0001558370-24-001613 | 10-K | XBRL Viewer | Ryman Hospitality Properties INC

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Debt - 600 Million 4.50 Senior Notes (Details) - Senior Notes [Member] - USD ($)		1 Months Ended
	Feb. 17, 2021	Oct. 31, 2019	Dec. 31, 2023	Jun. 22, 2023
$400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000
Stated interest rate (as a percent)	5.00%
$600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000.0		$ 600,000,000	$ 600,000,000
Debt instrument, maturity date	Feb. 15, 2029
Stated interest rate (as a percent)	4.50%		4.50%	4.50%
Proceeds from Issuance of Debt	$ 591,000,000
$600 Million 4.50% Senior Notes [Member] \| Redemption Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	102.25%
$600 Million 4.50% Senior Notes [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.50%
$600 Million 4.50% Senior Notes [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	100.75%
$600 Million 4.50% Senior Notes [Member] \| Redemption Period Four [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
$700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount		$ 700,000,000	$ 700,000,000	$ 700,000,000
Stated interest rate (as a percent)		4.75%	4.75%	4.75%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		102.375%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		101.188%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Four [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%

Pension Plans - Change in Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 52,269	$ 72,486
Actual return on plan assets	6,123	(13,292)
Benefits paid	(5,750)	(6,925)
Fair value of plan assets at end of year	52,642	52,269
Funded status and accrued pension cost	$ (5,136)	$ (8,653)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Description of the Business and Summary of Significant Accounting Policies - Noncontrolling Interest (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021 USD ($)	Dec. 31, 2023 shares	Dec. 31, 2021 USD ($)	Jun. 16, 2022
Schedule of Equity Method Investments [Line Items]
Redemption of Operating Partnership Units into Company's common stock (in shares)		1
Outstanding Operating Partnership Units		400,000
Gaylord Rockies [Member] \| Tax Protection Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Threshold limit for indemnification of tax losses due to sale or disposition		50
Indemnification period (in years)		7 years
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	65.00%
Capital contribution \| $	$ 188,000		$ 188,000
Noncontrolling Limited Partners [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		0.70%
Percentage of outstanding Operating Partnership Units held by the noncontrolling limited partners		0.70%
Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding Operating Partnership Units held by the company		99.30%
Ryman Hospitality Properties, Inc [Member] \| OEG Attractions Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding Operating Partnership Units held by the company				70.00%

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

2. Property and Equipment

Property and equipment at December 31 is recorded at cost, with the exception of right-of-use finance leases and the initial value assigned to assets acquired in an acquisition, and summarized as follows (amounts in thousands):


	2023		2022
Land and land improvements	$	605,500	$	443,469
Buildings		4,396,302		3,785,968
Furniture, fixtures and equipment		1,138,769		1,015,078
Right-of-use finance lease assets		1,793		1,613
Construction-in-progress		122,923		50,312
		6,265,287		5,296,440
Accumulated depreciation and amortization		(2,309,701)		(2,124,732)
Property and equipment, net	$	3,955,586	$	3,171,708

Depreciation expense, including amortization of assets under finance lease obligations, during 2023, 2022 and 2021 was $203.3 million, $184.7 million, and $178.8 million, respectively.

In June 2017, the Company entered into an agreement with the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “Board”) to implement a tax abatement plan related to Gaylord Opryland. The tax abatement plan provides for the capping of real property taxes for a period of eight years by legally transferring title to the Gaylord Opryland real property to the Board. The Board financed the acquisition of the Gaylord Opryland real property by issuing a $650 million industrial revenue bond to the Company. The Board then leased this property back to the Company. The Company is obligated to make lease payments equal to the debt service on the industrial revenue bond. No cash was exchanged, and no cash will be exchanged in connection with the Company’s lease payments under the lease. The tax abatement period extends through the term of the lease, which coincides with the nine-year maturity of the bond. At any time, the Company has the option to repurchase the real property at a de minimis amount. Due to the form of these transactions, the Company has not recorded the bond or the lease obligation associated with the sale lease-back transaction, and the cost of the Gaylord Opryland real property remains recorded on the balance sheets and is being depreciated over its estimated useful life.

Description of the Business and Summary of Significant Accounting Policies - Prepaid Expense and Other Assets & Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 22,458	$ 19,377
Supplemental deferred compensation plan assets	33,073	29,245
Tax rebate receivables	34,324	22,181
Inventories	14,007	12,041
Right-of-use assets for operating leases	$ 18,134	$ 18,910
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total prepaid expenses and other assets	Total prepaid expenses and other assets
Deferred financing costs on revolving credit facilities	$ 38,309	$ 30,482
Derivative assets		11,350
Other	24,394	15,309
Total prepaid expenses and other assets	154,810	134,170
Intangible Assets
Gross carrying amount of intangible assets	279,800	254,700
Accumulated amortization of intangible assets	155,600	148,700
Amortization expenses	6,800	22,700	$ 40,200
2024	8,083
2025	7,694
2026	7,275
2027	5,446
2028	5,329
Estimated amount of amortization expenses	$ 33,827
Gaylord Rockies [Member]
Prepaid Expense and Other Assets [Abstract]
Rebates earned		38,400	$ 29,100
Gaylord Rockies [Member] \| Advanced Bookings [Member]
Intangible Assets
Useful life (in years)	3 years 6 months
Estimated amount of amortization expenses	$ 125,500
Gaylord Rockies [Member] \| Trade Names [Member]
Intangible Assets
Useful life (in years)	30 years
Estimated amount of amortization expenses	$ 115,300
Gaylord Rockies [Member]
Prepaid Expense and Other Assets [Abstract]
Rebates earned	$ 52,800
Gaylord Rockies [Member] \| Minimum [Member]
Prepaid Expense and Other Assets [Abstract]
Rebate agreement term	25 years
Gaylord Rockies [Member] \| Maximum [Member]
Prepaid Expense and Other Assets [Abstract]
Rebate agreement term	33 years
Revolving Credit Facility [Member]
Prepaid Expense and Other Assets [Abstract]
Deferred financing costs on revolving credit facilities	$ 8,420	$ 5,757

Pension Plans - Weighted-Average Assumptions Used to Determine Benefit Obligation (Details) - Pension Plan [Member]	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate (as a percent)	4.66%	4.85%	2.42%
Rate of compensation increase (as a percent)	0.00%	0.00%	0.00%

Stock Plans - Restricted Stock Units - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost	$ 21.9
Weighted-average period to recognize compensation cost	2 years 3 months 18 days

Description of the Business and Summary of Significant Accounting Policies - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Pension and postretirement benefits liability	$ 17,404	$ 21,148
Deferred compensation liability	33,073	29,245
Derivative liabilities	1,322	1,164
Other	14,859	13,267
Total other liabilities	$ 66,658	$ 64,824

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Financial Reporting By Business Segments - Capital Expenditures for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	$ 206,776	$ 89,520	$ 77,426
Hospitality [Member]
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	145,805	70,406	73,199
Entertainment [Member]
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	60,428	18,767	3,560
Corporate and Other [Member]
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	$ 543	$ 347	$ 667

Stock Plans - Common Stock Available for Issuance (Details) shares in Millions	Dec. 31, 2023 shares
Stock Plans
Maximum grant of stock options, restricted stock, and restricted stock units to directors and employees	0.5

Pension Plans - General Information (Details) - Pension Plan [Member]	12 Months Ended
	Dec. 31, 2023 age
Pension Plans
Rate of qualified earnings credited to the account of the participant of benefit plan	3.00%
Retirement age benefit payable to a terminated vested participant upon retirement	65
Retirement age for benefit payments, earliest age allowed contingent of minimum service requirement	55
Number of years of service at the time plan was frozen for the eligibility of benefit payable to terminated vested participant at age 55	15 years

Debt - 700 Million Revolving Credit Facility (Details) - $700 Million Revolving Credit Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	0.40%
Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	1.00%
Line of Credit [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 700,000,000	$ 700,000,000
Credit facility, maturity date	May 18, 2027
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	1.40%
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	2.00%
Secured Debt [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	1.40%
Secured Debt [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)	2.00%

SCHEDULE III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SCHEDULE III Real Estate and Accumulated Depreciation

SCHEDULE III Real Estate and Accumulated Depreciation

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
(Amounts in thousands)


						Costs
		Initial Cost to Company				Capitalized		Gross Amount at End of Year								Date Acq/	Depr Life
	Encmbr	Land		Bldgs & Impr		Subs to Acq		Land		Bldgs & Impr		Total (3)		Acc Depr		Constr	(yrs)
Gaylord Opryland	(1)	$	11,482	$	77,125	$	703,482	$	72,677	$	719,412	$	792,089	$	455,602	1983	20-40
Gaylord Palms	(1)		21,564		314,661		212,454		39,341		509,338		548,679		228,937	2002	20-40
Gaylord Texan	(1)		21,235		388,030		191,935		49,962		551,238		601,200		249,361	2004	20-40
Gaylord National	(1)		43,212		840,261		70,194		47,609		906,058		953,667		345,160	2008	20-40
Gaylord Rockies	(2)		53,374		760,898		30,913		68,858		776,327		845,185		116,888	2018	20-40
JW Marriott Hill Country	(1)		139,196		558,584		10,273		149,469		558,584		708,053		8,145	2023	20-40
Inn at Opryland	—		2,675		7,248		21,324		3,347		27,900		31,247		13,490	1998	20-40
AC Hotel	—		9,079		17,340		4,877		9,101		22,195		31,296		4,867	2014	20-40
Miscellaneous	—		43,337		6,717		8,585		53,434		5,205		58,639		14,222	N/A	20-40
	—	$	345,154	$	2,970,864	$	1,254,037	$	493,798	$	4,076,257	$	4,570,055	$	1,436,672


	2023		2022		2021
Investment in real estate:
Balance at beginning of year	$	3,810,923	$	3,792,011	$	3,642,007
Other acquisitions		697,780		—		22,227
Improvements		61,440		23,034		146,030
Disposals		(88)		(4,122)		(2,058)
Other deductions (4)		—		—		(16,195)
Balance at end of year	$	4,570,055	$	3,810,923	$	3,792,011

Accumulated depreciation:
Balance at beginning of year	$	1,327,833	$	1,229,727	$	1,140,564
Depreciation		108,846		99,533		99,104
Disposals		(7)		(1,427)		(1,346)
Other deductions (4)		—		—		(8,595)
Balance at end of year	$	1,436,672	$	1,327,833	$	1,229,727

(1)	Pledged as collateral under the Company’s credit facility. At December 31, 2023, $510.8 million in borrowings and letters of credit were outstanding under such facility.

(2)	Pledged as collateral under the Gaylord Rockies term loan. At December 31, 2023, $800.0 million in borrowings were outstanding under such loan.

(3)	The aggregate cost of these assets for federal income tax purposes (unaudited) is approximately $3.5 billion at December 31, 2023.

(4)	Other deductions represents assets transferred as part of an internal reorganization.

