
Ending balance at Mar. 31, 2018	513	895,157	(13,707)	(495,426)	(26,614)		359,923
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transition adjustment related to adoption of ASU \| ASU 2014-09 [Member]				(134)			(134)
Beginning balance at Dec. 31, 2018	513	900,795	(15,183)	(388,524)	(28,024)		469,577
Beginning balance at Dec. 31, 2018						$ 287,433	287,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				29,408		(6,738)	29,408
Adjustment of noncontrolling interest to redemption value				(10,420)		10,420	(10,420)
Other comprehensive income, net of income taxes					109		109
Payment of dividend		168	(504)	(46,076)			(46,412)
Restricted stock units and stock options surrendered	1	(3,825)					(3,824)
Stock-based compensation expense		2,026					2,026
Ending balance at Mar. 31, 2019	$ 514	$ 899,164	$ (15,687)	(412,905)	(30,622)		440,464
Ending balance at Mar. 31, 2019						$ 291,115	$ 291,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transition adjustment related to adoption of ASU				$ 2,707	$ (2,707)

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2019
Basis of Presentation
Basis of Presentation	1. BASIS OF PRESENTATION: On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“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 upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”) and the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National. The Company also owns a 61.2% interest in a joint venture (the “Gaylord Rockies joint venture”) that owns the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which opened in December 2018 and is managed by Marriott. As further discussed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018, management has concluded that the Company is the primary beneficiary of this variable interest entity. As such, the Company has consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the joint venture that the Company does not own is recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statement of stockholders’ equity. Creditors of the Gaylord Rockies joint venture have no recourse to the general credit of the Company, except as discussed in Note 13, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein. The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces, with a flagship location in Nashville that opened in May 2018; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links, the Wildhorse Saloon, and the General Jackson Showboat. The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations. The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other. Newly Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016‑02, “Leases,” that requires lessees to record most leases on their balance sheet but recognize expenses on their income statements in a manner similar to previous accounting. The ASU also eliminates the required use of bright-line tests for determining lease classification. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach. Existing leases were recorded at the adoption date and comparative periods were not restated and are presented based on previously existing guidance. The Company also adopted several practical expedients, which allowed the Company to avoid reassessing (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. In addition, the Company elected to adopt a practical expedient that allows the Company to avoid reassessing existing or expired land easements that were not previously accounted for as a lease, as well as a practical expedient that allows the Company to avoid separating nonlease components from lease components and instead to account for each separate lease component and related nonlease component as a single lease component. As permitted, the Company has elected to not apply the recognition requirements of this ASU to short-term leases. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $100.9 million as of January 1, 2019. However, after consideration of the Company’s previous straight-line lease liability of $100.1 million, as discussed more fully in the Company’s 2018 Annual Report on Form 10-K, the Company recorded $0.8 million in net right-of-use assets related to its operating leases as of January 1, 2019, which are recorded in prepaid expenses and other assets in the accompanying condensed consolidated financial statements. See Note 5 and Note 9 for additional disclosures regarding the Company’s leases. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” which will change how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. An entity will apply these amendments with a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For debt securities for which an other-than-temporary impairment has been previously recognized, a prospective transition approach is required. The ASU is effective for the Company in the first quarter of 2020. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (“TCJA”). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the TCJA’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the TCJA but do not directly relate to the change in the federal tax rate. The Company adopted this ASU in the first quarter of 2019, and the Company recorded a transition adjustment of $2.7 million, which is reflected as a reclassification from accumulated other comprehensive loss to accumulated deficit in the accompanying condensed consolidated financial statements.

Revenues

3 Months Ended

Mar. 31, 2019

Revenues

Revenues

2. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Hotel group rooms	$	102,692	$	83,217
Hotel transient rooms		29,520		24,347
Hotel food and beverage - banquets		126,196		96,268
Hotel food and beverage - outlets		44,947		36,671
Hotel other		34,155		24,608
Entertainment admissions/ticketing		13,623		10,860
Entertainment food and beverage		12,039		6,581
Entertainment retail and other		7,603		5,818
Total revenues	$	370,775	$	288,370

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Gaylord Opryland	$	88,958	$	82,745
Gaylord Palms		59,917		57,896
Gaylord Texan		72,039		58,357
Gaylord National		65,630		60,756
Gaylord Rockies		45,243		—
AC Hotel		2,435		2,371
Inn at Opryland and other		3,288		2,986
Total Hospitality segment revenues	$	337,510	$	265,111

Almost all of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its Entertainment segment. At March 31, 2019 and December 31, 2018, the Company had $94.4 million and $69.3 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2018, approximately $39.2 million was recognized in revenue during the three months ended March 31, 2019.

Income Per Share

3 Months Ended

Mar. 31, 2019

Income Per Share

Income Per Share

3. INCOME PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):


	Three Months Ended
	March 31,
	2019	2018
Weighted average shares outstanding - basic	51,349	51,214
Effect of dilutive stock-based compensation	215	259
Effect of dilutive put rights	385	—
Weighted average shares outstanding - diluted	51,949	51,473

As more fully discussed in Note 13, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein, certain affiliates of Ares Management, L.P. (“Ares”) have a put right to require the Company to purchase their joint venture interests in the Gaylord Rockies joint venture in consideration of cash or operating partnership units (“OP Units”) of RHP Hotel Properties, LP (the “Operating Partnership”). Any OP Units issued by the Operating Partnership to the certain affiliates of Ares will be redeemable at the option of the holders thereof for cash or shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability and amounts related to an other-than-temporary impairment of a held-to-maturity investment with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein, and Note 3, “Notes Receivable,” to the consolidated financial statements included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of
	Liability		Investment		Total
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	(28,024)
Amounts reclassified from accumulated other comprehensive loss		20		83		103
Income tax benefit		6		—		6
Net other comprehensive income		26		83		109
Transition adjustment related to adoption of ASU 2018-02 (see Note 1)		(2,707)		—		(2,707)
Balance, March 31, 2019	$	(24,495)	$	(6,127)	$	(30,622)


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of
	Liability		Investment		Total
Balance, December 31, 2017	$	(20,149)	$	(6,543)	$	(26,692)
Amounts reclassified from accumulated other comprehensive loss		(9)		83		74
Income tax benefit		4		—		4
Net other comprehensive income (loss)		(5)		83		78
Balance, March 31, 2018	$	(20,154)	$	(6,460)	$	(26,614)

Property and Equipment

3 Months Ended

Mar. 31, 2019

Property and Equipment

Property and Equipment

5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2019 and December 31, 2018 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):


	March 31,		December 31,
	2019		2018
Land and land improvements	$	352,143	$	347,654
Buildings		3,393,725		3,379,041
Furniture, fixtures and equipment		929,330		913,528
Right-of-use finance lease assets		1,534		—
Construction-in-progress		52,953		48,295
		4,729,685		4,688,518
Accumulated depreciation and amortization		(1,581,936)		(1,539,423)
Property and equipment, net	$	3,147,749	$	3,149,095

Notes Receivable	3 Months Ended
Notes Receivable	Mar. 31, 2019
Notes Receivable
Notes Receivable	6. NOTES RECEIVABLE: As further discussed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018, in connection with the development of Gaylord National, the Company is currently holding two issuances of governmental bonds with a total carrying value of $110.6 million and $111.0 million at March 31, 2019 and December 31, 2018, respectively. The Company receives debt service and principle payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method. During the three months ended March 31, 2019 and 2018, the Company recorded interest income of $2.6 million and $2.7 million, respectively, on these bonds. The Company received payments of $3.0 million and $3.1 million during the three months ended March 31, 2019 and 2018, respectively, relating to these notes receivable. As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, in connection with the development of certain infrastructure adjacent to Gaylord Rockies, at March 31, 2019, the Gaylord Rockies joint venture was holding two issuances of governmental bonds with a carrying value of $11.3 million and $11.2 million at March 31, 2019 and December 31, 2018, respectively. The debt service and principal payments on such bonds were payable from tax increments and special hotel rental taxes generated from the surrounding development through the maturity dates of December 1, 2030 and December 1, 2040, respectively. At March 31, 2019, the joint venture had not yet begun receiving the debt service and principal payments on these bonds. In April 2019, these bonds were redeemed by the issuer, and the joint venture received the outstanding principal and interest, which should result in no impact to the Company’s condensed consolidated statement of operations for the Company’s second quarter ending June 30, 2019.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Debt

3 Months Ended

Mar. 31, 2019

Debt

Debt

7. DEBT:

The Company’s debt and capital lease obligations at March 31, 2019 and December 31, 2018 consisted of (in thousands):


	March 31,		December 31,
	2019		2018
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing May 23, 2021, less unamortized deferred financing costs of $5,899 and $6,542	$	529,101	$	518,458
$200M Term Loan A, interest at LIBOR plus 1.50%, maturing May 23, 2022, less unamortized deferred financing costs of $1,134 and $1,220		198,866		198,780
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $5,087 and $5,307		486,163		485,943
$350M Senior Notes, interest at 5.0%, maturing April 15, 2021, less unamortized deferred financing costs of $2,134 and $2,385		347,866		347,615
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $3,879 and $4,097		396,121		395,903
$500M Construction Loan (Gaylord Rockies joint venture), interest at LIBOR plus 3.25%, maturing December 18, 2019, less unamortized deferred financing costs of $1,355 and $1,807		485,626		457,090
$39M Mezzanine Loan (Gaylord Rockies joint venture), interest at LIBOR plus 7.00%, maturing December 18, 2019, less unamortized deferred financing costs of $170 and $227		38,358		37,488
Finance lease obligations		1,401		618
Other		1,677		—
Total debt	$	2,485,179	$	2,441,895

Amounts due within one year consist of amounts outstanding under the $500 million construction loan and the $39 million mezzanine loan for the Gaylord Rockies joint venture, as well as the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018.

