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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-13079

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

    

73-0664379

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

One Gaylord Drive

Nashville, Tennessee 37214

(Address of Principal Executive Offices)

(Zip Code)

(615) 316-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Name of Each Exchange on

Title of Each Class

Trading Symbol(s)

Which Registered

Common stock, par value $.01

RHP

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company  Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding as of July 29, 2022

Common Stock, par value $.01

55,155,216 shares

Table of Contents

RYMAN HOSPITALITY PROPERTIES, INC.

FORM 10-Q

For the Quarter Ended June 30, 2022

INDEX

    

Page

Part I - Financial Information

3

Item 1. Financial Statements.

3

Condensed Consolidated Balance Sheets (Unaudited) – June 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - For the Three Months and Six Months Ended June 30, 2022 and 2021

4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Six Months Ended June 30, 2022 and 2021

5

Condensed Consolidated Statements of Equity (Deficit) and Noncontrolling Interest (Unaudited) - For the Three Months and Six Months Ended June 30, 2022 and 2021

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

48

Item 4. Controls and Procedures.

49

Part II - Other Information

49

Item 1. Legal Proceedings.

49

Item 1A. Risk Factors.

49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

50

Item 3. Defaults Upon Senior Securities.

50

Item 4. Mine Safety Disclosures.

50

Item 5. Other Information.

50

Item 6. Exhibits.

50

SIGNATURES

52

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

    

June 30, 

    

December 31, 

2022

2021

ASSETS:

 

  

 

  

Property and equipment, net

$

3,200,732

$

3,031,844

Cash and cash equivalents - unrestricted

 

179,230

 

140,688

Cash and cash equivalents - restricted

 

52,539

 

22,312

Notes receivable, net

 

68,884

 

71,228

Trade receivables, net

 

125,400

 

74,745

Prepaid expenses and other assets

 

129,466

 

112,904

Intangible assets, net

108,449

126,804

Total assets

$

3,864,700

$

3,580,525

LIABILITIES AND EQUITY (DEFICIT):

 

  

 

  

Debt and finance lease obligations

$

2,863,022

$

2,936,819

Accounts payable and accrued liabilities

 

343,618

 

304,719

Dividends payable

 

102

 

386

Deferred management rights proceeds

 

169,054

 

170,614

Operating lease liabilities

 

115,010

 

113,770

Deferred income tax liabilities, net

4,966

4,671

Other liabilities

 

66,461

 

71,939

Total liabilities

3,562,233

3,602,918

Commitments and contingencies

 

 

Noncontrolling interest in consolidated joint venture

296,236

Equity (deficit):

Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding

 

 

Common stock, $.01 par value, 400,000 shares authorized, 55,155 and 55,072 shares issued and outstanding, respectively

 

552

 

551

Additional paid-in capital

 

1,106,955

 

1,112,867

Treasury stock of 648 and 648 shares, at cost

 

(18,467)

 

(18,467)

Distributions in excess of retained earnings

 

(1,062,442)

 

(1,088,105)

Accumulated other comprehensive loss

 

(20,392)

 

(29,080)

Total stockholders' equity (deficit)

 

6,206

 

(22,234)

Noncontrolling interest in Operating Partnership

25

(159)

Total equity (deficit)

6,231

(22,393)

Total liabilities and equity (deficit)

$

3,864,700

$

3,580,525

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

    

Revenues:

 

  

 

  

 

  

 

  

 

Rooms

$

161,506

$

61,971

$

263,099

$

90,199

Food and beverage

 

188,083

 

45,619

 

300,199

 

63,794

Other hotel revenue

 

52,213

 

28,098

 

99,615

 

51,497

Entertainment

 

68,402

 

35,173

 

106,426

 

49,546

Total revenues

 

470,204

 

170,861

 

769,339

 

255,036

Operating expenses:

 

  

 

  

 

  

 

  

Rooms

 

41,238

 

15,039

 

71,374

 

24,516

Food and beverage

 

97,489

 

33,748

 

168,818

 

53,077

Other hotel expenses

 

99,284

 

61,365

 

185,927

 

115,922

Management fees, net

 

11,202

 

2,149

 

16,266

 

2,902

Total hotel operating expenses

 

249,213

 

112,301

 

442,385

 

196,417

Entertainment

 

45,670

 

25,639

 

77,401

 

44,330

Corporate

 

12,417

 

8,978

 

21,974

 

16,506

Preopening costs

 

221

 

217

 

525

 

616

(Gain) loss on sale of assets

469

(317)

Depreciation and amortization

56,715

54,673

112,743

107,988

Total operating expenses

 

364,236

 

201,808

 

655,497

 