SCHEDULE III Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 1,327,833	$ 1,229,727	$ 1,140,564
Depreciation	108,846	99,533	99,104
Disposals	(7)	(1,427)	(1,346)
Other deductions			(8,595)
Balance at end of year	$ 1,436,672	$ 1,327,833	$ 1,229,727

Description of the Business and Summary of Significant Accounting Policies - ASU 2016-03 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Description of the Business and Summary of Significant Accounting Policies
Transition adjustment	$ (894,259)	$ (978,619)
Accumulated other comprehensive loss	$ (19,387)	$ (10,923)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Debt - Credit Facility (Details) - USD ($)		12 Months Ended
Debt - Credit Facility (Details) - USD ($)	May 18, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
$500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Repayment of loan		$ 378,750,000	$ 5,000,000	$ 5,000,000
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
Aggregate amount		475,000,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount		$ 500,000,000
Repayment of loan	$ 370,000,000

Stock Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Plans
Employee service share-based compensation tax benefit (expense) realized from share-based compensation plans	$ 0.0	$ 0.5	$ 0.4

Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,158,136	$ 1,805,969	$ 939,373
Gaylord Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	474,884	424,188	238,567
Gaylord Palms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	309,616	279,578	139,130
Gaylord Texan [Member]
Disaggregation of Revenue [Line Items]
Total revenues	358,399	307,318	180,031
Gaylord National [Member]
Disaggregation of Revenue [Line Items]
Total revenues	307,139	249,849	79,419
Gaylord Rockies [Member]
Disaggregation of Revenue [Line Items]
Total revenues	266,737	253,326	135,942
JW Marriott Hill Country [Member]
Disaggregation of Revenue [Line Items]
Total revenues	92,813
AC Hotel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	11,997	10,419	5,838
Inn at Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	11,893	13,296	7,656
Hospitality [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,833,478	$ 1,537,974	$ 786,583

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Property and equipment, net	$ 3,955,586	$ 3,171,708
Cash and cash equivalents - unrestricted	591,833	334,194
Cash and cash equivalents - restricted	108,608	110,136
Notes receivable, net	61,760	67,628
Trade receivables	110,029	116,836
Deferred income tax assets, net	81,624
Prepaid expenses and other assets	154,810	134,170
Intangible assets, net	124,287	105,951
Total assets	5,188,537	4,040,623
LIABILITIES AND EQUITY:
Debt and finance lease obligations	3,377,028	2,862,592
Accounts payable and accrued liabilities	464,720	385,159
Distributions payable	67,932	14,121
Deferred management rights proceeds	165,174	167,495
Operating lease liabilities	129,122	125,759
Deferred income tax liabilities, net		12,915
Other liabilities	66,658	64,824
Total liabilities	4,270,634	3,632,865
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	345,126	311,857
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 400,000 shares authorized, 59,712 and 55,167 shares issued and outstanding, respectively	597	552
Additional paid-in capital	1,502,710	1,102,733
Treasury stock of 668 and 648 shares, at cost	(20,508)	(18,467)
Distributions in excess of retained earnings	(894,259)	(978,619)
Accumulated other comprehensive loss	(19,387)	(10,923)
Total stockholders' equity	569,153	95,276
Noncontrolling interest in Operating Partnership	3,624	625
Total equity	572,777	95,901
Total liabilities and equity	$ 5,188,537	$ 4,040,623

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax (provision) benefit	$ (52,101)	$ (36,482)	$ 39,868
Adjustment for nontaxable income of the REIT	44,968	3,565	(16,379)
Adjustment for noncontrolling interest in consolidated joint venture			(1,834)
State tax (provision) benefit (net of federal taxes)	(11,934)	(13,597)	8,581
Permanent share-based compensation adjustment	34	440	329
Other permanent items	(531)	(365)	(281)
Other	808	(123)	(279)
Total (provision) benefit for income taxes	93,702	(38,775)	(4,957)
Domestic Tax Authority [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance	87,330	1,914	(25,698)
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance	$ 25,128	$ 5,873	$ (9,264)

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization [Abstract]
Depreciation expense, including amortization of assets under finance lease obligations	$ 203.3	$ 184.7	$ 178.8

Description of the Business and Summary of Significant Accounting Policies - OEG Transaction (Details) $ in Millions	Jun. 16, 2022 USD ($) item	Dec. 31, 2023
Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest		99.30%
OEG Attractions Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Number of board members \| item	6
Number of board members designated by company \| item	4
Number of board members designated by OEG Investor \| item	2
Option to acquire maximum amount \| $	$ 125.0
Percentage of outstanding common units	51.00%
Options and Rights term	7 years
Price multiplier	1.5
IPO payment cap (as percentage)	50.00%
OEG Attractions Holdings, LLC \| Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest	70.00%
Investor \| OEG Attractions Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Sale proceeds \| $	$ 296.0
Investor \| OEG Attractions Holdings, LLC \| Noncontrolling Investor [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	30.00%
Investor \| OEG Attractions Holdings, LLC \| Achieving Certain Financial Objectives [Member]
Schedule of Equity Method Investments [Line Items]
Potential Increase in purchase price of equity \| $	$ 30.0

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Liabilities, Payments Due [Abstract]
Year 1	$ 9,809
Year 2	9,224
Year 3	9,315
Year 4	9,218
Year 5	9,063
Years thereafter	556,191
Total future minimum lease payments	602,820
Less amount representing interest	(473,698)
Total present value of minimum payments	129,122	$ 125,759
Finance Lease Liabilities, Payments, Due [Abstract]
Year 1	84
Year 2	40
Year 3	18
Total future minimum lease payments	142
Less amount representing interest	(4)
Total present value of minimum payments	$ 138	$ 685
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt and Capital Lease Obligations	Debt and Capital Lease Obligations

Description of the Business and Summary of Significant Accounting Policies - Management Fees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Base management fee (as a percent)	2.00%
Total base management fee	$ 42.8	$ 35.1	$ 17.6
Incentive fees	$ 28.5	$ 13.5	$ 0.3
Gaylord Rockies [Member]
Business Acquisition [Line Items]
Base management fee (as a percent)	3.00%
JW Marriott Hill Country [Member]
Business Acquisition [Line Items]
Base management fee (as a percent)	3.50%

Description of the Business and Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2023 item	Jun. 15, 2022	May 31, 2021	Dec. 31, 2019
Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest			99.30%
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest, additional ownership percentage purchased	35.00%
Ownership percentage	65.00%
Area of land \| a	130
Payment to acquire land \| $	$ 22,000	$ 22,000
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%			50.00%
Opry Entertainment Group [Member]
Schedule of Equity Method Investments [Line Items]
Number of Nashville based assets managed by Marriott \| item			2
Opry Entertainment Group [Member] \| Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			70.00%	100.00%
Variable Interest Entity [Member] \| Gaylord Rockies [Member] \| Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest					100.00%

Description of the Business and Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable	$ 57,030	$ 38,628
Property and other taxes payable	90,558	73,461
Deferred revenues	159,762	136,479
Accrued salaries and benefits	57,502	58,219
Interest payable	39,870	23,111
Other accrued liabilities	59,998	55,261
Total accounts payable and accrued liabilities	$ 464,720	$ 385,159

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$ 591,833	$ 334,194	$ 140,688
Cash and cash equivalents - restricted	108,608	110,136	22,312
Cash, cash equivalents, and restricted cash, end of year	$ 700,441	$ 444,330	$ 163,000	$ 79,754

Description of the Business and Summary of Significant Accounting Policies - Cash Paid for Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]
Debt interest paid	$ 183,479	$ 135,467	$ 113,669
Capitalized interest	(2,483)	(183)	(2,922)
Cash paid for interest, net of capitalized interest	$ 180,996	$ 135,284	$ 110,747

Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Description of the Business and Summary of Significant Accounting Policies

Summary of Net Assets Acquired

The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, as follows (amounts in thousands):


Property and equipment	$	772,821
Cash and cash equivalents - unrestricted		12,690
Cash and cash equivalents - restricted		5,477
Trade receivables		14,743
Prepaid expenses and other assets		3,953
Intangible assets		25,097
Total assets acquired		834,781
Accounts payable and accrued liabilities		(25,148)
Total liabilities assumed		(25,148)
Net assets acquired	$	809,633

Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21

As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, as follows (amounts in thousands):


Property and equipment	$	237,159
Cash and cash equivalents - unrestricted		8,493
Cash and cash equivalents - restricted		12,450
Trade receivables		1,405
Prepaid expenses and other assets		1,085
Intangible assets		1,723
Total assets acquired		262,315

Debt		(132,531)
Accounts payable and accrued liabilities		(14,774)
Other liabilities		(75)
Total liabilities assumed		(147,380)

Net assets acquired	$	114,935

Estimated Useful Lives of Property and Equipment

Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives:


Buildings		40 years
Land improvements		20 years
Furniture, fixtures and equipment		5-8 years
Leasehold improvements		The shorter of the lease term or useful life

Cash Paid for Interest

Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):


	2023		2022		2021
Debt interest paid	$	183,479	$	135,467	$	113,669
Capitalized interest		(2,483)		(183)		(2,922)
Cash paid for interest, net of capitalized interest	$	180,996	$	135,284	$	110,747

Summary of Prepaid Expense and Other Assets

Prepaid expenses and other assets at December 31 consist of (amounts in thousands):


	2023		2022
Prepaid expenses	$	22,458	$	19,377
Supplemental deferred compensation plan assets		33,073		29,245
Tax rebate receivables		34,324		22,181
Inventories		14,007		12,041
Right-of-use assets for operating leases		18,134		18,910
Deferred financing costs on revolving credit facilities		8,420		5,757
Derivative assets		—		11,350
Other		24,394		15,309
Total prepaid expenses and other assets	$	154,810	$	134,170

Summary of Estimated Amounts of Amortization Expense for Next Five Years

The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands):


2024	$	8,083
2025		7,694
2026		7,275
2027		5,446
2028		5,329
	$	33,827

Accounts Payable and Accrued Liabilities of Continuing Operations

Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):


	2023		2022
Trade accounts payable	$	57,030	$	38,628
Property and other taxes payable		90,558		73,461
Deferred revenues		159,762		136,479
Accrued salaries and benefits		57,502		58,219
Interest payable		39,870		23,111
Other accrued liabilities		59,998		55,261
Total accounts payable and accrued liabilities	$	464,720	$	385,159

Other Liabilities

Other liabilities at December 31 consist of (amounts in thousands):


	2023		2022
Pension and postretirement benefits liability	$	17,404	$	21,148
Deferred compensation liability		33,073		29,245
Derivative liabilities		1,322		1,164
Other		14,859		13,267
Total other liabilities	$	66,658	$	64,824

Revenues Disaggregated by Major Source

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


	2023		2022		2021
Hotel group rooms	$	462,674	$	364,835	$	131,404
Hotel transient rooms		238,464		230,709		197,470
Hotel food and beverage - banquets		569,803		440,364		140,186
Hotel food and beverage - outlets		261,993		226,645		139,303
Hotel other		300,544		275,421		178,220
Entertainment admissions/ticketing		124,647		107,377		62,768
Entertainment food and beverage		107,335		89,931		51,515
Entertainment produced content		5,764		4,984		5,919
Entertainment retail and other		86,912		65,703		32,588
Total revenues	$	2,158,136	$	1,805,969	$	939,373

Hospitality Segment Revenues Disaggregated by Location

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


	2023		2022		2021
Gaylord Opryland	$	474,884	$	424,188	$	238,567
Gaylord Palms		309,616		279,578		139,130
Gaylord Texan		358,399		307,318		180,031
Gaylord National		307,139		249,849		79,419
Gaylord Rockies		266,737		253,326		135,942
JW Marriott Hill Country		92,813		—		—
AC Hotel		11,997		10,419		5,838
Inn at Opryland and other		11,893		13,296		7,656
Total Hospitality segment revenues	$	1,833,478	$	1,537,974	$	786,583

Income Per Share

Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands):


		2023		2022		2021
Numerator:
Net income (loss) available to common stockholders	$	311,217	$	128,993	$	(176,966)

Denominator:
Weighted average shares outstanding - basic		57,750		55,140		55,047
Effect of dilutive stock-based compensation		311		237		—
Weighted average shares outstanding - diluted		58,061		55,377		55,047

Basic income (loss) per share available to common stockholders	$	5.39	$	2.34	$	(3.21)
Diluted income (loss) per share available to common stockholders	$	5.36	$	2.33	$	(3.21)