At March 31, 2019, the Company was in compliance with all of its covenants related to its outstanding debt.

Deferred Management Rights Proceeds	3 Months Ended
Deferred Management Rights Proceeds	Mar. 31, 2019
Deferred Management Rights Proceeds
Deferred Management Rights Proceeds	8. DEFERRED MANAGEMENT RIGHTS PROCEEDS: On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. The Company allocated $190.0 million of the purchase price to the Management Rights, based on the Company’s estimates of the fair values for the respective components. For financial accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight line basis over the 65‑year term of the hotel management agreements, including extensions, as a reduction in management fee expense.

Leases

3 Months Ended

Mar. 31, 2019

Leases

Leases

9. LEASES:

The Company is a lessee of a 65.3 acre site in Osceola County, Florida on which Gaylord Palms is located, building or land leases for Ole Red Gatlinburg, Ole Red Orlando and Ole Red Tishomingo, various warehouse, and general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through January 2101, at the Company’s discretion. The leases for Ole Red locations range from three to ten years, with renewal options ranging from one to forty years, at the Company’s discretion. Extension options are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applied judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “Leases”. The Company calculated its incremental borrowing rate by utilizing judgments and estimates regarding the Company’s secured borrowing rates, market credit rating, comparable bond yield curve, and adjustments to market yield curves to determine a securitized rate.

The Company’s lease costs for the three months ended March 31, 2019 are as follows (in thousands):


Operating lease cost	$	3,346
Finance lease cost:
Amortization of right-of-use assets		41
Interest on lease liabilities		17
Net lease cost	$	3,404

Lease expense for operating leases for the three months ended March 31, 2018 was $3.2 million.

Future minimum lease payments under non-cancelable leases at March 31, 2019 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	5,738	$	244
Year 2		5,947		244
Year 3		5,735		235
Year 4		5,867		218
Year 5		5,641		161
Years thereafter		578,442		635
Total future minimum lease payments		607,370		1,737
Less amount representing interest		(503,105)		(336)
Total present value of minimum payments	$	104,265	$	1,401

The remaining lease term and discount rate for the Company’s leases are as follows:


Weighted-average remaining lease term (years):
Operating leases	51.6	years
Finance leases	10.7	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%

Stock Plans	3 Months Ended
Stock Plans	Mar. 31, 2019
Stock Plans
Stock Plans	10. STOCK PLANS: During the three months ended March 31, 2019, the Company granted 0.1 million restricted stock units with a weighted-average grant date fair value of $91.05 per unit. There were 0.3 million and 0.4 million restricted stock units outstanding at March 31, 2019 and December 31, 2018, respectively. The compensation expense that has been charged against pre-tax income for all of the Company’s stock-based compensation plans was $2.0 million and $1.9 million for the three months ended March 31, 2019 and 2018, respectively.

Pension and Postretirement Benefits Other Than Pension Plans

3 Months Ended

Mar. 31, 2019

Pension and Postretirement Benefits Other Than Pension Plans

Pension and Postretirement Benefits Other Than Pension Plans

11. PENSION AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS:

Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Interest cost	$	878	$	811
Expected return on plan assets		(944)		(1,102)
Amortization of net actuarial loss		287		255
Total net periodic pension (income) expense	$	221	$	(36)

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Interest cost	$	25	$	24
Amortization of net actuarial loss		61		64
Amortization of prior service credit		(328)		(328)
Total net postretirement benefit income	$	(242)	$	(240)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2019
Income Taxes
Income Taxes	12. INCOME TAXES: The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries. The Company recorded an income tax provision of $2.0 million and $2.2 million for the three months ended March 31, 2019 and 2018, respectively. These results differ from the statutory rate primarily due to the REIT dividends paid deduction. At March 31, 2019 and December 31, 2018, the Company had no unrecognized tax benefits.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES: Pursuant to the Gaylord Rockies joint venture agreements, certain affiliates of Ares have a put right to require the Company to purchase their joint venture interests at a defined appraised value during an annual window period, or under certain other circumstances, in consideration of cash or OP Units of the Operating Partnership. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock. Any OP Units issued by the Operating Partnership to the Ares affiliates will be redeemable at the option of the holders thereof for cash or shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. Affiliates of RIDA Development Corporation (“RIDA”) also have a put right at a defined appraised value for cash, which will become exercisable at the earlier of December 31, 2023 or the date on which a certain change of control of RIDA occurs. In connection with its investment in the Gaylord Rockies joint venture, the Company has provided a completion guarantee under each of the construction loan and mezzanine loan capped at its pro rata share of all costs necessary to complete the project within the time specified in the Gaylord Rockies joint venture’s loan documents. As of March 31, 2019, the Company had not recorded any liability in the condensed consolidated balance sheet associated with these guarantees. The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control. The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2019
Stockholders' Equity
Stockholders' Equity	14. STOCKHOLDERS’ EQUITY: On February 26, 2019, the Company’s board of directors declared the Company’s first quarter 2019 cash dividend in the amount of $0.90 per share of common stock, or an aggregate of approximately $46.3 million in cash, which was paid on April 15, 2019 to stockholders of record as of the close of business on March 29, 2019.

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Measurements

Fair Value Measurements

15. FAIR VALUE MEASUREMENTS:

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

At March 31, 2019 and December 31, 2018, the Company held certain assets that are required to be measured at fair value on a recurring basis. These included investments held in conjunction with the Company’s non-qualified contributory deferred compensation plan. These investments consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1.

The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument.

The Company had no liabilities required to be measured at fair value at March 31, 2019 and December 31, 2018. The Company’s assets measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018, were as follows (in thousands):


			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	26,520	$	26,520	$	—	$	—
Total assets measured at fair value	$	26,520	$	26,520	$	—	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	24,687	$	24,687	$	—	$	—
Total assets measured at fair value	$	24,687	$	24,687	$	—	$	—

The remainder of the assets and liabilities held by the Company at March 31, 2019 are not required to be recorded at fair value, and the carrying value of these assets and liabilities approximate fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Reporting By Business Segments

3 Months Ended

Mar. 31, 2019

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture (which is consolidated below beginning January 1, 2019);

Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, and the Company’s Nashville-based attractions; and

Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):


	Three Months Ended
	March 31,
	2019		2018
Revenues:
Hospitality	$	337,510	$	265,111
Entertainment		33,265		23,259
Corporate and Other		—		—
Total	$	370,775	$	288,370

Depreciation and amortization:
Hospitality	$	50,133	$	26,200
Entertainment		2,479		1,957
Corporate and Other		397		509
Total	$	53,009	$	28,666

Operating income:
Hospitality	$	60,354	$	54,993
Entertainment		5,145		1,936
Corporate and Other		(9,401)		(8,838)
Preopening costs		(2,134)		(2,147)
Total operating income		53,964		45,944
Interest expense		(32,087)		(16,729)
Interest income		2,908		2,753
Loss from joint ventures		—		(2,588)
Other gains and (losses), net		(141)		168
Income before income taxes	$	24,644	$	29,548

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2019
Subsequent Event
Subsequent Event	17. SUBSEQUENT EVENT: On April 24, 2019, a subsidiary of the Company announced that it has entered into a joint venture with Gray Television, Inc. to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle. The Company acquired a 50% equity interest in this joint venture for an initial capital contribution of $2.0 million. In addition, the joint venture agreement requires the Company to contribute up to an additional $13.0 million through December 31, 2021. The Company expects to account for its investment in this joint venture under the equity method of accounting.