365,540

Operating income (loss)

 

105,968

 

(30,947)

 

113,842

 

(110,504)

Interest expense

 

(33,958)

 

(29,847)

 

(65,895)

 

(60,643)

Interest income

 

1,379

 

1,451

 

2,760

 

2,821

Loss on extinguishment of debt

(1,547)

(1,547)

(2,949)

Loss from unconsolidated joint ventures

 

(3,001)

 

(1,910)

 

(5,628)

 

(3,519)

Other gains and (losses), net

 

(283)

 

(173)

 

164

 

201

Income (loss) before income taxes

 

68,558

 

(61,426)

 

43,696

 

(174,593)

Provision for income taxes

 

(17,634)

 

(1,623)

 

(17,569)

 

(5,577)

Net income (loss)

50,924

(63,049)

26,127

(180,170)

Net (income) loss attributable to noncontrolling interest in consolidated joint venture

(280)

4,708

(280)

16,501

Net (income) loss attributable to noncontrolling interest in Operating Partnership

(360)

422

(184)

1,229

Net income (loss) available to common stockholders

$

50,284

$

(57,919)

$

25,663

$

(162,440)

Basic income (loss) per share available to common stockholders

$

0.91

$

(1.05)

$

0.47

$

(2.95)

Diluted income (loss) per share available to common stockholders

$

0.91

$

(1.05)

$

0.46

$

(2.95)

Comprehensive income (loss), net of taxes

$

49,626

$

(51,845)

$

34,815

$

(162,866)

Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in consolidated joint venture

(280)

4,708

(280)

15,419

Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in Operating Partnership

(351)

341

(246)

1,104

Comprehensive income (loss), net of taxes, available to common stockholders

$

48,995

$

(46,796)

$

34,289

$

(146,343)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended

June 30, 

    

2022

    

2021

    

Cash Flows from Operating Activities:

 

  

 

  

 

Net income (loss)

$

26,127

$

(180,170)

Amounts to reconcile net income (loss) to net cash flows provided by (used in) operating activities:

 

Provision for deferred income taxes

 

295

5,173

Depreciation and amortization

 

112,743

107,988

Amortization of deferred financing costs

 

4,538

4,379

Loss from unconsolidated joint ventures

5,628

3,519

Stock-based compensation expense

 

7,440

5,668

Changes in:

 

Trade receivables

 

(49,250)

(16,831)

Accounts payable and accrued liabilities

 

23,934

35,827

Other assets and liabilities

 

(3,842)

6,553

Net cash flows provided by (used in) operating activities

 

127,613

 

(27,894)

Cash Flows from Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(24,715)

(53,493)

Purchase of land adjacent to Gaylord Rockies

(22,000)

Collection of notes receivable

2,381

Purchase of Block 21, net of cash acquired

(93,992)

Purchase of additional interest in Gaylord Rockies joint venture

(188,000)

Investment in other joint ventures

 

(6,088)

(4,619)

Other investing activities, net

 

818

5,462

Net cash flows used in investing activities

 

(121,596)

 

(262,650)

Cash Flows from Financing Activities:

 

  

 

  

Net borrowings (repayments) under revolving credit facility

 

(190,000)

119,000

Repayments under term loan A

(300,000)

Repayments under term loan B

 

(2,500)

(2,500)

Borrowings under OEG term loan B

288,000

Repayments under Block 21 CMBS loan

(205)

Issuance of senior notes

600,000

Redemption of senior notes

(400,000)

Deferred financing costs paid

 

(14,750)

(10,628)

Redemption of noncontrolling interest in Operating Partnership

(2,438)

Sale of noncontrolling interest in OEG

286,489

Payment of dividends

 

(284)

(499)

Payment of tax withholdings for share-based compensation

 

(3,885)

(3,407)

Other financing activities, net

 

(113)

(113)

Net cash flows provided by financing activities

 

62,752

 

299,415

Net change in cash, cash equivalents, and restricted cash

 

68,769

 

8,871

Cash, cash equivalents, and restricted cash, beginning of period

 

163,000

 

79,754

Cash, cash equivalents, and restricted cash, end of period

$

231,769

$

88,625

Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:

Cash and cash equivalents - unrestricted

$

179,230

$

71,612

Cash and cash equivalents - restricted

52,539

 

17,013

Cash, cash equivalents, and restricted cash, end of period

$

231,769

$

88,625

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
AND NONCONTROLLING INTEREST

(Unaudited)

(In thousands)

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Total

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Equity

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity (Deficit)

Partnership

(Deficit)

Joint Venture

BALANCE, December 31, 2021

$

551

$

1,112,867

$

(18,467)

$

(1,088,105)