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND NONCONTROLLING INTEREST - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Redeemable Noncontrolling Interest In Joint Venture [Member]	Total
Beginning balance at Dec. 31, 2020	$ 550	$ 1,192,261	$ (18,467)	$ (911,092)	$ (57,951)	$ 205,301	$ 14,516		$ 219,817
Beginning balance at Dec. 31, 2020								$ 100,969
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(176,966)		(176,966)	(1,334)		(176,966)
Net income (loss)									(178,300)
Net income (loss)								(16,501)
Net (income) loss attributable to noncontrolling interest in Operating Partnership									1,334
Other comprehensive income (loss), net of income taxes					28,871	28,871			28,871
Purchase of remaining interest in consolidated joint venture		99,107				99,107		88,893	99,107
Redemption of noncontrolling interest in Operating Partnership		1,356				1,356	1,082		2,438
Reallocation of noncontrolling interest in Operating Partnership		12,259				12,259	(12,259)
Contribution to consolidated joint venture								4,425
Restricted stock units and stock options surrendered	1	(3,294)		(47)		(3,340)			(3,340)
Equity-based compensation expense		12,104				12,104			12,104
Ending balance at Dec. 31, 2021	551	1,112,867	(18,467)	(1,088,105)	(29,080)	(22,234)	(159)		(22,393)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				128,993		128,993	923		128,993
Net income (loss)									129,916
Net income (loss)								5,032
Net (income) loss attributable to noncontrolling interest in Operating Partnership									(923)
Adjustment of noncontrolling interest in consolidated joint venture to redemption value		(10,869)				(10,869)		10,869	(10,869)
Other comprehensive income (loss), net of income taxes					18,157	18,157			18,157
Sale of noncontrolling interest in OEG		(10,031)				(10,031)		295,956	(10,031)
Dividends and distributions declared		54		(19,507)		(19,453)	(139)		(19,592)
Restricted stock units and stock options surrendered	1	(4,273)				(4,272)			(4,272)
Equity-based compensation expense		14,985				14,985			14,985
Ending balance at Dec. 31, 2022	552	1,102,733	(18,467)	(978,619)	(10,923)	95,276	625		95,901
Ending balance at Dec. 31, 2022								311,857	311,857
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				311,217		311,217	2,118		311,217
Net income (loss)									313,335
Net income (loss)								28,465
Net (income) loss attributable to noncontrolling interest in Operating Partnership									(2,118)
Adjustment of noncontrolling interest in consolidated joint venture to redemption value		(4,804)				(4,804)		4,804	(4,804)
Other comprehensive income (loss), net of income taxes					(8,464)	(8,464)			(8,464)
Issuance of common stock, net	44	395,400				395,444			395,444
Dividends and distributions declared		606	(2,041)	(226,857)		(228,292)	(1,520)		(229,812)
Reallocation of noncontrolling interest in Operating Partnership		(2,401)				(2,401)	2,401
Restricted stock units and stock options surrendered	1	(4,245)				(4,244)			(4,244)
Equity-based compensation expense		15,421				15,421			15,421
Ending balance at Dec. 31, 2023	$ 597	$ 1,502,710	$ (20,508)	$ (894,259)	$ (19,387)	$ 569,153	$ 3,624		572,777
Ending balance at Dec. 31, 2023								$ 345,126	$ 345,126

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 2,158,136	$ 1,805,969	$ 939,373
Operating expenses:
Total hotel operating expenses	1,225,465	1,037,675	620,921
Entertainment	223,663	188,545	117,753
Corporate	42,789	42,982	38,597
Preopening costs	1,308	532	737
(Gain) loss on sale of assets		469	(317)
Depreciation and amortization	211,227	208,616	220,357
Total operating expenses	1,704,452	1,478,819	998,048
Operating income (loss)	453,684	327,150	(58,675)
Interest expense	(211,370)	(148,406)	(125,347)
Interest income	21,423	5,750	5,685
Loss on extinguishment of debt	(2,252)	(1,547)	(2,949)
Loss from unconsolidated joint ventures	(17,308)	(10,967)	(8,963)
Other gains and (losses), net	3,921	1,743	405
Income (loss) before income taxes	248,098	173,723	(189,844)
(Provision) benefit for income taxes	93,702	(38,775)	(4,957)
Net income (loss)	341,800	134,948	(194,801)
Net (income) loss attributable to noncontrolling interest in consolidated joint venture	(28,465)	(5,032)	16,501
Net (income) loss attributable to noncontrolling interest in Operating Partnership	(2,118)	(923)	1,334
Net income (loss) available to common stockholders	$ 311,217	$ 128,993	$ (176,966)
Basic income (loss) per share available to common stockholders	$ 5.39	$ 2.34	$ (3.21)
Diluted income (loss) per share available to common stockholders	$ 5.36	$ 2.33	$ (3.21)
Rooms [Member]
Revenues:
Total revenues	$ 701,138	$ 595,544	$ 328,874
Operating expenses:
Total hotel operating expenses	173,749	155,817	88,244
Food and Beverage [Member]
Revenues:
Total revenues	831,796	667,009	279,489
Operating expenses:
Total hotel operating expenses	465,963	381,142	190,855
Hotel, Other [Member]
Revenues:
Total revenues	300,544	275,421	178,220
Operating expenses:
Total hotel operating expenses	519,328	457,291	327,791
Management Service [Member]
Operating expenses:
Total hotel operating expenses	66,425	43,425	14,031
Entertainment Segment [Member]
Revenues:
Total revenues	$ 324,658	$ 267,995	$ 152,790

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 18,346	$ 15,694	$ 13,199
Finance lease cost:
Amortization of right-of-use assets	163	122	146
Interest on lease liabilities	25	33	39
Net lease cost	$ 18,534	$ 15,849	$ 13,384

Equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 95,276
Net other comprehensive income (loss)	(8,464)	$ 18,157	$ 28,871
Ending balance	569,153	95,276
AOCI Attributable to Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(10,923)	(29,080)	(57,951)
Gains (losses) arising during period	5,098	14,579	12,269
Amounts reclassified from accumulated other comprehensive loss	(12,276)	3,578	16,602
Income tax expense	(1,286)
Net other comprehensive income (loss)	(8,464)	18,157	28,871
Ending balance	(19,387)	(10,923)	(29,080)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(18,021)	(16,419)	(26,623)
Gains (losses) arising during period	4,428	(1,428)	10,314
Amounts reclassified from accumulated other comprehensive loss	(308)	(174)	(110)
Income tax expense	(1,286)
Net other comprehensive income (loss)	2,834	(1,602)	10,204
Ending balance	(15,187)	(18,021)	(16,419)
Accumulated Other-than-Temporary Impairment of Investment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,087)	(3,298)	(3,509)
Amounts reclassified from accumulated other comprehensive loss	209	211	211
Net other comprehensive income (loss)	209	211	211
Ending balance	(2,878)	(3,087)	(3,298)
Interest Rate Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	10,185	(9,363)	(27,819)
Gains (losses) arising during period	670	16,007	1,955
Amounts reclassified from accumulated other comprehensive loss	(12,177)	3,541	16,501
Net other comprehensive income (loss)	(11,507)	19,548	18,456
Ending balance	$ (1,322)	$ 10,185	$ (9,363)

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands):


	2023		2022
$700M Revolving Credit Facility	$	—	$	—
$500M Term Loan B		496,250		371,250
$400M 7.25% Senior Notes		400,000		—
$600M 4.50% Senior Notes		600,000		600,000
$700M 4.75% Senior Notes		700,000		700,000
$800M Gaylord Rockies Term Loan		800,000		800,000
$300M OEG Term Loan		296,250		299,250
$65M OEG Revolver		5,000		—
Block 21 CMBS Loan		131,871		134,636
Finance lease obligations		138		685
Unamortized deferred financing costs		(38,309)		(30,482)
Unamortized discounts and premiums, net		(14,172)		(12,747)
Total debt	$	3,377,028	$	2,862,592

Annual Maturities of Long-Term Debt Excluding Finance Lease Obligations

Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands):


											Years
	2024		2025		2026		2027		2028		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
$500M Term Loan B		5,000		5,000		5,000		5,000		5,000		471,250		496,250
$400M 7.25% Senior Notes		—		—		—		—		400,000		—		400,000
$600M 4.50% Senior Notes		—		—		—		—		—		600,000		600,000
$700M 4.75% Senior Notes		—		—		—		700,000		—		—		700,000
$800M Gaylord Rockies Term Loan (1)		800,000		—		—		—		—		—		800,000
$300M OEG Term Loan		3,000		3,000		3,000		3,000		3,000		281,250		296,250
$65M OEG Revolver		—		—		—		5,000		—		—		5,000
Block 21 CMBS Loan		2,904		3,094		125,873		—		—		—		131,871
Total	$	810,904	$	11,094	$	133,873	$	713,000	$	408,000	$	1,352,500	$	3,429,371

(1)

The $800 Million Gaylord Rockies Term Loan includes two, one-year extension options, subject to certain requirements.

Schedule of Fair Value of the Company's Derivative Financial Instruments

The estimated fair values of the Company’s derivative financial instruments at December 31 are as follows (in thousands):


							Estimated Fair Value
							Asset (Liability) Balance
		Strike			Notional		December 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount		2023		2022
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$	87,500	$	-	$	1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023		87,500		-		1,093
Gaylord Rockies Term Loan	Interest Rate Swap	3.3410%	1-month LIBOR	August 1, 2023		800,000		-		6,969
Gaylord Rockies Term Loan	Interest Rate Swap	5.2105%	Daily SOFR	July 2, 2024		800,000		(474)		-
OEG Term Loan	Interest Rate Swap	4.5330%	3-month SOFR	December 18, 2025		100,000		(848)		(1,164)
							$	(1,322)	$	10,186

Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations

The effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31 is as follows (in thousands):


	Amount of Gain (Loss)				Location of Gain (Loss)	Amount of Gain (Loss)
	Recognized in OCI				Reclassified from	Reclassified from Accumulated
	on Derivatives				Accumulated OCI	OCI into Income (Expense)
	2023		2022		into Income (Expense)	2023		2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	670	$	16,007	Interest expense	$	12,177	$	(3,541)
Total derivatives	$	670	$	16,007		$	12,177	$	(3,541)

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND NONCONTROLLING INTEREST (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity (Deficit) And Noncontrolling Interest [Abstract]
Dividend amount for current period (in dollars per share)	$ 3.85	$ 0.35

Property and Equipment - Additional Information (Details)	1 Months Ended
	Jun. 30, 2017 USD ($)
Property and Equipment
Property tax abatement, period	8 years
Amounts in industrial revenue bond exchanged for property tax abatement	$ 650,000,000
Cash exchanged for property tax abatement	$ 0
Industrial revenue bond maturity period	9 years

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

6. 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, Ole Red Tishomingo, Ole Red Nashville International Airport and Ole Red Las Vegas; and various warehouse, 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 five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion, with the exception of Ole Red Nashville International Airport, which has no extension option. Extension options are not considered reasonably assured and thus are not included in the Company’s calculation of its right-of-use assets and liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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 recorded $3.5 million, $3.0 million and $1.8 million of contingent rental expense related to Gaylord Palms in 2023, 2022 and 2021, respectively.