Information Concerning Guarantor and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2019

Information Concerning Guarantor and Non-Guarantor Subsidiaries

Information Concerning Guarantor and Non-Guarantor Subsidiaries

18. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes were each issued by the Operating Partnership and RHP Finance Corporation and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s Fifth Amended and Restated Credit Agreement, as amended (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the Company’s $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes.

The following condensed consolidating financial information includes certain allocations of expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2019


(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,639,699	$	1,508,050	$	—	$	3,147,749
Cash and cash equivalents - unrestricted		46		2,242		48		92,537		—		94,873
Cash and cash equivalents - restricted		—		—		—		51,943		—		51,943
Notes receivable		—		—		—		121,923		—		121,923
Trade receivables, less allowance		—		—		—		109,973		—		109,973
Deferred income tax assets, net		—		—		(443)		39,906		—		39,463
Prepaid expenses and other assets		—		2,993		—		106,755		(19,678)		90,070
Intangible assets		—		—		—		237,175		—		237,175
Intercompany receivables, net		—		—		1,955,030		—		(1,955,030)		—
Investments		1,079,220		2,950,458		710,297		1,898,757		(6,638,732)		—
Total assets	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,958,117	$	—	$	530,038	$	(2,976)	$	2,485,179
Accounts payable and accrued liabilities		62		23,343		9,551		264,501		(12,161)		285,296
Dividends payable		47,010		—		—		—		—		47,010
Deferred management rights proceeds		—		—		—		177,652		—		177,652
Operating lease liabilities		—		—		101,232		7,574		(4,541)		104,265
Other liabilities		—		—		—		62,188		—		62,188
Intercompany payables, net		591,730		898,165		—		465,135		(1,955,030)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		291,115		—		291,115
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		514		1		1		2,387		(2,389)		514
Additional paid-in-capital		899,164		455,253		2,895,842		2,668,134		(6,019,229)		899,164
Treasury stock		(15,687)		—		—		—		—		(15,687)
Accumulated deficit		(412,905)		(379,186)		1,298,005		(271,083)		(647,736)		(412,905)
Accumulated other comprehensive loss		(30,622)		—		—		(30,622)		30,622		(30,622)
Total stockholders' equity		440,464		76,068		4,193,848		2,368,816		(6,638,732)		440,464
Total liabilities and stockholders' equity	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018


(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,646,946	$	1,502,149	$	—	$	3,149,095
Cash and cash equivalents - unrestricted		81		657		54		102,645		—		103,437
Cash and cash equivalents - restricted		—		—		—		45,652		—		45,652
Notes receivable		—		—		—		122,209		—		122,209
Trade receivables, less allowance		—		—		—		67,923		—		67,923
Deferred income tax assets, net		—		—		(444)		41,001		—		40,557
Prepaid expenses and other assets		—		34		—		79,460		(1,254)		78,240
Intangible assets		—		—		—		246,770		—		246,770
Intercompany receivables, net		—		—		1,895,086		—		(1,895,086)		—
Investments		1,101,740		2,950,457		710,516		1,898,756		(6,661,469)		—
Total assets	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,946,699	$	—	$	495,196	$	—	$	2,441,895
Accounts payable and accrued liabilities		50		13,752		7,253		255,089		(1,254)		274,890
Dividends payable		45,019		—		—		—		—		45,019
Deferred management rights proceeds		—		—		—		174,026		—		174,026
Other liabilities		—		—		100,068		60,975		—		161,043
Intercompany payables, net		587,175		846,478		—		461,433		(1,895,086)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		287,433		—		287,433
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		513		1		1		2,387		(2,389)		513
Additional paid-in-capital		900,795		499,122		2,895,842		2,668,134		(6,063,098)		900,795
Treasury stock		(15,183)		—		—		—		—		(15,183)
Accumulated deficit		(388,524)		(354,904)		1,248,994		(270,084)		(624,006)		(388,524)
Accumulated other comprehensive loss		(28,024)		—		—		(28,024)		28,024		(28,024)
Total stockholders' equity		469,577		144,219		4,144,837		2,372,413		(6,661,469)		469,577
Total liabilities and stockholders' equity	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss), net of taxes	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

Revenues:
Rooms	$	—	$	—	$	—	$	107,564	$	—	$	107,564
Food and beverage		—		—		—		132,939		—		132,939
Other hotel revenue		—		—		76,243		29,238		(80,873)		24,608
Entertainment		—		—		—		23,283		(24)		23,259
Total revenues		—		—		76,243		293,024		(80,897)		288,370
Operating expenses:
Rooms		—		—		—		28,928		—		28,928
Food and beverage		—		—		—		71,978		—		71,978
Other hotel expenses		—		—		11,827		140,187		(76,132)		75,882
Management fees, net		—		—		—		7,130		—		7,130
Total hotel operating expenses		—		—		11,827		248,223		(76,132)		183,918
Entertainment		—		—		—		19,390		(24)		19,366
Corporate		63		361		—		7,905		—		8,329
Preopening costs		—		—		—		2,147		—		2,147
Corporate overhead allocation		2,615		—		2,126		—		(4,741)		—
Depreciation and amortization		—		—		14,730		13,936		—		28,666
Total operating expenses		2,678		361		28,683		291,601		(80,897)		242,426
Operating income (loss)		(2,678)		(361)		47,560		1,423		—		45,944
Interest expense		—		(16,723)		—		(6)		—		(16,729)
Interest income		—		—		—		2,753		—		2,753
Loss from joint ventures		—		—		—		(2,588)		—		(2,588)
Other gains and (losses), net		—		—		—		168		—		168
Income (loss) before income taxes		(2,678)		(17,084)		47,560		1,750		—		29,548
(Provision) benefit for income taxes		—		—		365		(2,574)		—		(2,209)
Equity in subsidiaries’ earnings, net		30,017		—		—		—		(30,017)		—
Net income (loss)	$	27,339	$	(17,084)	$	47,925	$	(824)	$	(30,017)	$	27,339
Comprehensive income (loss)	$	27,417	$	(17,084)	$	47,925	$	(746)	$	(30,095)	$	27,417

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2019


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated

Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560

Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Other investing activities		—		—		—		(229)		—		(229)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)

Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)

Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated

Net cash provided by (used in) operating activities	$	41,643	$	(57,008)	$	29,680	$	29,613	$	—	$	43,928

Purchases of property and equipment		—		—		(29,681)		(17,907)		—		(47,588)
Other investing activities		—		—		—		(4,215)		—		(4,215)
Net cash used in investing activities		—		—		(29,681)		(22,122)		—		(51,803)

Net borrowings under revolving credit facility		—		56,500		—		—		—		56,500
Payment of dividends		(41,000)		—		—		—		—		(41,000)
Payment of tax withholdings for share-based compensation		(602)		—		—		—		—		(602)
Other financing activities		—		—		—		(6)		—		(6)
Net cash provided by (used in) financing activities		(41,602)		56,500		—		(6)		—		14,892

Net change in cash, cash equivalents, and restricted cash		41		(508)		(1)		7,485		—		7,017
Cash, cash equivalents, and restricted cash, beginning of period		38		759		36		77,877		—		78,710
Cash, cash equivalents, and restricted cash, end of period	$	79	$	251	$	35	$	85,362	$	—	$	85,727

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2019
Basis of Presentation
Newly Issued Accounting Standards	Newly Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016‑02, “Leases,” that requires lessees to record most leases on their balance sheet but recognize expenses on their income statements in a manner similar to previous accounting. The ASU also eliminates the required use of bright-line tests for determining lease classification. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach. Existing leases were recorded at the adoption date and comparative periods were not restated and are presented based on previously existing guidance. The Company also adopted several practical expedients, which allowed the Company to avoid reassessing (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. In addition, the Company elected to adopt a practical expedient that allows the Company to avoid reassessing existing or expired land easements that were not previously accounted for as a lease, as well as a practical expedient that allows the Company to avoid separating nonlease components from lease components and instead to account for each separate lease component and related nonlease component as a single lease component. As permitted, the Company has elected to not apply the recognition requirements of this ASU to short-term leases. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $100.9 million as of January 1, 2019. However, after consideration of the Company’s previous straight-line lease liability of $100.1 million, as discussed more fully in the Company’s 2018 Annual Report on Form 10-K, the Company recorded $0.8 million in net right-of-use assets related to its operating leases as of January 1, 2019, which are recorded in prepaid expenses and other assets in the accompanying condensed consolidated financial statements. See Note 5 and Note 9 for additional disclosures regarding the Company’s leases. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments,” which will change how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. An entity will apply these amendments with a modified-retrospective approach, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. For debt securities for which an other-than-temporary impairment has been previously recognized, a prospective transition approach is required. The ASU is effective for the Company in the first quarter of 2020. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (“TCJA”). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the TCJA’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the TCJA but do not directly relate to the change in the federal tax rate. The Company adopted this ASU in the first quarter of 2019, and the Company recorded a transition adjustment of $2.7 million, which is reflected as a reclassification from accumulated other comprehensive loss to accumulated deficit in the accompanying condensed consolidated financial statements.
Revenue Recognition	Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.
Deferred Revenue	The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its Entertainment segment.