$

(29,080)

$

(22,234)

$

(159)

$

(22,393)

$

Net loss

 

 

 

 

(24,621)

 

 

(24,621)

 

(176)

 

(24,797)

 

Other comprehensive income, net of income taxes

 

 

 

 

 

9,986

 

9,986

 

 

9,986

 

Restricted stock units and stock options surrendered

 

(3,761)

 

 

 

 

(3,761)

 

 

(3,761)

 

Equity-based compensation expense

 

 

3,786

 

 

 

 

3,786

 

 

3,786

 

BALANCE, March 31, 2022

$

551

$

1,112,892

$

(18,467)

$

(1,112,726)

$

(19,094)

$

(36,844)

$

(335)

$

(37,179)

$

Net income

 

 

 

 

50,284

 

 

50,284

 

360

 

50,644

 

280

Other comprehensive loss, net of income taxes

 

 

 

 

 

(1,298)

 

(1,298)

 

 

(1,298)

 

Sale of noncontrolling interest in OEG

(9,467)

(9,467)

(9,467)

295,956

Restricted stock units and stock options surrendered

 

1

(124)

 

 

 

 

(123)

 

 

(123)

 

Equity-based compensation expense

 

 

3,654

 

 

 

 

3,654

 

 

3,654

 

BALANCE, June 30, 2022

$

552

$

1,106,955

$

(18,467)

$

(1,062,442)

$

(20,392)

$

6,206

$

25

$

6,231

$

296,236

    

    

    

    

Distributions

    

Accumulated

    

    

Noncontrolling

    

    

Noncontrolling

Additional

in Excess of

Other

Total

Interest in

Interest in

Common

Paid-in

Treasury

Retained

Comprehensive

Stockholders'

Operating

Total

Consolidated

Stock 

Capital 

Stock

Earnings

Loss

Equity

Partnership

Equity

Joint Venture

BALANCE, December 31, 2020

$

550

$

1,192,261

$

(18,467)

$

(911,092)

$

(57,951)

$

205,301

$

14,516

$

219,817

$

100,969

Net loss

 

 

 

 

(104,521)

 

 

(104,521)

 

(807)

 

(105,328)

 

(11,793)

Other comprehensive income, net of income taxes

 

 

 

 

 

6,100

 

6,100

 

 

6,100

 

Redemption of noncontrolling interest in Operating Partnership

(1,352)

(1,352)

(1,086)

(2,438)

Contribution to consolidated joint venture

4,425

Restricted stock units and stock options surrendered

 

 

(3,357)

 

 

12

 

 

(3,345)

 

 

(3,345)

 

Equity-based compensation expense

 

 

2,522

 

 

 

 

2,522

 

 

2,522

 

BALANCE, March 31, 2021

$

550

$

1,191,426

$

(18,467)

$

(1,016,953)

$

(51,851)

$

104,705

$

12,623

$

117,328

$

93,601

Net loss

 

 

 

 

(57,919)

 

 

(57,919)

 

(422)

 

(58,341)

 

(4,708)

Other comprehensive income, net of income taxes

 

 

 

 

 

11,204

 

11,204

 

 

11,204

 

Purchase of remaining interest in consolidated joint venture

(99,107)

(99,107)

(99,107)

(88,893)

Restricted stock units and stock options surrendered

 

1

 

(50)

 

 

 

 

(49)

 

 

(49)

 

Equity-based compensation expense

 

 

3,146

 

 

 

 

3,146

 

 

3,146

 

BALANCE, June 30, 2021

$

551

$

1,095,415

$

(18,467)

$

(1,074,872)

$

(40,647)

$

(38,020)

$

12,201

$

(25,819)

$

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which prior to May 2021 was owned by a joint venture (the “Gaylord Rockies joint venture”) in which the Company owned a 65% interest. 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.

In April 2021, the Company entered into an agreement with RIDA Development Corporation to acquire the remaining 35% ownership interest in the Gaylord Rockies joint venture not previously owned by the Company for $188.0 million and approximately 130 acres of undeveloped, adjacent land for $22.0 million in cash (the “JV Purchase”). The JV Purchase closed in May 2021 and was funded through cash on hand and borrowings under the Company’s $700 million revolving credit facility. As discussed below, the Company consolidated the Gaylord Rockies joint venture both before and after the purchase in the accompanying condensed consolidated financial statements.

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, for periods prior to its ownership of 100% ownership of the asset in May 2021, management concluded that the Company was the primary beneficiary of the Gaylord Rockies joint venture, which was a variable interest entity (“VIE”). As such, the Company 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 Gaylord Rockies joint venture that the Company did not previously own was recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any previous adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statements of equity. As the Gaylord Rockies joint venture is wholly-owned by the Company as of May 2021, it is no longer considered as a VIE.