As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applies 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 calculates its incremental borrowing rates 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 cost for the years ended December 31 is as follows (in thousands):


	2023		2022		2021
Operating lease cost	$	18,346	$	15,694	$	13,199
Finance lease cost:
Amortization of right-of-use assets		163		122		146
Interest on lease liabilities		25		33		39
Net lease cost	$	18,534	$	15,849	$	13,384

Future minimum lease payments under non-cancelable leases at December 31, 2023 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	9,809	$	84
Year 2		9,224		40
Year 3		9,315		18
Year 4		9,218		—
Year 5		9,063		—
Years thereafter		556,191		—
Total future minimum lease payments		602,820		142
Less amount representing interest		(473,698)		(4)
Total present value of minimum payments	$	129,122	$	138

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


Weighted-average remaining lease term:
Operating leases	43.1	years
Finance leases	2.0	years
Weighted-average discount rate:
Operating leases	7.0	%
Finance leases	2.4	%

Pension Plans - Change in Benefit Obligation (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 60,922	$ 76,680
Interest cost	2,794	2,253	$ 1,715
Actuarial gain	(188)	(11,086)
Benefits paid	(5,750)	(6,925)
Benefit obligation at end of year	$ 57,778	$ 60,922	$ 76,680

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of Company's Lease Cost

The Company’s lease cost for the years ended December 31 is as follows (in thousands):


	2023		2022		2021
Operating lease cost	$	18,346	$	15,694	$	13,199
Finance lease cost:
Amortization of right-of-use assets		163		122		146
Interest on lease liabilities		25		33		39
Net lease cost	$	18,534	$	15,849	$	13,384

Summary of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable leases at December 31, 2023 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	9,809	$	84
Year 2		9,224		40
Year 3		9,315		18
Year 4		9,218		—
Year 5		9,063		—
Years thereafter		556,191		—
Total future minimum lease payments		602,820		142
Less amount representing interest		(473,698)		(4)
Total present value of minimum payments	$	129,122	$	138

Summary of Maturities of Finance Lease Liabilities


	Operating		Finance
	Leases		Leases
Year 1	$	9,809	$	84
Year 2		9,224		40
Year 3		9,315		18
Year 4		9,218		—
Year 5		9,063		—
Years thereafter		556,191		—
Total future minimum lease payments		602,820		142
Less amount representing interest		(473,698)		(4)
Total present value of minimum payments	$	129,122	$	138

Schedule of Remaining Lease Term and Discount Rate of Leases


Weighted-average remaining lease term:
Operating leases	43.1	years
Finance leases	2.0	years
Weighted-average discount rate:
Operating leases	7.0	%
Finance leases	2.4	%

Debt - OEG Credit Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net borrowings (repayments) under revolving credit facility			$ (190,000)	$ 84,000
$300M OEG Term Loan [Member] \| OEG Attractions Holdings, LLC
Debt Instrument [Line Items]
Face amount	$ 300,000
Spread rate (as a percent)	4.00%
Debt instrument, maturity date	Jun. 16, 2029
$300M OEG Term Loan [Member] \| OEG Attractions Holdings, LLC \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	5.00%
$65M OEG Revolver [Member]
Debt Instrument [Line Items]
Net borrowings (repayments) under revolving credit facility		$ 5,000
$65M OEG Revolver [Member] \| OEG Attractions Holdings, LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 65,000
Spread rate (as a percent)	3.75%
Net borrowings (repayments) under revolving credit facility	$ 0
Credit facility, maturity date	Jun. 16, 2027
$65M OEG Revolver [Member] \| OEG Attractions Holdings, LLC \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	4.25%
Secured Debt [Member] \| $300M OEG Term Loan [Member]
Debt Instrument [Line Items]
Face amount		$ 300,000
Secured Debt [Member] \| $300 Million Term Loan A [Member]
Debt Instrument [Line Items]
Face amount	$ 300,000

Financial Reporting By Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Reporting By Business Segments

Segments' Internal Financial Reports

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


	2023		2022		2021
Revenues:
Hospitality	$	1,833,478	$	1,537,974	$	786,583
Entertainment		324,658		267,995		152,790
Corporate and Other		—		—		—
Total	$	2,158,136	$	1,805,969	$	939,373

Depreciation and amortization:
Hospitality	$	186,749	$	189,375	$	203,675
Entertainment		23,611		18,420		14,655
Corporate and Other		867		821		2,027
Total	$	211,227	$	208,616	$	220,357

Operating income (loss):
Hospitality	$	421,264	$	310,924	$	(38,013)
Entertainment		77,384		61,030		20,382
Corporate and Other		(43,656)		(43,803)		(40,624)
Preopening costs		(1,308)		(532)		(737)
Loss on sale of assets		—		(469)		317
Total operating income (loss)		453,684		327,150		(58,675)

Interest expense		(211,370)		(148,406)		(125,347)
Interest income		21,423		5,750		5,685
Loss on extinguishment of debt		(2,252)		(1,547)		(2,949)
Loss from unconsolidated joint ventures (1)		(17,308)		(10,967)		(8,963)
Other gains and (losses), net		3,921		1,743		405
Income (loss) before income taxes	$	248,098	$	173,723	$	(189,844)

(1) Loss from unconsolidated joint ventures relates to the Entertainment segment.


	December 31,		December 31,
	2023		2022
Total assets:
Hospitality	$	4,039,804	$	3,314,444
Entertainment		610,663		502,913
Corporate and Other		538,070		223,266
Total assets	$	5,188,537	$	4,040,623

Capital Expenditures for Continuing Operations

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):


	2023		2022		2021
Hospitality	$	145,805	$	70,406	$	73,199
Entertainment		60,428		18,767		3,560
Corporate and other		543		347		667
Total capital expenditures	$	206,776	$	89,520	$	77,426

Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2012	Dec. 31, 2023
Deferred Management Rights Proceeds
Sales price of management rights and intellectual property	$ 210.0
Purchase price allocated to the management rights	$ 190.0
Term of management rights for income amortization		65 years

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit loss reserve on notes receivable
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Line items]
Balance at Beginning of Year	$ 37,962	$ 37,962	$ 37,962
Balance at End of Year	37,962	37,962	37,962
Valuation allowance for deferred tax assets
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Line items]
Balance at Beginning of Year	118,015	125,387	97,700
Additions Charged to Expenses/Other Accounts			27,687
Net (Deductions) Recoveries	(112,458)	(7,372)
Balance at End of Year	$ 5,557	$ 118,015	$ 125,387

Pension Plans - Non-Qualified Plans (Details) $ in Millions	12 Months Ended
Pension Plans - Non-Qualified Plans (Details) $ in Millions	Dec. 31, 2023 USD ($)
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, type	Pension Plan [Member]
Defined benefit plan, funding status	us-gaap:UnderfundedPlanMember
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, type	Pension Plan [Member]
Defined benefit plan, funding status	us-gaap:UnfundedPlanMember
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Plan with projected benefit obligation in excess of plan assets, accumulated benefit obligation	$ 11.1
Plan with projected benefit obligation in excess of plan assets, projected benefit obligation	$ 11.1

- Definition

Indicates status of funding for defined benefit plan designed to provide retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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+ Details

- Definition

Indicates type of defined benefit plan. Includes, but is not limited to, pension plan, other postretirement plan and special and contractual termination benefits payable upon retirement.

+ References

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+ Details

Pension Plans - Qualified and Non-Qualified Plans - Amounts Recognized in Other Comprehensive Income (Details) - Pension Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax [Abstract]
Net gain (loss) recognized in other comprehensive income	$ 5.3	$ (0.6)	$ 9.9
Net gain (loss) recognized in other comprehensive income after tax	(1.6)	0.0	$ 0.0
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Unrecognized actuarial losses included in other comprehensive loss, net of tax	16.3	20.0
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized actuarial losses included in other comprehensive loss	$ 21.5	$ 26.7

Equity

12 Months Ended

Dec. 31, 2023

Equity

Equity

9. Equity

Equity Offering

In June 2023, the Company completed an underwritten public offering of approximately 4.4 million shares of its common stock, par value $0.01 per share, at a price to the public of $93.25 per share. Net proceeds to the Company, after deducting underwriting discounts and commissions and other expenses paid by the Company, were approximately $395 million. The Company used the proceeds to pay a portion of the purchase price for JW Marriott Hill Country discussed in Note 1.

Dividends

During 2023, the Company’s board of directors declared quarterly dividends and distributions totaling $3.85 per share of common stock/OP Unit for the full year, or an aggregate of $228.1 million in cash.

During 2022, the Company’s board of directors declared total 2022 dividends and distributions in the amount of $0.35 per share of common stock/OP Unit, or an aggregate of $19.4 million in cash.

To maintain its qualification as a REIT for federal income tax purposes, the Company must distribute at least 90% of its REIT taxable income each year. The Company’s dividend policy provides that the Company will make minimum dividends of 100% of REIT taxable income annually, subject to the Company’s board of directors’ future determinations as to the amount of any distributions and the timing thereof. The dividend policy may be altered at any time by the Company’s board of directors.

Treasury Stock

On December 18, 2008, following approval by the Human Resources Committee and the Board of Directors, the Company and the Company’s Chairman of the Board of Directors and then-Chief Executive Officer (“Executive”) entered into an amendment to Executive’s employment agreement. The amendment provided Executive with the option of making an irrevocable election to invest his existing Supplemental Employee Retirement Plan (“SERP”) benefit in Company common stock, which election Executive subsequently made. The investment was made by a rabbi trust in which, during January 2009, the independent trustee of the rabbi trust purchased shares of Company common stock in the open market in compliance with applicable law. Executive is only entitled to a distribution of the Company common stock held by the rabbi trust in satisfaction of his SERP benefit. As such, the Company believes that the ownership of shares of common stock by the rabbi trust and the distribution of those shares to Executive in satisfaction of his SERP benefit meets the requirements necessary so that the Company will not recognize any increase or decrease in expense as a result of subsequent changes in the value of the Company common stock, and the purchased shares are treated as treasury stock and the SERP benefit is included in additional paid-in capital in the Company’s accompanying consolidated financial statements. The increase in treasury stock for a particular year represents dividends received on shares of Company common stock held by the rabbi trust.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2020	$	(26,623)	$	(3,509)	$	(27,819)	$	(57,951)
Gains arising during period		10,314		—		1,955		12,269
Amounts reclassified from accumulated other comprehensive loss		(110)		211		16,501		16,602
Net other comprehensive income		10,204		211		18,456		28,871
Balance, December 31, 2021	$	(16,419)	$	(3,298)	$	(9,363)	$	(29,080)
Gains (losses) arising during period		(1,428)		—		16,007		14,579
Amounts reclassified from accumulated other comprehensive loss		(174)		211		3,541		3,578
Net other comprehensive income (loss)		(1,602)		211		19,548		18,157
Balance, December 31, 2022	$	(18,021)	$	(3,087)	$	10,185	$	(10,923)
Gains arising during period		4,428		—		670		5,098
Amounts reclassified from accumulated other comprehensive loss		(308)		209		(12,177)		(12,276)
Income tax expense		(1,286)		—		—		(1,286)
Net other comprehensive income (loss)		2,834		209		(11,507)		(8,464)
Balance, December 31, 2023	$	(15,187)	$	(2,878)	$	(1,322)	$	(19,387)

- Definition

The entire disclosure for equity.

+ References

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment


	2023		2022
Land and land improvements	$	605,500	$	443,469
Buildings		4,396,302		3,785,968
Furniture, fixtures and equipment		1,138,769		1,015,078
Right-of-use finance lease assets		1,793		1,613
Construction-in-progress		122,923		50,312
		6,265,287		5,296,440
Accumulated depreciation and amortization		(2,309,701)		(2,124,732)
Property and equipment, net	$	3,955,586	$	3,171,708

Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity
Dividends declared per share	$ 3.85	$ 0.35
Aggregated dividend paid	$ 228.1	$ 19.4

Stock Plans - Restricted Stock Units - Vesting (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period from the date of grant for restricted stock awards granted	1 year
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period from the date of grant for restricted stock awards granted	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period from the date of grant for restricted stock awards granted	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Unrecognized tax benefits	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]
Income tax penalties accrued related to uncertain tax positions	0	0
Interest on income taxes accrued related to uncertain tax positions	$ 0	$ 0

Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligations	$ 138	$ 685
Unamortized deferred financing costs	(38,309)	(30,482)
Unamortized discounts and premiums, net	(14,172)	(12,747)
Total debt	3,377,028	2,862,592
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unamortized deferred financing costs	(8,420)	(5,757)
Line of Credit [Member] \| $65M OEG Revolver [Member]
Debt Instrument [Line Items]
Line of credit	5,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Secured debt	496,250	371,250
Secured Debt [Member] \| $800M Gaylord Rockies Term Loan [Member]
Debt Instrument [Line Items]
Secured debt	800,000	800,000
Secured Debt [Member] \| $300M OEG Term Loan [Member]
Debt Instrument [Line Items]
Secured debt	296,250	299,250
Secured Debt [Member] \| Block 21 CMBS Loan [Member]
Debt Instrument [Line Items]
Secured debt	131,871	134,636
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	400,000
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	600,000	600,000
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 700,000	$ 700,000

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
(Amounts in thousands)


Description	Balance at Beginning of Year		Additions Charged to Expenses/Other Accounts		Net (Deductions) Recoveries		Balance at End of Year
Credit loss reserve on notes receivable:
Year ended December 31, 2023	$	37,962	$	-	$	-	$	37,962
Year ended December 31, 2022	$	37,962	$	-	$	-	$	37,962
Year ended December 31, 2021	$	37,962	$	-	$	-	$	37,962

Valuation allowance for deferred tax assets:
Year ended December 31, 2023	$	118,015	$	-	$	(112,458)	$	5,557
Year ended December 31, 2022	$	125,387	$	-	$	(7,372)	$	118,015
Year ended December 31, 2021	$	97,700	$	27,687	$	-	$	125,387

Debt - 800 Million Gaylord Rockies Term Loan (Details)	1 Months Ended	12 Months Ended
Debt - 800 Million Gaylord Rockies Term Loan (Details)	Jul. 31, 2019 USD ($) item	Dec. 31, 2023 USD ($)
$800M Gaylord Rockies Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 02, 2024
Number Of Options \| item	2
Extended term	1 year
$800M Gaylord Rockies Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)		2.50%
Interest rate (as a percent)		5.2105%
$800M Gaylord Rockies Term Loan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Face amount	$ 800,000,000.0	$ 800,000,000
$39M Mezzanine Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Face amount	39,000,000
$500M Construction Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Face amount	$ 500,000,000

Financial Reporting By Business Segments - General Information (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of business segments	3	3	3

Stock Plans

12 Months Ended

Dec. 31, 2023

Stock Plans

Stock Plans

7. Stock Plans

The Company’s 2016 Omnibus Incentive Plan (the “Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other share-based awards to its directors, employees and consultants. At December 31, 2023, approximately 0.5 million shares of common stock remained available for issuance pursuant to future grants of awards under the Plan.