Revenues (Tables)

3 Months Ended

Mar. 31, 2019

Revenues

Revenues Disaggregated by Major Source

The Company’s revenues disaggregated by major source are as follows (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Hotel group rooms	$	102,692	$	83,217
Hotel transient rooms		29,520		24,347
Hotel food and beverage - banquets		126,196		96,268
Hotel food and beverage - outlets		44,947		36,671
Hotel other		34,155		24,608
Entertainment admissions/ticketing		13,623		10,860
Entertainment food and beverage		12,039		6,581
Entertainment retail and other		7,603		5,818
Total revenues	$	370,775	$	288,370

Hospitality Segment Revenues Disaggregated by Location

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):


	Three Months Ended
	March 31,
	2019		2018
Gaylord Opryland	$	88,958	$	82,745
Gaylord Palms		59,917		57,896
Gaylord Texan		72,039		58,357
Gaylord National		65,630		60,756
Gaylord Rockies		45,243		—
AC Hotel		2,435		2,371
Inn at Opryland and other		3,288		2,986
Total Hospitality segment revenues	$	337,510	$	265,111

Income Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Income Per Share

Weighted Average Number of Common Shares Outstanding

The weighted average number of common shares outstanding is calculated as follows (in thousands):


	Three Months Ended
	March 31,
	2019	2018
Weighted average shares outstanding - basic	51,349	51,214
Effect of dilutive stock-based compensation	215	259
Effect of dilutive put rights	385	—
Weighted average shares outstanding - diluted	51,949	51,473

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of
	Liability		Investment		Total
Balance, December 31, 2018	$	(21,814)	$	(6,210)	$	(28,024)
Amounts reclassified from accumulated other comprehensive loss		20		83		103
Income tax benefit		6		—		6
Net other comprehensive income		26		83		109
Transition adjustment related to adoption of ASU 2018-02 (see Note 1)		(2,707)		—		(2,707)
Balance, March 31, 2019	$	(24,495)	$	(6,127)	$	(30,622)


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of
	Liability		Investment		Total
Balance, December 31, 2017	$	(20,149)	$	(6,543)	$	(26,692)
Amounts reclassified from accumulated other comprehensive loss		(9)		83		74
Income tax benefit		4		—		4
Net other comprehensive income (loss)		(5)		83		78
Balance, March 31, 2018	$	(20,154)	$	(6,460)	$	(26,614)

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2019

Property and Equipment

Property and Equipment


	March 31,		December 31,
	2019		2018
Land and land improvements	$	352,143	$	347,654
Buildings		3,393,725		3,379,041
Furniture, fixtures and equipment		929,330		913,528
Right-of-use finance lease assets		1,534		—
Construction-in-progress		52,953		48,295
		4,729,685		4,688,518
Accumulated depreciation and amortization		(1,581,936)		(1,539,423)
Property and equipment, net	$	3,147,749	$	3,149,095

Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt

Summary of Debt and Capital Lease Obligations

The Company’s debt and capital lease obligations at March 31, 2019 and December 31, 2018 consisted of (in thousands):


	March 31,		December 31,
	2019		2018
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing May 23, 2021, less unamortized deferred financing costs of $5,899 and $6,542	$	529,101	$	518,458
$200M Term Loan A, interest at LIBOR plus 1.50%, maturing May 23, 2022, less unamortized deferred financing costs of $1,134 and $1,220		198,866		198,780
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $5,087 and $5,307		486,163		485,943
$350M Senior Notes, interest at 5.0%, maturing April 15, 2021, less unamortized deferred financing costs of $2,134 and $2,385		347,866		347,615
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $3,879 and $4,097		396,121		395,903
$500M Construction Loan (Gaylord Rockies joint venture), interest at LIBOR plus 3.25%, maturing December 18, 2019, less unamortized deferred financing costs of $1,355 and $1,807		485,626		457,090
$39M Mezzanine Loan (Gaylord Rockies joint venture), interest at LIBOR plus 7.00%, maturing December 18, 2019, less unamortized deferred financing costs of $170 and $227		38,358		37,488
Finance lease obligations		1,401		618
Other		1,677		—
Total debt	$	2,485,179	$	2,441,895

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases

Schedule of Company's Lease Cost

The Company’s lease costs for the three months ended March 31, 2019 are as follows (in thousands):


Operating lease cost	$	3,346
Finance lease cost:
Amortization of right-of-use assets		41
Interest on lease liabilities		17
Net lease cost	$	3,404

Summary of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable leases at March 31, 2019 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	5,738	$	244
Year 2		5,947		244
Year 3		5,735		235
Year 4		5,867		218
Year 5		5,641		161
Years thereafter		578,442		635
Total future minimum lease payments		607,370		1,737
Less amount representing interest		(503,105)		(336)
Total present value of minimum payments	$	104,265	$	1,401

Summary of Maturities of Finance Lease Liabilities


	Operating		Finance
	Leases		Leases
Year 1	$	5,738	$	244
Year 2		5,947		244
Year 3		5,735		235
Year 4		5,867		218
Year 5		5,641		161
Years thereafter		578,442		635
Total future minimum lease payments		607,370		1,737
Less amount representing interest		(503,105)		(336)
Total present value of minimum payments	$	104,265	$	1,401

Schedule of Remaining Lease Term and Discount Rate of Leases


Weighted-average remaining lease term (years):
Operating leases	51.6	years
Finance leases	10.7	years
Weighted-average discount rate:
Operating leases	6.8	%
Finance leases	4.0	%

Pension and Postretirement Benefits Other Than Pension Plans (Tables)

3 Months Ended

Mar. 31, 2019

Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense


	Three Months Ended
	March 31,
	2019		2018
Interest cost	$	878	$	811
Expected return on plan assets		(944)		(1,102)
Amortization of net actuarial loss		287		255
Total net periodic pension (income) expense	$	221	$	(36)

Postretirement Health Coverage [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense


	Three Months Ended
	March 31,
	2019		2018
Interest cost	$	25	$	24
Amortization of net actuarial loss		61		64
Amortization of prior service credit		(328)		(328)
Total net postretirement benefit income	$	(242)	$	(240)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Measurements

Assets Measured at Fair Value on Recurring Basis


			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2019		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	26,520	$	26,520	$	—	$	—
Total assets measured at fair value	$	26,520	$	26,520	$	—	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	24,687	$	24,687	$	—	$	—
Total assets measured at fair value	$	24,687	$	24,687	$	—	$	—

Financial Reporting By Business Segments (Tables)

3 Months Ended

Mar. 31, 2019

Financial Reporting By Business Segments

Segments Internal Financial Reports

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):


	Three Months Ended
	March 31,
	2019		2018
Revenues:
Hospitality	$	337,510	$	265,111
Entertainment		33,265		23,259
Corporate and Other		—		—
Total	$	370,775	$	288,370

Depreciation and amortization:
Hospitality	$	50,133	$	26,200
Entertainment		2,479		1,957
Corporate and Other		397		509
Total	$	53,009	$	28,666

Operating income:
Hospitality	$	60,354	$	54,993
Entertainment		5,145		1,936
Corporate and Other		(9,401)		(8,838)
Preopening costs		(2,134)		(2,147)
Total operating income		53,964		45,944
Interest expense		(32,087)		(16,729)
Interest income		2,908		2,753
Loss from joint ventures		—		(2,588)
Other gains and (losses), net		(141)		168
Income before income taxes	$	24,644	$	29,548

Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2019

Basis of Presentation

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2019


(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,639,699	$	1,508,050	$	—	$	3,147,749
Cash and cash equivalents - unrestricted		46		2,242		48		92,537		—		94,873
Cash and cash equivalents - restricted		—		—		—		51,943		—		51,943
Notes receivable		—		—		—		121,923		—		121,923
Trade receivables, less allowance		—		—		—		109,973		—		109,973
Deferred income tax assets, net		—		—		(443)		39,906		—		39,463
Prepaid expenses and other assets		—		2,993		—		106,755		(19,678)		90,070
Intangible assets		—		—		—		237,175		—		237,175
Intercompany receivables, net		—		—		1,955,030		—		(1,955,030)		—
Investments		1,079,220		2,950,458		710,297		1,898,757		(6,638,732)		—
Total assets	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,958,117	$	—	$	530,038	$	(2,976)	$	2,485,179
Accounts payable and accrued liabilities		62		23,343		9,551		264,501		(12,161)		285,296
Dividends payable		47,010		—		—		—		—		47,010
Deferred management rights proceeds		—		—		—		177,652		—		177,652
Operating lease liabilities		—		—		101,232		7,574		(4,541)		104,265
Other liabilities		—		—		—		62,188		—		62,188
Intercompany payables, net		591,730		898,165		—		465,135		(1,955,030)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		291,115		—		291,115
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		514		1		1		2,387		(2,389)		514
Additional paid-in-capital		899,164		455,253		2,895,842		2,668,134		(6,019,229)		899,164
Treasury stock		(15,687)		—		—		—		—		(15,687)
Accumulated deficit		(412,905)		(379,186)		1,298,005		(271,083)		(647,736)		(412,905)
Accumulated other comprehensive loss		(30,622)		—		—		(30,622)		30,622		(30,622)
Total stockholders' equity		440,464		76,068		4,193,848		2,368,816		(6,638,732)		440,464
Total liabilities and stockholders' equity	$	1,079,266	$	2,955,693	$	4,304,631	$	4,167,019	$	(8,613,440)	$	3,893,169

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2018


(in thousands)	Parent						Non-
	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,646,946	$	1,502,149	$	—	$	3,149,095
Cash and cash equivalents - unrestricted		81		657		54		102,645		—		103,437
Cash and cash equivalents - restricted		—		—		—		45,652		—		45,652
Notes receivable		—		—		—		122,209		—		122,209
Trade receivables, less allowance		—		—		—		67,923		—		67,923
Deferred income tax assets, net		—		—		(444)		41,001		—		40,557
Prepaid expenses and other assets		—		34		—		79,460		(1,254)		78,240
Intangible assets		—		—		—		246,770		—		246,770
Intercompany receivables, net		—		—		1,895,086		—		(1,895,086)		—
Investments		1,101,740		2,950,457		710,516		1,898,756		(6,661,469)		—
Total assets	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,946,699	$	—	$	495,196	$	—	$	2,441,895
Accounts payable and accrued liabilities		50		13,752		7,253		255,089		(1,254)		274,890
Dividends payable		45,019		—		—		—		—		45,019
Deferred management rights proceeds		—		—		—		174,026		—		174,026
Other liabilities		—		—		100,068		60,975		—		161,043
Intercompany payables, net		587,175		846,478		—		461,433		(1,895,086)		—
Commitments and contingencies
Noncontrolling interest in consolidated joint venture		—		—		—		287,433		—		287,433
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		513		1		1		2,387		(2,389)		513
Additional paid-in-capital		900,795		499,122		2,895,842		2,668,134		(6,063,098)		900,795
Treasury stock		(15,183)		—		—		—		—		(15,183)
Accumulated deficit		(388,524)		(354,904)		1,248,994		(270,084)		(624,006)		(388,524)
Accumulated other comprehensive loss		(28,024)		—		—		(28,024)		28,024		(28,024)
Total stockholders' equity		469,577		144,219		4,144,837		2,372,413		(6,661,469)		469,577
Total liabilities and stockholders' equity	$	1,101,821	$	2,951,148	$	4,252,158	$	4,106,565	$	(8,557,809)	$	3,853,883

Condensed Consolidating Statement of Operations and Comprehensive Income

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2019


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

Revenues:
Rooms	$	—	$	—	$	—	$	132,212	$	—	$	132,212
Food and beverage		—		—		—		171,143		—		171,143
Other hotel revenue		—		—		80,410		48,424		(94,679)		34,155
Entertainment		—		—		—		33,789		(524)		33,265
Total revenues		—		—		80,410		385,568		(95,203)		370,775
Operating expenses:
Rooms		—		—		—		34,969		—		34,969
Food and beverage		—		—		—		91,359		—		91,359
Other hotel expenses		—		—		12,052		169,982		(91,095)		90,939
Management fees, net		—		—		—		9,756		—		9,756
Total hotel operating expenses		—		—		12,052		306,066		(91,095)		227,023
Entertainment		—		—		—		25,694		(53)		25,641
Corporate		63		451		1		8,489		—		9,004
Preopening costs		—		—		—		2,134		—		2,134
Corporate overhead allocation		997		—		3,058		—		(4,055)		—
Depreciation and amortization		—		—		16,250		36,759		—		53,009
Total operating expenses		1,060		451		31,361		379,142		(95,203)		316,811
Operating income (loss)		(1,060)		(451)		49,049		6,426		—		53,964
Interest expense		—		(23,839)		—		(8,354)		106		(32,087)
Interest income		—		8		—		3,006		(106)		2,908
Other gains and (losses), net		—		—		—		(141)		—		(141)
Income (loss) before income taxes		(1,060)		(24,282)		49,049		937		—		24,644
Provision for income taxes		—		—		(38)		(1,936)		—		(1,974)
Equity in subsidiaries’ earnings, net		23,730		—		—		—		(23,730)		—
Net income (loss)	$	22,670	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	22,670
Comprehensive income (loss), net of taxes	$	22,779	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	22,779
Net income (loss) available to common shareholders	$	29,408	$	(24,282)	$	49,011	$	(999)	$	(23,730)	$	29,408
Comprehensive income (loss), net of taxes, available to common shareholders	$	29,517	$	(24,282)	$	49,011	$	(890)	$	(23,839)	$	29,517

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated

Revenues:
Rooms	$	—	$	—	$	—	$	107,564	$	—	$	107,564
Food and beverage		—		—		—		132,939		—		132,939
Other hotel revenue		—		—		76,243		29,238		(80,873)		24,608
Entertainment		—		—		—		23,283		(24)		23,259
Total revenues		—		—		76,243		293,024		(80,897)		288,370
Operating expenses:
Rooms		—		—		—		28,928		—		28,928
Food and beverage		—		—		—		71,978		—		71,978
Other hotel expenses		—		—		11,827		140,187		(76,132)		75,882
Management fees, net		—		—		—		7,130		—		7,130
Total hotel operating expenses		—		—		11,827		248,223		(76,132)		183,918
Entertainment		—		—		—		19,390		(24)		19,366
Corporate		63		361		—		7,905		—		8,329
Preopening costs		—		—		—		2,147		—		2,147
Corporate overhead allocation		2,615		—		2,126		—		(4,741)		—
Depreciation and amortization		—		—		14,730		13,936		—		28,666
Total operating expenses		2,678		361		28,683		291,601		(80,897)		242,426
Operating income (loss)		(2,678)		(361)		47,560		1,423		—		45,944
Interest expense		—		(16,723)		—		(6)		—		(16,729)
Interest income		—		—		—		2,753		—		2,753
Loss from joint ventures		—		—		—		(2,588)		—		(2,588)
Other gains and (losses), net		—		—		—		168		—		168
Income (loss) before income taxes		(2,678)		(17,084)		47,560		1,750		—		29,548
(Provision) benefit for income taxes		—		—		365		(2,574)		—		(2,209)
Equity in subsidiaries’ earnings, net		30,017		—		—		—		(30,017)		—
Net income (loss)	$	27,339	$	(17,084)	$	47,925	$	(824)	$	(30,017)	$	27,339
Comprehensive income (loss)	$	27,417	$	(17,084)	$	47,925	$	(746)	$	(30,095)	$	27,417

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2019


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated

Net cash provided by (used in) operating activities	$	48,198	$	(8,415)	$	7,077	$	7,700	$	—	$	54,560

Purchases of property and equipment		—		—		(7,083)		(41,790)		—		(48,873)
Other investing activities		—		—		—		(229)		—		(229)
Net cash used in investing activities		—		—		(7,083)		(42,019)		—		(49,102)

Net borrowings under revolving credit facility		—		10,000		—		—		—		10,000
Borrowings under Gaylord Rockies construction and mezzanine loans		—		—		—		28,897		—		28,897
Payment of dividends		(44,420)		—		—		—		—		(44,420)
Payment of tax withholdings for share-based compensation		(3,813)		—		—		—		—		(3,813)
Other financing activities		—		—		—		1,605		—		1,605
Net cash provided by (used in) financing activities		(48,233)		10,000		—		30,502		—		(7,731)

Net change in cash, cash equivalents, and restricted cash		(35)		1,585		(6)		(3,817)		—		(2,273)
Cash, cash equivalents, and restricted cash, beginning of period		81		657		54		148,297		—		149,089
Cash, cash equivalents, and restricted cash, end of period	$	46	$	2,242	$	48	$	144,480	$	—	$	146,816

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2018


	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated

Net cash provided by (used in) operating activities	$	41,643	$	(57,008)	$	29,680	$	29,613	$	—	$	43,928

Purchases of property and equipment		—		—		(29,681)		(17,907)		—		(47,588)
Other investing activities		—		—		—		(4,215)		—		(4,215)
Net cash used in investing activities		—		—		(29,681)		(22,122)		—		(51,803)