The Company also owns a business holding a number of media and entertainment assets, known as the Opry Entertainment Group, reported as the Company’s Entertainment segment. These assets include 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; two Nashville-based assets managed by Marriott – the Wildhorse Saloon and the General Jackson Showboat; and as of May 31, 2022, Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”). The Company also owns a 50% interest in a joint venture that creates and distributes a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. Beginning June 16, 2022, the Company owns 70% of Opry Entertainment Group. See Note 2, “OEG Transaction,” Note 3, “Block 21 Transaction,” and Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements included herein for further disclosure.

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

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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, 2021. 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.

Impact of COVID-19 Pandemic

The novel coronavirus disease (COVID-19) pandemic has been and continues to be a complex and evolving situation, causing unprecedented levels of disruption to the Company’s business. Although the Company’s assets are currently open and operating without capacity restrictions and business levels continue to recover, there remains significant uncertainty surrounding the full extent of the impact of the COVID-19 pandemic on the Company’s future results of operations and financial position.

All of the Company’s assets are open and have been operating throughout 2022. The majority of the Company’s businesses were open and operating throughout 2021. However, Gaylord National remained closed during the first half of 2021 and reopened July 1, 2021. The Grand Ole Opry and Ryman Auditorium reopened for limited-capacity publicly attended performances in September 2020, and reopened for full-capacity publicly attended performances in May 2021. In addition, subsequent to the December 2020 downtown Nashville bombing, the Wildhorse Saloon reopened in April 2021.

Throughout 2020 and 2021 and continuing to date, the Company has paid all required debt service payments on its indebtedness, lease payments, taxes and other payables. Beginning in July 2020 and continuing to date, Gaylord Rockies was in a cash sweep position pursuant to and as defined in the Gaylord Rockies $800 million term loan agreement.

At June 30, 2022, the Company had $689.6 million available for borrowing under its revolving credit facility, $65.0 million available for borrowing under the OEG revolving credit facility, and $179.2 million in unrestricted cash on hand. The Company’s quarterly dividend is currently suspended. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement, and any future dividend is subject to the Company’s board of directors’ determinations as to the amount of distributions and timing thereof.

Newly Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

2. OEG TRANSACTION:

On June 16, 2022, the Company and certain of its subsidiaries, including OEG Attractions Holdings, LLC (“OEG”), which directly or indirectly owns the assets that comprise the Company’s Entertainment segment, consummated the transactions pursuant to an investment agreement (the “Investment Agreement”) with Atairos Group, Inc. (“Atairos”) and A-OEG Holdings, LLC, an affiliate of Atairos (the “OEG Investor”), pursuant to which OEG issued and sold to the OEG Investor, and the OEG Investor acquired, 30% of the equity interests of OEG for approximately $296.0 million (the

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“OEG Transaction”). The purchase price payable to the Company for the OEG Transaction may be increased by $30.0 million if OEG achieves certain financial objectives in 2023 or 2024.

The Company retains a controlling 70% equity interest in OEG and continues to consolidate the assets, liabilities and results of operations of OEG in the accompanying condensed consolidated financial statements. The portion of OEG that the Company does not own is recorded as noncontrolling interest in consolidated joint venture, which is classified as mezzanine equity 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 statements of equity. After the payment of transaction expenses, the Company used substantially all of the net proceeds from the OEG Transaction, together with the net proceeds the Company received from the OEG Term Loan (as defined below), to repay the outstanding balance of the Company’s existing $300 million term loan A and to pay down substantially all borrowings outstanding under the Company’s revolving credit facility.

Pursuant to the Second Amended and Restated Limited Liability Company Agreement for OEG entered into at the closing of the OEG Transaction (the “OEG LLC Agreement”), OEG will be governed by a Board of Managers (the “Board”), subject to member consent to certain actions. The Board will initially consist of six members, four designated by the Company and two designated by the OEG Investor. Board membership may be modified from time to time to reflect the proportional ownership of outstanding units by each party. Subject to certain ownership thresholds, the approval of both parties will be required with respect to certain “major decisions” affecting OEG, including, but not limited to, approval of OEG’s annual operating budget in the event of changes exceeding certain thresholds, the incurrence of certain debt, the issuance of new equity securities, and mergers, acquisitions or dispositions in excess of a certain dollar threshold.

The OEG Investor will have the option to acquire additional common units of OEG from the Company (the “Purchase Option”) in each of the fourth quarters of 2023, 2024 and 2025 in an amount equal to the lesser of $125 million or the maximum amoun