Restricted stock units granted to employees vest one to four years from the date of grant, subject to any applicable performance targets, and restricted stock units granted to non-employee directors vest one year from the date of grant, unless the recipient chooses to defer the vesting for a period of time. Depending on the type of award, the fair value of restricted stock units is determined either based on the market price of the Company’s stock at the date of grant or based on a Monte-Carlo valuation. Forfeitures are estimated based on historical experience. The Company generally records compensation expense equal to the fair value of each restricted stock unit granted over the vesting period. The weighted-average grant-date fair value of restricted stock units granted during 2023, 2022, and 2021 was $85.25, $82.66, and $73.96, respectively.

A summary of the status of the Company’s restricted stock units as of December 31, 2023 and changes during the year ended December 31, 2023, is presented below:


		Weighted
		Average
		Grant-Date
Restricted Stock Units	Shares	Fair Value
Nonvested shares at January 1, 2023	585,011	$	77.33
Granted	207,159		85.25
Vested	(166,282)		89.71
Canceled	(24,033)		82.05
Nonvested shares at December 31, 2023	601,855		77.59

The fair value of all restricted stock units that vested during 2023, 2022 and 2021 was $14.9 million, $12.9 million and $10.6 million, respectively.

At December 31, 2023, there was $21.9 million of total unrecognized compensation cost related to restricted stock units granted under the Company’s equity incentive plans. That cost is expected to be recognized over a weighted-average period of 2.3 years.

The compensation cost that has been charged against pre-tax income for all of the Company’s stock-based compensation plans was $15.4 million, $15.0 million, and $12.1 million for 2023, 2022, and 2021, respectively. The total income tax benefit recognized in the accompanying consolidated statements of operations for all of the Company’s stock-based employee compensation plans was $3.5 million, $3.5 million, and $2.9 million for 2023, 2022, and 2021, respectively.

The actual tax benefit realized from exercise, vesting or cancellation of the stock-based employee compensation arrangements during 2023, 2022, and 2021 totaled $0, $0.5 million, and $0.4 million, respectively, and is reflected as an adjustment to (provision) benefit for income taxes in the accompanying consolidated statements of operations.

Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Plans
Compensation cost on stock-based compensation plans	$ 15.4	$ 15.0	$ 12.1

Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country Transaction (Details) $ in Thousands, shares in Millions			12 Months Ended
	Jun. 30, 2023 USD ($) ft² a room item shares	Jun. 22, 2023 USD ($)	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Net proceeds	$ 395,000		$ 395,444
Shares issued \| shares	4.4
$400 Million 7.25% Senior Notes
Asset Acquisition [Line Items]
Net proceeds of a private placement		$ 393,000
Aggregate principal amount	$ 400,000
Stated interest rate (as a percent)	7.25%
JW Marriott Hill Country
Asset Acquisition [Line Items]
Purchase price	$ 800,000
Area of Land \| a	600
Number of hotel rooms \| room	1,002
Area of indoor and outdoor meeting and event space \| ft²	268,000
Number of 18-hole golf courses \| item	2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ 341,800	$ 134,948	$ (194,801)
Amounts to reconcile net income (loss) to net cash flows provided by operating activities:
Provision (benefit) for deferred income taxes	(95,825)	8,244	4,006
Depreciation and amortization	211,227	208,616	220,357
Amortization of deferred financing costs	10,663	9,829	8,790
Loss from unconsolidated joint ventures	17,308	10,967	8,963
Stock-based compensation expense	15,421	14,985	12,104
Changes in:
Trade receivables	21,550	(40,686)	(54,639)
Accounts payable and accrued liabilities	41,520	66,428	107,012
Other assets and liabilities	(6,608)	6,600	(539)
Net cash flows provided by operating activities	557,056	419,931	111,253
Cash Flows from Investing Activities:
Purchases of property and equipment	(206,776)	(89,520)	(77,426)
Collection of notes receivable	5,903	3,718	844
Other investing activities, net	(9,977)	481	5,344
Net cash flows used in investing activities	(1,012,816)	(189,313)	(289,738)
Cash Flows from Financing Activities:
Net borrowings (repayments) under revolving credit facility		(190,000)	84,000
Issuance of senior notes	400,000		600,000
Redemption of senior notes			(400,000)
Deferred financing costs paid	(23,400)	(15,411)	(10,628)
Issuance of common stock, net	395,444
Redemption of noncontrolling interest in Operating Partnership			(2,438)
Sale of noncontrolling interest in OEG		285,925
Payments of distributions	(176,001)	(5,855)	(502)
Payment of tax withholdings for share-based compensation	(4,386)	(4,478)	(3,485)
Other financing activities, net	(271)	(199)	(216)
Net cash flows provided by financing activities	711,871	50,712	261,731
Net change in cash, cash equivalents, and restricted cash	256,111	281,330	83,246
Cash, cash equivalents, and restricted cash, beginning of year	444,330	163,000	79,754
Cash, cash equivalents, and restricted cash, end of year	700,441	444,330	163,000
JW Marriott Hill Country [Member]
Cash Flows from Investing Activities:
Purchase, net of cash acquired	(791,466)
Block 21 [Member]
Cash Flows from Investing Activities:
Purchase, net of cash acquired		(93,992)
$300 Million Term Loan A [Member]
Cash Flows from Financing Activities:
Repayments under loan		(300,000)
$500 Million Term Loan B [Member]
Cash Flows from Financing Activities:
Borrowings under term loan	500,000
Repayments under loan	(378,750)	(5,000)	(5,000)
$300M OEG Term Loan [Member]
Cash Flows from Financing Activities:
Borrowings under term loan		288,000
Repayments under loan	(3,000)	(750)
$65M OEG Revolver [Member]
Cash Flows from Financing Activities:
Net borrowings (repayments) under revolving credit facility	5,000
Block 21 CMBS Loan [Member]
Cash Flows from Financing Activities:
Repayments under loan	(2,765)	(1,520)
Gaylord Rockies [Member]
Cash Flows from Investing Activities:
Purchase of land adjacent to Gaylord Rockies			(22,000)
Purchase of additional interest / Investment in other joint ventures			(188,000)
Circle [Member]
Amounts to reconcile net income (loss) to net cash flows provided by operating activities:
Loss from unconsolidated joint ventures	10,500
Cash Flows from Investing Activities:
Purchase of additional interest / Investment in other joint ventures	$ (10,500)	$ (10,000)	$ (8,500)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 341,800	$ 134,948	$ (194,801)
Other comprehensive income (loss), before tax:
Gains (losses) arising during the period	4,428	(1,428)	10,314
Amount reclassified from accumulated other comprehensive loss	(308)	(174)	(110)
Total gain (loss) on minimum pension liability	4,120	(1,602)	10,204
Interest rate derivatives:
Gains arising during period	670	16,007	1,955
Amount reclassified from accumulated other comprehensive loss	(12,177)	3,541	16,501
Total income (loss) from interest rate derivatives	(11,507)	19,548	18,456
Other-than-temporary impairment loss on held-to-maturity securities:
Amount reclassified from accumulated other comprehensive loss	209	211	211
Total non-credit loss on other-than-temporary impairment	209	211	211
Other comprehensive income (loss), before tax	(7,178)	18,157	28,871
Income tax provision related to items of comprehensive loss	(1,286)
Other comprehensive income (loss), net of tax	(8,464)	18,157	28,871
Comprehensive income (loss)	333,336	153,105	(165,930)
Comprehensive income (loss) available to common stockholders	302,714	147,370	(149,383)
Consolidated Joint Venture [Member]
Other-than-temporary impairment loss on held-to-maturity securities:
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint venture	(28,560)	(4,683)	15,419
Operating Partnership [Member]
Other-than-temporary impairment loss on held-to-maturity securities:
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership	$ (2,062)	$ (1,052)	$ 1,128

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,158,136	$ 1,805,969	$ 939,373
Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	701,138	595,544	328,874
Hotel Group Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	462,674	364,835	131,404
Hotel Transient Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	238,464	230,709	197,470
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	831,796	667,009	279,489
Hotel Food And Beverage Banquets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	569,803	440,364	140,186
Hotel Food And Beverage Outlets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	261,993	226,645	139,303
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	300,544	275,421	178,220
Entertainment Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	324,658	267,995	152,790
Entertainment Admissions And Ticketing [Member]
Disaggregation of Revenue [Line Items]
Total revenues	124,647	107,377	62,768
Entertainment Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	107,335	89,931	51,515
Entertainment Produced Content [Member]
Disaggregation of Revenue [Line Items]
Total revenues	5,764	4,984	5,919
Entertainment Retail And Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 86,912	$ 65,703	$ 32,588

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	59,712,000	55,167,000
Common stock, shares outstanding (in shares)	59,712,000	55,167,000
Treasury Stock, Shares [Abstract]
Treasury stock, shares (in shares)	668,000	648,000

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

4. Debt

The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands):


	2023		2022
$700M Revolving Credit Facility	$	—	$	—
$500M Term Loan B		496,250		371,250
$400M 7.25% Senior Notes		400,000		—
$600M 4.50% Senior Notes		600,000		600,000
$700M 4.75% Senior Notes		700,000		700,000
$800M Gaylord Rockies Term Loan		800,000		800,000
$300M OEG Term Loan		296,250		299,250
$65M OEG Revolver		5,000		—
Block 21 CMBS Loan		131,871		134,636
Finance lease obligations		138		685
Unamortized deferred financing costs		(38,309)		(30,482)
Unamortized discounts and premiums, net		(14,172)		(12,747)
Total debt	$	3,377,028	$	2,862,592

At December 31, 2023, there were no defaults under the covenants related to the Company’s outstanding debt.

Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands):


											Years
	2024		2025		2026		2027		2028		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
$500M Term Loan B		5,000		5,000		5,000		5,000		5,000		471,250		496,250
$400M 7.25% Senior Notes		—		—		—		—		400,000		—		400,000
$600M 4.50% Senior Notes		—		—		—		—		—		600,000		600,000
$700M 4.75% Senior Notes		—		—		—		700,000		—		—		700,000
$800M Gaylord Rockies Term Loan (1)		800,000		—		—		—		—		—		800,000
$300M OEG Term Loan		3,000		3,000		3,000		3,000		3,000		281,250		296,250
$65M OEG Revolver		—		—		—		5,000		—		—		5,000
Block 21 CMBS Loan		2,904		3,094		125,873		—		—		—		131,871
Total	$	810,904	$	11,094	$	133,873	$	713,000	$	408,000	$	1,352,500	$	3,429,371

(1)

The $800 Million Gaylord Rockies Term Loan includes two, one-year extension options, subject to certain requirements.