Net borrowings under revolving credit facility		—		56,500		—		—		—		56,500
Payment of dividends		(41,000)		—		—		—		—		(41,000)
Payment of tax withholdings for share-based compensation		(602)		—		—		—		—		(602)
Other financing activities		—		—		—		(6)		—		(6)
Net cash provided by (used in) financing activities		(41,602)		56,500		—		(6)		—		14,892

Net change in cash, cash equivalents, and restricted cash		41		(508)		(1)		7,485		—		7,017
Cash, cash equivalents, and restricted cash, beginning of period		38		759		36		77,877		—		78,710
Cash, cash equivalents, and restricted cash, end of period	$	79	$	251	$	35	$	85,362	$	—	$	85,727

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Schedule of Equity Method Investments [Line Items]
Right-of-use assets		$ 100,900
Operating lease liabilities	$ 104,265	100,900
Straight-line lease liability		100,100
Right-of-use assets, net		$ 800
ASU 2018-02 Member
Schedule of Equity Method Investments [Line Items]
Cumulative prior period adjustment to retained earnings	$ 2,700
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	61.20%

Revenues - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 370,775	$ 288,370
Hotel Group Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	102,692	83,217
Hotel Transient Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	29,520	24,347
Hotel Food And Beverage Banquets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	126,196	96,268
Hotel Food And Beverage Outlets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	44,947	36,671
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	34,155	24,608
Entertainment Admissions And Ticketing [Member]
Disaggregation of Revenue [Line Items]
Total revenues	13,623	10,860
Entertainment Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	12,039	6,581
Entertainment Retail And Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,603	$ 5,818

Revenues - Hospitality Segment Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 370,775	$ 288,370
Hospitality [Member]
Disaggregation of Revenue [Line Items]
Total revenues	337,510	265,111
Hospitality [Member] \| Gaylord Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	88,958	82,745
Hospitality [Member] \| Gaylord Palms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	59,917	57,896
Hospitality [Member] \| Gaylord Texan [Member]
Disaggregation of Revenue [Line Items]
Total revenues	72,039	58,357
Hospitality [Member] \| Gaylord National [Member]
Disaggregation of Revenue [Line Items]
Total revenues	65,630	60,756
Hospitality [Member] \| Gaylord Rockies [Member]
Disaggregation of Revenue [Line Items]
Total revenues	45,243
Hospitality [Member] \| AC Hotel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	2,435	2,371
Hospitality [Member] \| Inn at Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,288	$ 2,986

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Abstract]
Deferred revenues	$ 94.4	$ 69.3
Revenue recognized	$ 39.2

Income Per Share (Details) - shares shares in Thousands	3 Months Ended
Income Per Share (Details) - shares shares in Thousands	Mar. 31, 2019	Mar. 31, 2018
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - basic (in shares)	51,349	51,214
Effect of dilutive stock-based compensation (in shares)	215	259
Effect of dilutive put rights (in shares)	385
Weighted average shares outstanding - diluted (in shares)	51,949	51,473

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 469,577
Other Comprehensive Income (Loss), Net of Tax	109	$ 78
Ending balance	440,464
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(21,814)	(20,149)
Amounts reclassified from accumulated other comprehensive loss	20	(9)
Income tax benefit	(6)	(4)
Net other comprehensive income	26	(5)
Transition adjustment related to adoption of ASU	(2,707)
Ending balance	(24,495)	(20,154)
Accumulated Other-Than-Temporary Impairment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(6,210)	(6,543)
Amounts reclassified from accumulated other comprehensive loss	83	83
Net other comprehensive income	83	83
Ending balance	(6,127)	(6,460)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(28,024)	(26,692)
Amounts reclassified from accumulated other comprehensive loss	103	74
Income tax benefit	(6)	(4)
Net other comprehensive income	109	78
Other Comprehensive Income (Loss), Net of Tax	109	78
Transition adjustment related to adoption of ASU	(2,707)
Ending balance	$ (30,622)	$ (26,614)

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset	$ 1,534
Property and Equipment, gross	4,729,685	$ 4,688,518
Accumulated depreciation and amortization	(1,581,936)	(1,539,423)
Property and equipment, net	3,147,749	3,149,095
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	352,143	347,654
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	3,393,725	3,379,041
Furniture and Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	929,330	913,528
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 52,953	$ 48,295

Notes Receivable - General Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 121,923	$ 122,209
Bonds A Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Jul. 01, 2034
Bonds A Series [Member] \| Gaylord Rockies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Dec. 01, 2030
Bonds B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Sep. 01, 2037
Bonds B Series [Member] \| Gaylord Rockies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Dec. 01, 2040
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 110,600	111,000
Bonds A and B Series [Member] \| Gaylord Rockies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 11,300	$ 11,200

Notes Receivable - Interest Income and Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 2,908	$ 2,753
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	2,600	2,700
Payment received relating to notes receivables	$ 3,000	$ 3,100

Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Finance lease obligations	$ 1,401	$ 618
Other	1,677
Total debt	2,485,179	2,441,895
$500M Construction Loan (Gaylord Rockies JV)
Debt Instrument [Line Items]
Long-term debt	485,626	457,090
$39M Mezzanine Loan (Gaylord Rockies JV)
Debt Instrument [Line Items]
Long-term debt	38,358	37,488
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	529,101	518,458
Secured Debt [Member] \| $200 Million Term Loan A [Member]
Debt Instrument [Line Items]
Long-term debt	198,866	198,780
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Long-term debt	486,163	485,943
Senior Notes [Member] \| $350 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	347,866	347,615
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 396,121	$ 395,903

Debt - General Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Debt - General Information (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
$500M Construction Loan (Gaylord Rockies JV)
Debt Instrument [Line Items]
Face amount	$ 500,000,000	$ 500,000,000
Debt instrument, maturity date	Dec. 18, 2019
Unamortized deferred financing costs	$ 1,355,000	1,807,000
$500M Construction Loan (Gaylord Rockies JV) \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	3.25%
$39M Mezzanine Loan (Gaylord Rockies JV)
Debt Instrument [Line Items]
Face amount	$ 39,000,000
Debt instrument, maturity date	Dec. 18, 2019
Unamortized deferred financing costs	$ 170,000	227,000
$39M Mezzanine Loan (Gaylord Rockies JV) \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	7.00%
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000	700,000,000
Credit facility, maturity date	May 23, 2021
Unamortized deferred financing costs	$ 5,899,000	6,542,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.55%
Secured Debt [Member] \| $200 Million Term Loan A [Member]
Debt Instrument [Line Items]
Face amount	$ 200,000,000	200,000,000
Credit facility, maturity date	May 23, 2022
Unamortized deferred financing costs	$ 1,134,000	1,220,000
Secured Debt [Member] \| $200 Million Term Loan A [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.50%
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount	$ 500,000,000	500,000,000
Debt instrument, maturity date	May 11, 2024
Unamortized deferred financing costs	$ 5,087,000	$ 5,307,000
Percentage of amortization of original principal balance (as a percent)	1.00%	1.00%
Secured Debt [Member] \| $500 Million Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.00%
Senior Notes [Member] \| $350 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 350,000,000
Stated interest rate (as a percent)	5.00%
Debt instrument, maturity date	Apr. 15, 2021
Unamortized deferred financing costs	$ 2,134,000	$ 2,385,000
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000	400,000,000
Stated interest rate (as a percent)	5.00%
Debt instrument, maturity date	Apr. 15, 2023
Unamortized deferred financing costs	$ 3,879,000	$ 4,097,000

Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 01, 2012	Mar. 31, 2019
Deferred Management Rights Proceeds
Sales price of management rights and intellectual property	$ 210.0
Purchase price to the Management Rights	$ 190.0
Term of management rights for income amortization		65 years

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2019 a
Ole Red [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	3 years
Operating lease, renewal term	1 year
Ole Red [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	10 years
Operating lease, renewal term	40 years
Land in Osceola County, Florida [Member]
Lessee, Lease, Description [Line Items]
Area of leased property	65.3
Lease expiration year	2074
Expiration date of lease under extension	Jan. 31, 2101

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Components of lease cost
Operating lease cost	$ 3,346
Finance lease cost:
Amortization of right-of-use assets	41
Interest on lease liabilities	17
Net lease cost	$ 3,404
Lease expense for operating leases		$ 3,200

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
Year 1	$ 5,738
Year 2	5,947
Year 3	5,735
Year 4	5,867
Year 5	5,641
Years thereafter	578,442
Total future minimum lease payments	607,370
Less amount representing interest	(503,105)
Total present value of minimum payments	104,265	$ 100,900
Finance Lease Liabilities, Payments, Due [Abstract]
Year 1	244
Year 2	244
Year 3	235
Year 4	218
Year 5	161
Years thereafter	635
Total future minimum lease payments	1,737
Less amount representing interest	(336)
Total present value of minimum payments	$ 1,401		$ 618