Credit Facility

On May 18, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement provides a $700.0 million revolving credit facility (the “Revolver”) and $500.0 million term loan B (the “Term Loan B”), as well as an accordion feature that will allow Borrower to increase the facilities by an aggregate total of up to $475 million, which may be allocated between the Revolver and the Term Loan B at the option of the Borrower. The Revolver replaced the Company’s previous $700 million revolving credit facility, and a portion of the proceeds from the Term Loan B were used to repay in full the approximately $370 million balance of the Company’s previous term loan B. The Revolver was undrawn at closing.

Each of the Revolver and Term Loan B is guaranteed by the Company, each of the Company’s subsidiaries that own the Gaylord Hotels properties, other than Gaylord Rockies, and certain other of the Company’s subsidiaries. Each is secured by equity pledges of the Company’s subsidiaries that are the fee owners of Gaylord Opryland and Gaylord Texan, their respective direct and indirect parent entities, and the equity of Ryman Hotel Operations Holdco, LLC, a wholly-owned indirect subsidiary of the Company. Assets of Gaylord Rockies and OEG are not subject to the liens of the Credit Agreement.

Each of the Revolver and Term Loan B contains certain covenants which, among other things, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements.

If an event of default shall occur and be continuing under the Credit Agreement, the commitments under the Credit Agreement may be terminated and the principal amount outstanding under the Credit Agreement, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

$700 Million Revolving Credit Facility

The maturity of the Revolver is May 18, 2027, with the option to extend the maturity date for a maximum of one additional year through either (i) a single twelve-month extension option or (ii) two individual six-month extensions. Borrowings under the Revolver bear interest at an annual rate equal to, at the Company’s option, either (i) Adjusted Term SOFR plus the applicable margin ranging from 1.40% to 2.00%, (ii) Adjusted Daily Simple SOFR plus the applicable margin ranging from 1.40% to 2.00%, or (iii) a base rate as set in the Credit Agreement plus the applicable margin ranging from 0.40% to 1.00%, with each option dependent upon the Company’s funded debt to total asset value ratio (as defined in the Credit Agreement). Principal is payable in full at maturity.

$500 Million Term Loan B

The Term Loan B has a maturity of May 18, 2030. The applicable interest rate margins for borrowings under the Term Loan B are, at the Company’s option, either (i) Term SOFR plus 2.75%, (ii) Daily Simple SOFR plus 2.75%, or (iii) a base rate as set in the Credit Agreement plus 1.75%. At December 31, 2023, the interest rate on the Term Loan B was Term SOFR plus 2.75%. The Term Loan B amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount of $500.0 million, with the balance due at maturity. In addition, if for any fiscal year there is Excess Cash Flow (as defined in the Credit Agreement), an additional principal amount is required. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed.

For purposes of the Term Loan B, each of Term SOFR and Daily Simple SOFR are subject to a floor of 0.00%.

$400 Million 7.25% Senior Notes Due 2028

On June 22, 2023, the Operating Partnership and Finco (collectively, the “issuing subsidiaries”) completed the private placement of $400.0 million in aggregate principal amount of 7.25% senior notes due 2028 (the “$400 Million 7.25% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Company’s credit agreement.

The $400 Million 7.25% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank Trust Company, National Association, as trustee. The $400 Million 7.25% Senior Notes have a maturity date of July 15, 2028 and bear interest at 7.25% per annum, payable semi-annually in cash in arrears on January 15 and July 15 each year, beginning on January 15, 2024. The $400 Million 7.25% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the Company’s $600 million 4.50% senior notes due 2029 and $700 million 4.75% senior notes due 2027, and senior in right of payment to future subordinated indebtedness, if any.

The $400 Million 7.25% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $400 Million 7.25% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $400 Million 7.25% Senior Notes.

The net proceeds from the issuance of the $400 Million 7.25% Senior Notes totaled approximately $393 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used these proceeds to pay a portion of the purchase price for JW Marriott Hill Country discussed in Note 1.

The $400 Million 7.25% Senior Notes are redeemable before July 15, 2025, in whole or in part, at 100.00%, plus accrued and unpaid interest thereon to, but not including, the redemption date, plus a make-whole premium. The $400 Million 7.25% Senior Notes will be redeemable, in whole or in part, at any time on or after July 15, 2025 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.625%, 101.813%, and 100.000% beginning on July 15 of 2025, 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

$600 Million 4.50% Senior Notes Due 2029

On February 17, 2021, the Operating Partnership and Finco completed the private placement of $600.0 million in aggregate principal amount of 4.50% senior notes due 2029 (the “$600 Million 4.50% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Company’s credit agreement.

The $600 Million 4.50% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank National Association, as trustee. The $600 Million 4.50% Senior Notes have

a maturity date of February 15, 2029 and bear interest at 4.50% per annum, payable semi-annually in cash in arrears on February 15 and August 15 each year. The $600 Million 4.50% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness, including the Company’s $700 million 4.75% senior notes due 2027, and senior in right of payment to future subordinated indebtedness, if any.

The $600 Million 4.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $600 Million 4.50% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $600 Million 4.50% Senior Notes.

The net proceeds from the issuance of the $600 Million 4.50% Senior Notes totaled approximately $591 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used a significant portion of these proceeds to tender and redeem its previous $400 million 5% senior notes and to repay all of the amounts outstanding under the Revolver at that time. The Company used the remaining net proceeds for general corporate purposes.

The $600 Million 4.50% Senior Notes will be redeemable, in whole or in part, at any time on or after February 15, 2024 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 102.250%, 101.500%, 100.750%, and 100.000% beginning on February 15 of 2024, 2025, 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

$700 Million 4.75% Senior Notes Due 2027

In September 2019, the Operating Partnership and Finco completed the private placement of $500.0 million in aggregate principal amount of senior notes due 2027 (the “$500 Million 4.75% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $500 Million 4.75% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $500 Million 4.75% Senior Notes have a maturity date of October 15, 2027 and bear interest at 4.75% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $500 Million 4.75% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness and senior in right of payment to future subordinated indebtedness, if any. The $500 Million 4.75% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $500 Million 4.75% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $500 Million 4.75% Senior Notes.

The net proceeds from the issuance of the $500 Million 4.75% Senior Notes totaled approximately $493 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used substantially all of these proceeds to tender and redeem its previous $350 million 5% senior notes and to repay a portion of the amounts then outstanding under the Revolver.

In October 2019, the Operating Partnership and Finco completed a tack-on private placement of $200.0 million in aggregate principal amount of 4.75% senior notes due 2027 (the “additional 2027 notes”) at an issue price of 101.250% of their aggregate principal amount plus accrued interest from the September 2019 issue date for the $500 Million 4.75% Senior Notes. The additional 2027 notes and the $500 Million 4.75% Senior Notes constitute a single class of securities (collectively, the “$700 Million 4.75% Senior Notes”). All other terms and conditions of the additional 2027 notes are identical to the $500 Million 4.75% Senior Notes.

The net proceeds of the additional 2027 notes totaled approximately $199 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used substantially all of these proceeds to repay a portion of the amounts then outstanding under the Revolver.

The $700 Million 4.75% Senior Notes are redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 102.375%, 101.188%, and 100.00% beginning on October 15 of 2023, 2024, and 2025, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

The Company completed a registered offer to exchange the $700 Million 4.75% Senior Notes for registered notes with substantially identical terms as the $700 Million 4.75% Senior Notes in July 2020.

$800 Million Gaylord Rockies Term Loan

In July 2019, Aurora Convention Center Hotel, LLC and Aurora Convention Center Hotel Lessee, LLC, the entities that comprise Gaylord Rockies, entered into a Second Amended and Restated Loan Agreement (the “Gaylord Rockies Loan”) with Wells Fargo Bank, National Association, as administrative agent, which refinanced Gaylord Rockies’ previous $500 million construction loan and $39 million mezzanine loan, which were scheduled to mature in December 2019. The Gaylord Rockies Loan consists of an $800.0 million secured term loan facility, matures July 2, 2024 with two, one-year extension options, subject to certain requirements in the Gaylord Rockies Loan, and bears interest at Adjusted Daily Simple SOFR plus 2.50%. The Company has entered into an interest rate swap to fix the SOFR portion of the interest rate at 5.2105% for the fifth year of the loan. The Company has designated this interest rate swap as an effective cash flow hedge.

The Gaylord Rockies Loan is secured by a deed of trust lien on the Gaylord Rockies real estate and related assets. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to customary non-recourse carve-outs.

In June 2020, the Loan Parties entered into Amendment No. 1 (the “Loan Amendment”) to the Gaylord Rockies Loan, by and among the Loan Parties, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto. The Loan Amendment modified the Gaylord Rockies Loan to (i) provide for the ability to use cash for certain purposes, even during a Cash Sweep Period (as defined in the Loan Agreement) and (ii) provide favorable changes to the debt service coverage ratio provisions. The Loan Amendment includes restrictions on distributions to the Company’s subsidiaries that own Gaylord Rockies.

Further, on May 2, 2023, the Loan Parties entered into a Benchmark Replacement Modification Agreement to the Gaylord Rockies Loan, which replaced LIBOR with Adjusted Daily Simple SOFR.

OEG Credit Agreement

In June 2022, OEG Borrower, LLC (“OEG Borrower”) and OEG Finance, LLC (“OEG Finance”), each a wholly-owned direct or indirect subsidiary of OEG, entered into a credit agreement (the “OEG Credit Agreement”) among OEG Borrower, as borrower, OEG Finance, certain subsidiaries of OEG Borrower from time to time party thereto as guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The OEG Credit Agreement provides for (i) a senior secured term loan facility in the aggregate principal amount of $300.0 million (the “OEG Term Loan”) and (ii) a senior secured revolving credit facility in an aggregate principal amount not to exceed $65.0 million (the “OEG Revolver”). The OEG Term Loan matures on June 16, 2029, and the OEG Revolver matures on June 16, 2027. The OEG Term Loan bears interest at a rate equal to either, at OEG Borrower’s election, (i) the Alternate Base Rate plus 4.00% or (ii) Adjusted Term SOFR plus 5.00% (all as specifically more described in the OEG Credit Agreement). In November 2022, OEG entered into an interest rate swap to fix the SOFR portion of the interest rate on $100.0 million of borrowings at 4.533% through December 2025. The OEG Revolver bears interest at a rate equal to either, at OEG Borrower’s election, (i) the Alternate Base Rate plus 3.75% or (ii) Adjusted Term SOFR plus 4.25%, which shall be subject to reduction in the applicable margin based upon OEG’s First Lien Leverage Ratio (all as more specifically described in the OEG Credit Agreement). The OEG Term Loan and OEG Revolver are each secured by substantially all of the assets of OEG Finance and each of its subsidiaries (but not Block 21 and Circle, as more

specifically described in the OEG Credit Agreement). No revolving credit advance was made under the OEG Revolver at closing.

Block 21 CMBS Loan

At the closing of the purchase of Block 21 on May 31, 2022, a subsidiary of the Company assumed a $136 million, ten-year, non-recourse term loan secured by a mortgage on Block 21 (the “Block 21 CMBS Loan”). The Block 21 CMBS Loan has a fixed interest rate of 5.58% per annum, payable monthly, matures January 5, 2026, and payments are due monthly based on a 30-year amortization.

The Block 21 CMBS Loan contains customary financial covenants and other restrictions, including sponsor net worth and liquidity requirements, and debt service coverage ratio targets that Block 21 must meet in order to avoid a “Trigger Period,” the occurrence of which does not constitute a default. Block 21 was in a Trigger Period as of the date of its purchase by the Company but exited the Trigger Period with first quarter 2023 results. During the Trigger Period, any cash generated by Block 21 in excess of amounts necessary to fund loan obligations, budgeted operating expenses and specified reserves will not be distributed to Block 21.

In connection with the purchase of Block 21, the Company provided (i) limited guarantees to the Block 21 lenders under the Block 21 CMBS Loan via a guaranty agreement, a guaranty of completion agreement and an environmental indemnity, and (ii) a letter of credit drawable by the Block 21 lenders in the event of a default of the Block 21 CMBS Loan.

Interest Rate Derivatives

The Company has entered into or previously entered into interest rate swaps to manage interest rate risk associated with the Company’s previous term loan B, the Gaylord Rockies Loan and the OEG Term Loan. Each swap has been designated as a cash flow hedge whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount.

The estimated fair values of the Company’s derivative financial instruments at December 31 are as follows (in thousands):


							Estimated Fair Value
							Asset (Liability) Balance
		Strike			Notional		December 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount		2023		2022
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$	87,500	$	-	$	1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023		87,500		-		1,093
Gaylord Rockies Term Loan	Interest Rate Swap	3.3410%	1-month LIBOR	August 1, 2023		800,000		-		6,969
Gaylord Rockies Term Loan	Interest Rate Swap	5.2105%	Daily SOFR	July 2, 2024		800,000		(474)		-
OEG Term Loan	Interest Rate Swap	4.5330%	3-month SOFR	December 18, 2025		100,000		(848)		(1,164)
							$	(1,322)	$	10,186

Derivative financial instruments in an asset position are included in prepaid expenses and other assets and those in a liability position are included in other liabilities in the accompanying consolidated balance sheets.


	Amount of Gain (Loss)				Location of Gain (Loss)	Amount of Gain (Loss)
	Recognized in OCI				Reclassified from	Reclassified from Accumulated
	on Derivatives				Accumulated OCI	OCI into Income (Expense)
	2023		2022		into Income (Expense)	2023		2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	670	$	16,007	Interest expense	$	12,177	$	(3,541)
Total derivatives	$	670	$	16,007		$	12,177	$	(3,541)

Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for 2023, 2022 and 2021 was $211.4 million, $148.4 million and $125.3 million, respectively.

At December 31, 2023, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.2 million. As of December 31, 2023, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $1.2 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

12. 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.

The investments held by the Company in connection with its deferred compensation plan consist of money market and mutual funds traded in an active market. The Company determined the fair value of these assets 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’s interest rate swaps consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flow, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2.

The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of instruments it holds.

The Company’s assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, were as follows (in thousands):


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	33,073	$	33,073	$	—	$	—
Total assets measured at fair value	$	33,073	$	33,073	$	—	$	—

Variable to fixed interest rate swaps	$	1,322	$	—	$	1,322	$
Total liabilities measured at fair value	$	1,322	$	—	$	1,322	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,245	$	29,245	$	—	$	—
Variable to fixed interest rate swaps		11,350		—		11,350		—
Total assets measured at fair value	$	40,595	$	29,245	$	11,350	$	—

Variable to fixed interest rate swaps	$	1,164	$	—	$	1,164	$	—
Total liabilities measured at fair value	$	1,164	$	—	$	1,164	$	—

The remainder of the assets and liabilities held by the Company at December 31, 2023 are not required to be measured at fair value, and financial assets and liabilities approximate fair value, except as described below.

As discussed in Note 4, “Debt,” the Company has outstanding $400.0 million in aggregate principal amount of the $400 Million 7.25% Senior Notes. The carrying value of these notes at December 31, 2023 was $393.8 million, net of

unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $417.8 million at December 31, 2023.

As discussed in Note 4, “Debt,” the Company has outstanding $600.0 million in aggregate principal amount of the $600 Million 4.50% Senior Notes. The carrying value of these notes at December 31, 2023 was $593.0 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $560.6 million at December 31, 2023.

As discussed in Note 4, “Debt,” the Company has outstanding $700.0 million in aggregate principal amount of the $700 Million 4.75% Senior Notes. The carrying value of these notes at December 31, 2023 was $694.9 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $680.0 million at December 31, 2023.

See the “JW Marriott Hill Country Transaction” and the “Block 21 Transaction” sections of Note 1 for additional disclosures related to the fair value measurements used in accounting for the purchase of JW Marriott Hill Country and Block 21.

- 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

Notes Receivable - Interest Income and Payment Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 21,423	$ 5,750	$ 5,685
Payment received relating to notes receivables	5,903	3,718	844
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,900	5,300	5,500
Payment received relating to notes receivables	11,000	9,100	$ 6,400
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 41,000	$ 41,000

Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ (112.5)
Cash distributions				$ 0.0
State net operating loss carryforward, deferred tax benefit	18.1	$ 18.1
TRS [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforward, deferred tax benefit	83.9	83.9
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance		(87.3)	$ (1.6)	23.0
Domestic Tax Authority [Member] \| TRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	399.7	399.7
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	$ 546.8	546.8
Valuation allowance		$ (25.1)	$ (5.8)	$ 4.7
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expire date		Dec. 31, 2024
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expire date		Dec. 31, 2043

Pension Plans - Qualified and Non-Qualified Plans - Adjustments to Equity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in equity as a result of change in deferred net loss	$ 5.3	$ (0.6)	$ 9.9

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-13079
Entity Registrant Name	RYMAN HOSPITALITY PROPERTIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-0664379
Entity Address, Address Line One	One Gaylord Drive
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37214
City Area Code	615
Local Phone Number	316-6000
Title of 12(b) Security	Common stock, par value $.01
Trading Symbol	RHP
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,711,664
Entity Public Float			$ 5,383,862,667
Entity Central Index Key	0001040829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Auditor Name	ERNST & YOUNG LLP
Auditor Firm ID	42
Auditor Location	Nashville, Tennessee

Pension Plans - Weighted-Average Assumptions Used in Determining Net Periodic Pension Expense (Details) - Pension Plan [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plans
Discount rate (as a percent)	5.02%	3.33%	2.13%
Rate of compensation increase	0.00%	0.00%	0.00%
Expected long-term rate of return on plan assets	6.00%	6.00%	6.00%

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Right-of-use finance lease assets	$ 1,793	$ 1,613
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Property and equipment, gross	$ 6,265,287	$ 5,296,440
Accumulated depreciation and amortization	(2,309,701)	(2,124,732)
Property and equipment, net	3,955,586	3,171,708
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	605,500	443,469
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,396,302	3,785,968
Furniture and Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,138,769	1,015,078
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 122,923	$ 50,312

Debt - Annual Maturities of Long-Term Debt Excluding Capital Lease Obligations (Details) - USD ($)	Dec. 31, 2023	Jun. 22, 2023	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021	Feb. 17, 2021	Oct. 31, 2019	Jul. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 810,904,000
2025	11,094,000
2026	133,873,000
2027	713,000,000
2028	408,000,000
Years thereafter	1,352,500,000
Total	3,429,371,000
$400 Million 7.25% Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Stated interest rate (as a percent)		7.25%
Line of Credit [Member] \| $65M OEG Revolver [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2027	5,000,000
Total	5,000,000
Maximum borrowing capacity	65,000,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	700,000,000				$ 700,000,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	5,000,000
2025	5,000,000
2026	5,000,000
2027	5,000,000
2028	5,000,000
Years thereafter	471,250,000
Total	496,250,000
Face amount	500,000,000
Secured Debt [Member] \| $800M Gaylord Rockies Term Loan [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	800,000,000
Total	800,000,000
Face amount	800,000,000							$ 800,000,000.0
Secured Debt [Member] \| $300M OEG Term Loan [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	3,000,000
2025	3,000,000
2026	3,000,000
2027	3,000,000
2028	3,000,000
Years thereafter	281,250,000
Total	296,250,000
Face amount	300,000,000
Secured Debt [Member] \| Block 21 CMBS Loan [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	2,904,000
2025	3,094,000
2026	125,873,000
Total	131,871,000
Face amount				$ 136,000,000
Stated interest rate (as a percent)			5.58%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2028	400,000,000
Total	400,000,000
Face amount	$ 400,000,000	$ 400,000,000.0
Stated interest rate (as a percent)	7.25%	7.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Years thereafter	$ 600,000,000
Total	600,000,000
Face amount	$ 600,000,000	$ 600,000,000				$ 600,000,000.0
Stated interest rate (as a percent)	4.50%	4.50%				4.50%
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
2027	$ 700,000,000
Total	700,000,000
Face amount	$ 700,000,000	$ 700,000,000					$ 700,000,000
Stated interest rate (as a percent)	4.75%	4.75%					4.75%

Description of the Business and Summary of Significant Accounting Policies - Block 21 Transaction (Details) $ in Millions		12 Months Ended
	May 31, 2022 USD ($) ft² room item	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition-related expenses		$ 1.3
Block 21 [Member]
Business Acquisition [Line Items]
Stated purchase price	$ 260.0
Purchase price	255.0
Liabilities assumed	$ 136.0
Block 21 [Member] \| ACL Live at Moody Theater [Member]
Business Acquisition [Line Items]
Seat capacity \| item	2,750
Block 21 [Member] \| W Austin Hotel [Member]
Business Acquisition [Line Items]
Number of hotel rooms \| room	251
Block 21 [Member] \| Class A Commercial Space [Member]
Business Acquisition [Line Items]
Net rentable area, commercial space \| ft²	53,000

Debt - Derivative Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	$ 670,000	$ 16,007,000	$ 1,955,000
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	12,177,000	(3,541,000)	(16,501,000)
Interest expense	211,370,000	148,406,000	$ 125,347,000
Derivatives in Cash Flow Hedging \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclassification from AOCI to interest expenses	(300,000)
Amount of Gain (Loss) Recognized in OCI on Derivatives	670,000	16,007,000
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	12,177,000	(3,541,000)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative liability	1,200,000
Termination value in case of breach of provisions	1,200,000
Interest rate swaps \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Estimated Fair Value Asset (Liability) Balance	$ (1,322,000)	10,186,000
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance		1,096,000
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance		1,096,000
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance		1,096,000
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
$500 Million Term Loan B [Member] \| Interest rate swaps \| Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2315%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance		1,093,000
$500 Million Term Loan B [Member] \| Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	$ 500,000,000
$800M Gaylord Rockies Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	5.2105%
$800M Gaylord Rockies Term Loan [Member] \| Interest rate swaps \| Derivative Instrument Gaylord Rockies Term Loan Maturing on August 1, 2023 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	Aug. 01, 2023
$800M Gaylord Rockies Term Loan [Member] \| Interest rate swaps \| Derivative Instrument Gaylord Rockies Term Loan Maturing on August 1, 2023 [Member] \| Derivatives in Cash Flow Hedging \| London Interbank Offered Rate (LIBOR) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.341%
Notional amount	$ 800,000,000
Estimated Fair Value Asset (Liability) Balance		6,969,000
$800M Gaylord Rockies Term Loan [Member] \| Interest rate swaps \| Derivative Instrument Gaylord Rockies Term Loan Maturing On July 2 2024 [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	Jul. 02, 2024
$800M Gaylord Rockies Term Loan [Member] \| Interest rate swaps \| Derivative Instrument Gaylord Rockies Term Loan Maturing On July 2 2024 [Member] \| Derivatives in Cash Flow Hedging \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	5.2105%
Notional amount	$ 800,000,000
Estimated Fair Value Asset (Liability) Balance	(474,000)
$800M Gaylord Rockies Term Loan [Member] \| Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	$ 800,000,000			$ 800,000,000.0
$300M OEG Term Loan [Member] \| Interest rate swaps \| Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	Dec. 18, 2025
$300M OEG Term Loan [Member] \| Interest rate swaps \| Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount		$ 100,000,000.0
$300M OEG Term Loan [Member] \| Interest rate swaps \| Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] \| Derivatives in Cash Flow Hedging \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.533%	4.533%
Derivative, maturity date		Dec. 18, 2025
Notional amount	$ 100,000,000
Estimated Fair Value Asset (Liability) Balance	(848,000)	$ (1,164,000)
$300M OEG Term Loan [Member] \| Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	$ 300,000,000