Leases - Discount Rate (Details)	Mar. 31, 2019
Weighted-average remaining lease term (years):
Operating leases	51 years 7 months 6 days
Finance leases	10 years 8 months 12 days
Operating leases	6.80%
Finance leases	4.00%

Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted stock award granted by Company (in shares)	0.1
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share)	$ 91.05
Restricted stock award, outstanding (in shares)	0.3	0.4

Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock Plans
Compensation cost on stock-based compensation plans	$ 2.0	$ 1.9

Pension and Postretirement Benefits Other Than Pension Plans - Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Plan [Member] \| Qualified Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 878	$ 811
Expected return on plan assets	(944)	(1,102)
Amortization of net actuarial loss	287	255
Total net periodic benefit cost (credit)	221	(36)
Postretirement Health Coverage [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	25	24
Amortization of net actuarial loss	61	64
Amortization of prior service credit	(328)	(328)
Total net periodic benefit cost (credit)	$ (242)	$ (240)

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Provision for income taxes	$ 1,974	$ 2,209
Unrecognized tax benefits	$ 0		$ 0

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Loss
Dividends declared per common share (in dollars per share)	$ 0.90	$ 0.85
Aggregated dividend paid	$ 46.3
Dividend payable date declared	Feb. 26, 2019
Common stock dividend payable date	Apr. 15, 2019
Dividend payable date of record	Mar. 29, 2019

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	$ 26,520	$ 24,687
Total assets measured at fair value	26,520	24,687
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	26,520	24,687
Total assets measured at fair value	$ 26,520	$ 24,687

Financial Reporting By Business Segments - General Information (Details) - segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of business segments	3	3

Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 370,775	$ 288,370
Depreciation and amortization	53,009	28,666
Preopening costs	(2,134)	(2,147)
Operating income	53,964	45,944
Interest expense	(32,087)	(16,729)
Interest income	2,908	2,753
Loss from joint ventures		(2,588)
Income before income taxes	24,644	29,548
Hospitality [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	337,510	265,111
Depreciation and amortization	50,133	26,200
Operating income	60,354	54,993
Entertainment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	33,265	23,259
Depreciation and amortization	2,479	1,957
Operating income	5,145	1,936
Corporate and Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Depreciation and amortization	397	509
Operating income	$ (9,401)	$ (8,838)

Subsequent Event (Details) - New Country Ventures [Member] - Subsequent Event [Member] $ in Millions	Apr. 24, 2019 USD ($)
Subsequent Event [Line Items]
Ownership percentage	50.00%
Initial capital contribution	$ 2.0
Additional possible contribution	$ 13.0

Information Concerning Guarantor and Non-Guarantor Subsidiaries - General Information (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) entity	Dec. 31, 2018 USD ($)
Condensed Financial Statements, Captions [Line Items]
Number of wholly owned subsidiaries \| entity	4
Ownership percentage in subsidiaries (as a percent)	100.00%
Senior Notes [Member] \| $350 Million 5% Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Face amount	$ 350,000,000
Stated interest rate (as a percent)	5.00%
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Face amount	$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	5.00%

Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018
ASSETS:
Property and equipment, net of accumulated depreciation	$ 3,147,749		$ 3,149,095
Cash and cash equivalents - unrestricted	94,873		103,437	$ 59,040
Cash and cash equivalents - restricted	51,943		45,652	$ 26,687
Notes receivable	121,923		122,209
Trade receivables, less allowance	109,973		67,923
Deferred income tax assets, net	39,463		40,557
Prepaid expenses and other assets	90,070		78,240
Intangible assets	237,175		246,770
Total assets	3,893,169		3,853,883
LIABILITIES AND EQUITY:
Debt and finance lease obligations	2,485,179		2,441,895
Accounts payable and accrued liabilities	285,296		274,890
Dividends payable	47,010		45,019
Deferred management rights proceeds	177,652		174,026
Operating Lease, Liability	104,265	$ 100,900
Other liabilities	62,188		161,043
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	291,115		287,433
Stockholders' equity:
Preferred stock
Common stock	514		513
Additional paid-in-capital	899,164		900,795
Treasury stock	(15,687)		(15,183)
Accumulated deficit	(412,905)		(388,524)
Accumulated other comprehensive loss	(30,622)		(28,024)
Total stockholders' equity	440,464		469,577
Total stockholders' equity	440,464		469,577
Total liabilities and stockholders' equity	3,893,169		3,853,883
Reportable Legal Entities [Member] \| Parent Company [Member]
ASSETS:
Cash and cash equivalents - unrestricted	46		81
Investments	1,079,220		1,101,740
Total assets	1,079,266		1,101,821
LIABILITIES AND EQUITY:
Accounts payable and accrued liabilities	62		50
Dividends payable	47,010		45,019
Intercompany payables, net	591,730		587,175
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	514		513
Additional paid-in-capital	899,164		900,795
Treasury stock	(15,687)		(15,183)
Accumulated deficit	(412,905)		(388,524)
Accumulated other comprehensive loss	(30,622)		(28,024)
Total stockholders' equity	440,464		469,577
Total stockholders' equity	440,464		469,577
Total liabilities and stockholders' equity	1,079,266		1,101,821
Reportable Legal Entities [Member] \| Subsidiary Issuer [Member]
ASSETS:
Cash and cash equivalents - unrestricted	2,242		657
Prepaid expenses and other assets	2,993		34
Investments	2,950,458		2,950,457
Total assets	2,955,693		2,951,148
LIABILITIES AND EQUITY:
Debt and finance lease obligations	1,958,117		1,946,699
Accounts payable and accrued liabilities	23,343		13,752
Intercompany payables, net	898,165		846,478
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	1		1
Additional paid-in-capital	455,253		499,122
Accumulated deficit	(379,186)		(354,904)
Total stockholders' equity	76,068		144,219
Total stockholders' equity	76,068		144,219
Total liabilities and stockholders' equity	2,955,693		2,951,148
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
ASSETS:
Property and equipment, net of accumulated depreciation	1,639,699		1,646,946
Cash and cash equivalents - unrestricted	48		54
Deferred income tax assets, net	(443)		(444)
Intercompany receivables, net	1,955,030		1,895,086
Investments	710,297		710,516
Total assets	4,304,631		4,252,158
LIABILITIES AND EQUITY:
Accounts payable and accrued liabilities	9,551		7,253
Operating Lease, Liability	101,232
Other liabilities			100,068
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	1		1
Additional paid-in-capital	2,895,842		2,895,842
Accumulated deficit	1,298,005		1,248,994
Total stockholders' equity	4,193,848		4,144,837
Total stockholders' equity	4,193,848		4,144,837
Total liabilities and stockholders' equity	4,304,631		4,252,158
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
ASSETS:
Property and equipment, net of accumulated depreciation	1,508,050		1,502,149
Cash and cash equivalents - unrestricted	92,537		102,645
Cash and cash equivalents - restricted	51,943		45,652
Notes receivable	121,923		122,209
Trade receivables, less allowance	109,973		67,923
Deferred income tax assets, net	39,906		41,001
Prepaid expenses and other assets	106,755		79,460
Intangible assets	237,175		246,770
Investments	1,898,757		1,898,756
Total assets	4,167,019		4,106,565
LIABILITIES AND EQUITY:
Debt and finance lease obligations	530,038		495,196
Accounts payable and accrued liabilities	264,501		255,089
Deferred management rights proceeds	177,652		174,026
Operating Lease, Liability	7,574
Other liabilities	62,188		60,975
Intercompany payables, net	465,135		461,433
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	291,115		287,433
Stockholders' equity:
Preferred stock
Common stock	2,387		2,387
Additional paid-in-capital	2,668,134		2,668,134
Accumulated deficit	(271,083)		(270,084)
Accumulated other comprehensive loss	(30,622)		(28,024)
Total stockholders' equity	2,368,816		2,372,413
Total stockholders' equity	2,368,816		2,372,413
Total liabilities and stockholders' equity	4,167,019		4,106,565
Consolidation, Eliminations [Member]
ASSETS:
Prepaid expenses and other assets	(19,678)		(1,254)
Intercompany receivables, net	(1,955,030)		(1,895,086)
Investments	(6,638,732)		(6,661,469)
Total assets	(8,613,440)		(8,557,809)
LIABILITIES AND EQUITY:
Debt and finance lease obligations	(2,976)
Accounts payable and accrued liabilities	(12,161)		(1,254)
Operating Lease, Liability	(4,541)
Intercompany payables, net	(1,955,030)		(1,895,086)
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	(2,389)		(2,389)
Additional paid-in-capital	(6,019,229)		(6,063,098)
Accumulated deficit	(647,736)		(624,006)
Accumulated other comprehensive loss	30,622		28,024
Total stockholders' equity	(6,638,732)		(6,661,469)
Total stockholders' equity	(6,638,732)		(6,661,469)
Total liabilities and stockholders' equity	$ (8,613,440)		$ (8,557,809)

Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 370,775	$ 288,370
Operating expenses:
Total hotel operating expenses	227,023	183,918
Entertainment	25,641	19,366
Corporate	9,004	8,329
Preopening costs	2,134	2,147
Depreciation and amortization	53,009	28,666
Total operating expenses	316,811	242,426
Operating income (loss)	53,964	45,944
Interest expense	(32,087)	(16,729)
Interest income	2,908	2,753
Loss from joint ventures		(2,588)
Other gains and (losses), net	(141)	168
Income (loss) before income taxes	24,644	29,548
(Provision) benefit for income taxes	(1,974)	(2,209)
Net income	22,670	27,339
Comprehensive income (loss)	22,779	27,417
Net income available to common stockholders	29,408	27,339
Comprehensive income, net of taxes, available to common stockholders	29,517	27,417
Rooms [Member]
Revenues:
Total revenues	132,212	107,564
Operating expenses:
Total hotel operating expenses	34,969	28,928
Food and Beverage [Member]
Revenues:
Total revenues	171,143	132,939
Operating expenses:
Total hotel operating expenses	91,359	71,978
Hotel, Other [Member]
Revenues:
Total revenues	34,155	24,608
Operating expenses:
Total hotel operating expenses	90,939	75,882
Management Service [Member]
Operating expenses:
Total hotel operating expenses	9,756	7,130
Entertainment [Member]
Revenues:
Total revenues	33,265	23,259
Reportable Legal Entities [Member] \| Parent Company [Member]
Operating expenses:
Corporate	63	63
Corporate overhead allocation	997	2,615
Total operating expenses	1,060	2,678
Operating income (loss)	(1,060)	(2,678)
Income (loss) before income taxes	(1,060)	(2,678)
Equity in subsidiaries' earnings, net	23,730	30,017
Net income	22,670	27,339
Comprehensive income (loss)	22,779	27,417
Net income available to common stockholders	29,408
Comprehensive income, net of taxes, available to common stockholders	29,517
Reportable Legal Entities [Member] \| Subsidiary Issuer [Member]
Operating expenses:
Corporate	451	361
Total operating expenses	451	361
Operating income (loss)	(451)	(361)
Interest expense	(23,839)	(16,723)
Interest income	8
Income (loss) before income taxes	(24,282)	(17,084)
Net income	(24,282)	(17,084)
Comprehensive income (loss)	(24,282)	(17,084)
Net income available to common stockholders	(24,282)
Comprehensive income, net of taxes, available to common stockholders	(24,282)
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Revenues:
Total revenues	80,410	76,243
Operating expenses:
Total hotel operating expenses	12,052	11,827
Corporate	1
Corporate overhead allocation	3,058	2,126
Depreciation and amortization	16,250	14,730
Total operating expenses	31,361	28,683
Operating income (loss)	49,049	47,560
Income (loss) before income taxes	49,049	47,560
(Provision) benefit for income taxes	(38)	365
Net income	49,011	47,925
Comprehensive income (loss)	49,011	47,925
Net income available to common stockholders	49,011
Comprehensive income, net of taxes, available to common stockholders	49,011
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member] \| Hotel, Other [Member]
Revenues:
Total revenues	80,410	76,243
Operating expenses:
Total hotel operating expenses	12,052	11,827
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Revenues:
Total revenues	385,568	293,024
Operating expenses:
Total hotel operating expenses	306,066	248,223
Entertainment	25,694	19,390
Corporate	8,489	7,905
Preopening costs	2,134	2,147
Depreciation and amortization	36,759	13,936
Total operating expenses	379,142	291,601
Operating income (loss)	6,426	1,423
Interest expense	(8,354)	(6)
Interest income	3,006	2,753
Loss from joint ventures		(2,588)
Other gains and (losses), net	(141)	168
Income (loss) before income taxes	937	1,750
(Provision) benefit for income taxes	(1,936)	(2,574)
Net income	(999)	(824)
Comprehensive income (loss)	(890)	(746)
Net income available to common stockholders	(999)
Comprehensive income, net of taxes, available to common stockholders	(890)
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Rooms [Member]
Revenues:
Total revenues	132,212	107,564
Operating expenses:
Total hotel operating expenses	34,969	28,928
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Food and Beverage [Member]
Revenues:
Total revenues	171,143	132,939
Operating expenses:
Total hotel operating expenses	91,359	71,978
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Hotel, Other [Member]
Revenues:
Total revenues	48,424	29,238
Operating expenses:
Total hotel operating expenses	169,982	140,187
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Management Service [Member]
Operating expenses:
Total hotel operating expenses	9,756	7,130
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Entertainment [Member]
Revenues:
Total revenues	33,789	23,283
Consolidation, Eliminations [Member]
Revenues:
Total revenues	(95,203)	(80,897)
Operating expenses:
Total hotel operating expenses	(91,095)	(76,132)
Entertainment	(53)	(24)
Corporate overhead allocation	(4,055)	(4,741)
Total operating expenses	(95,203)	(80,897)
Interest expense	106
Interest income	(106)
Equity in subsidiaries' earnings, net	(23,730)	(30,017)
Net income	(23,730)	(30,017)
Comprehensive income (loss)	(23,839)	(30,095)
Net income available to common stockholders	(23,730)
Comprehensive income, net of taxes, available to common stockholders	(23,839)
Consolidation, Eliminations [Member] \| Hotel, Other [Member]
Revenues:
Total revenues	(94,679)	(80,873)
Operating expenses:
Total hotel operating expenses	(91,095)	(76,132)
Consolidation, Eliminations [Member] \| Entertainment [Member]
Revenues:
Total revenues	$ (524)	$ (24)

Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	$ 54,560	$ 43,928
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(48,873)	(47,588)
Other investing activities	(229)	(4,215)
Net cash used in investing activities	(49,102)	(51,803)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings under revolving credit facility	10,000	56,500
Payment of dividends	(44,420)	(41,000)
Payment of tax withholdings for share-based compensation	(3,813)	(602)
Other financing activities	1,605	(6)
Net cash flows used in financing activities	(7,731)	14,892
Net change in cash, cash equivalents, and restricted cash	(2,273)	7,017
Cash, cash equivalents, and restricted cash, beginning of period	149,089	78,710
Cash, cash equivalents, and restricted cash, end of period	146,816	85,727
Gaylord Rockies [Member]
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings under Gaylord Rockies construction and mezzanine loans	28,897
Reportable Legal Entities [Member] \| Parent Company [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	48,198	41,643
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payment of dividends	(44,420)	(41,000)
Payment of tax withholdings for share-based compensation	(3,813)	(602)
Net cash flows used in financing activities	(48,233)	(41,602)
Net change in cash, cash equivalents, and restricted cash	(35)	41
Cash, cash equivalents, and restricted cash, beginning of period	81	38
Cash, cash equivalents, and restricted cash, end of period	46	79
Reportable Legal Entities [Member] \| Subsidiary Issuer [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	(8,415)	(57,008)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings under revolving credit facility	10,000	56,500
Net cash flows used in financing activities	10,000	56,500
Net change in cash, cash equivalents, and restricted cash	1,585	(508)
Cash, cash equivalents, and restricted cash, beginning of period	657	759
Cash, cash equivalents, and restricted cash, end of period	2,242	251
Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	7,077	29,680
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(7,083)	(29,681)
Net cash used in investing activities	(7,083)	(29,681)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net change in cash, cash equivalents, and restricted cash	(6)	(1)
Cash, cash equivalents, and restricted cash, beginning of period	54	36
Cash, cash equivalents, and restricted cash, end of period	48	35
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Cash Flows from Operating Activities:
Net cash provided by (used in) operating activities	7,700	29,613
Net Cash Provided by (Used in) Investing Activities [Abstract]
Purchases of property and equipment	(41,790)	(17,907)
Other investing activities	(229)	(4,215)
Net cash used in investing activities	(42,019)	(22,122)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Other financing activities	1,605	(6)
Net cash flows used in financing activities	30,502	(6)
Net change in cash, cash equivalents, and restricted cash	(3,817)	7,485
Cash, cash equivalents, and restricted cash, beginning of period	148,297	77,877
Cash, cash equivalents, and restricted cash, end of period	144,480	$ 85,362
Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member] \| Gaylord Rockies [Member]
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings under Gaylord Rockies construction and mezzanine loans	$ 28,897