Stock Plans - Restricted Stock Units - Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares, beginning balance (in shares)	585,011
Granted (in shares)	207,159
Vested (in shares)	(166,282)
Canceled (in shares)	(24,033)
Nonvested shares, ending balance (in shares)	601,855	585,011
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares, weighted-average grant-date fair value (in dollars per share)	$ 77.33
Granted (in dollars per share)	85.25	$ 82.66	$ 73.96
Vested (in dollars per share)	89.71
Canceled (in dollars per share)	82.05
Nonvested shares, weighted-average grant-date fair value (in dollars per share)	$ 77.59	$ 77.33

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2023

Stock Plans

Share-Based Compensation Activity

A summary of the status of the Company’s restricted stock units as of December 31, 2023 and changes during the year ended December 31, 2023, is presented below:


		Weighted
		Average
		Grant-Date
Restricted Stock Units	Shares	Fair Value
Nonvested shares at January 1, 2023	585,011	$	77.33
Granted	207,159		85.25
Vested	(166,282)		89.71
Canceled	(24,033)		82.05
Nonvested shares at December 31, 2023	601,855		77.59

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	$ 33,073	$ 29,245
Variable to fixed interest rate swaps		11,350
Total assets measured at fair value	33,073	40,595
Variable to fixed interest rate swaps	1,322	1,164
Total liabilities measured at fair value	1,322	1,164
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable to fixed interest rate swaps		11,350
Variable to fixed interest rate swaps	1,322	1,164
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	33,073	29,245
Total assets measured at fair value	33,073	29,245
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		11,350
Total liabilities measured at fair value	1,322	1,164
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable to fixed interest rate swaps		11,350
Variable to fixed interest rate swaps	$ 1,322	$ 1,164

Pension Plans - Qualified and Non-Qualified Plans - Accrued Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liability, Defined Benefit Plan [Abstract]
Pension and postretirement benefits liability	$ 17,404	$ 21,148
Pension Plan [Member]
Liability, Defined Benefit Plan [Abstract]
Pension and postretirement benefits liability	$ 16,200	$ 19,800

Description of the Business and Summary of Significant Accounting Policies - Subsidiaries (Details)	Dec. 31, 2023
Business Acquisition [Line Items]
Percentage of owned subsidiaries	100.00%
Ryman Hospitality Properties, Inc [Member]
Business Acquisition [Line Items]
Percentage of outstanding Operating Partnership Units held by the company	99.30%

SCHEDULE III Real Estate and Accumulated Depreciation - Investment in Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	$ 3,810,923	$ 3,792,011	$ 3,642,007
Other acquisitions	697,780	0	22,227
Improvements	61,440	23,034	146,030
Disposals	(88)	(4,122)	(2,058)
Other deductions			(16,195)
Balance at end of year	$ 4,570,055	$ 3,810,923	$ 3,792,011

Description of the Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	40 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	20 years
Furniture and Fixtures and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Furniture and Fixtures and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	8 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	us-gaap:UsefulLifeTermOfLeaseMember

Pension Plans - Allocation of Defined Benefit Pension Plans Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Information about Plan Assets [Abstract]
Plan assets	$ 52,642	$ 52,269	$ 72,486
Defined Benefit Plan, Cash [Member]
Defined Benefit Plan, Information about Plan Assets [Abstract]
Plan assets	1,013	1,015
Mutual Funds [Member]
Defined Benefit Plan, Information about Plan Assets [Abstract]
Plan assets	$ 51,629	$ 51,254

- Definition

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, were as follows (in thousands):


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	33,073	$	33,073	$	—	$	—
Total assets measured at fair value	$	33,073	$	33,073	$	—	$	—

Variable to fixed interest rate swaps	$	1,322	$	—	$	1,322	$
Total liabilities measured at fair value	$	1,322	$	—	$	1,322	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,245	$	29,245	$	—	$	—
Variable to fixed interest rate swaps		11,350		—		11,350		—
Total assets measured at fair value	$	40,595	$	29,245	$	11,350	$	—

Variable to fixed interest rate swaps	$	1,164	$	—	$	1,164	$	—
Total liabilities measured at fair value	$	1,164	$	—	$	1,164	$	—

Description of the Business and Summary of Significant Accounting Policies - Cash Paid for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Paid, Net [Abstract]
Net cash payments of income taxes	$ 6.5	$ 27.0	$ 0.5

Description of the Business and Summary of Significant Accounting Policies - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income (loss) available to common stockholders	$ 311,217	$ 128,993	$ (176,966)
Denominator:
Weighted average shares outstanding - basic (in shares)	57,750	55,140	55,047
Effect of dilutive stock-based compensation (in shares)	311	237
Weighted average shares outstanding - diluted (in shares)	58,061	55,377	55,047
Earnings Per Share, Diluted [Abstract]
Net income, per share (in dollars per share)	$ 5.39	$ 2.34	$ (3.21)
Net income, per share - assuming dilution (in dollars per share)	$ 5.36	$ 2.33	$ (3.21)
Anti-dilutive securities excluded from EPS computation			200
Put rights
Earnings Per Share, Diluted [Abstract]
Anti-dilutive securities excluded from EPS computation	4,200	1,900

Pension Plans

12 Months Ended

Dec. 31, 2023

Pension Plans

Pension Plans

8. Pension Plans

Prior to January 1, 2001, the Company maintained a noncontributory defined benefit pension plan in which substantially all of its employees were eligible to participate upon meeting the pension plan’s participation requirements. The benefits were based on years of service and compensation levels. On December 31, 2000, benefits credited under the plan’s previous formula were frozen. On January 1, 2001, the Company amended its defined benefit pension plan to determine future benefits using a cash balance formula. Under the cash formula, each participant had an account which was credited monthly with 3% of qualified earnings and the interest earned on their previous month-end cash balance. In addition, the Company included a “grandfather” clause which assures that those participating at January 1, 2001 will receive the greater of the benefit calculated under the cash balance plan and the benefit that would have been payable if the defined benefit plan had remained in existence. The benefit payable to a terminated vested participant upon retirement at age 65, or as early as age 55 if the participant had 15 years of service at the time the plan was frozen, is equal to the participant’s account balance, which increases with interest credits over time. At retirement, the employee generally receives the balance in the account as a lump sum. The funding policy of the Company is to contribute annually an amount which equals or exceeds the minimum required by applicable law. On December 31, 2001, the plan was frozen such that no new participants were allowed to enter the plan and existing participants were no longer eligible to earn service credits.

As a result of increased lump-sum distributions from the retirement plan during 2023, 2022 and 2021, net settlement losses of $1.3 million, $1.9 million and $1.4 million were recognized in 2023, 2022 and 2021, respectively. These settlement losses have been classified as other gains and (losses), net in the accompanying consolidated statements of operations.

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):


	2023		2022
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	60,922	$	76,680
Interest cost		2,794		2,253
Actuarial gain		(188)		(11,086)
Benefits paid		(5,750)		(6,925)
Benefit obligation at end of year		57,778		60,922
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		52,269		72,486
Actual return on plan assets		6,123		(13,292)
Benefits paid		(5,750)		(6,925)
Fair value of plan assets at end of year		52,642		52,269
Funded status and accrued pension cost	$	(5,136)	$	(8,653)

Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):


	2023		2022		2021
Interest cost	$	2,794	$	2,253	$	1,715
Expected return on plan assets		(2,904)		(3,701)		(4,253)
Amortization of net actuarial loss		681		667		689
Net settlement loss		1,313		1,894		1,379
Total net periodic pension expense	$	1,884	$	1,113	$	(470)

Assumptions

The assumptions used to determine the benefit obligation at December 31 are as follows:


	2023		2022		2021
Discount rate	4.66	%	4.85	%	2.42	%
Rate of compensation increase	N/A		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:


	2023		2022		2021
Discount rate	5.02	%	3.33	%	2.13	%
Rate of compensation increase	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.00	%	6.00	%	6.00	%

The rate of increase in future compensation levels was not applicable for any reported years due to the Company amending the plan to freeze the cash balance benefit as described above.

The Company determines the overall expected long-term rate of return on plan assets based on its estimate of the return that plan assets will provide over the period that benefits are expected to be paid out. In preparing this estimate, the Company assesses the rates of return on each current allocation of plan assets, and advice from its third-party actuary and investment consultants. The expected return on plan assets is a long-term assumption and generally does not significantly change annually. While historical returns are considered, the rate of return assumption is primarily based on projections of expected returns based on fair value, using economic data and financial models to estimate the probability of returns. The probability distribution of annualized returns for the portfolio using current asset allocations is used to determine the expected range of returns for a ten-to-twenty-year horizon. While management believes that the

assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the Company’s pension obligations and expense.

Plan Assets

The plan’s overall strategy is to achieve a rate of return necessary to fund benefit payments by utilizing a variety of asset types, investment strategies and investment managers. The plan seeks to achieve a long-term rate of return over inflation resulting from income, capital gains, or both, which assists the plan in meeting its long-term objectives.

The long-term target allocations for the plan’s assets are managed dynamically according to a sliding scale correlating with the funded status of the plan. As the plan’s funded status increases, allocations are moved away from equity securities toward fixed income securities. Equity securities primarily include large cap and mid cap companies. Fixed income securities primarily include corporate bonds of companies in diversified industries, mortgage-backed securities and U.S. Treasuries. Investments in hedge funds and private equity funds are not held by the plan.

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):


Asset Class	2023		2022
Cash	$	1,013	$	1,015
Mutual funds		51,629		51,254
Total	$	52,642	$	52,269

All of the assets held by the plan consist of money market and mutual funds traded in an active market. The Company determined the fair value of these assets 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.

Periodically, and based on market conditions, the entire account is rebalanced to maintain the desired allocation and the investment policy is reviewed. Within each asset class, plan assets are allocated to various investment styles. Professional managers manage all assets of the plan, and professional advisors assist the plan in the attainment of its objectives.

Expected Contributions and Benefit Payments

The Company does not expect to be required to contribute to its defined benefit pension plan in 2024. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):


2024	$	7,924
2025		6,218
2026		4,979
2027		5,607
2028		5,692
2029 - 2033		20,841

Other Information

The Company also maintains non-qualified pension plans (the “Non-Qualified Plans”) to provide benefits to certain key employees. The Non-Qualified Plans are not funded, and the beneficiaries’ rights to receive distributions under these plans constitute unsecured claims to be paid from the Company’s general assets. At December 31, 2023, the Non-Qualified Plans’ projected benefit obligations and accumulated benefit obligations were $11.1 million.

The Company’s obligation related to its qualified and non-qualified pension plans of $16.2 million and $19.8 million at December 31, 2023 and 2022, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The change in the deferred net loss related to the Company’s retirement plans during 2023, 2022 and 2021

resulted in an increase (decrease) in equity of $5.3 million, $(0.6) million and $9.9 million, respectively. Each of these adjustments to equity due to the change in the minimum liability is included in other comprehensive loss in the accompanying consolidated statements of equity (deficit) and noncontrolling interest.

The combined net loss, amortization of net loss, and new prior service credit and amortization of prior service credit recognized in other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 was $5.3 million, $(0.6) million and $9.9 million, respectively, net of taxes of $1.6 million, $0 and $0, respectively. Included in accumulated other comprehensive loss at December 31, 2023 and 2022 are unrecognized actuarial losses of $21.5 million and $26.7 million ($16.3 million and $20.0 million net of tax), respectively, that have not yet been recognized in net periodic pension expense. Net losses are amortized into net periodic pension expense based on the life expectancy of plan participants expected to receive benefits, using a corridor approach based on the greater of projected benefit obligation or fair value of plan assets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Pension Plans (Tables)

12 Months Ended

Dec. 31, 2023

Pension Plans

Funded Status and Accrued Pension Cost

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):


	2023		2022
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	60,922	$	76,680
Interest cost		2,794		2,253
Actuarial gain		(188)		(11,086)
Benefits paid		(5,750)		(6,925)
Benefit obligation at end of year		57,778		60,922
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		52,269		72,486
Actual return on plan assets		6,123		(13,292)
Benefits paid		(5,750)		(6,925)
Fair value of plan assets at end of year		52,642		52,269
Funded status and accrued pension cost	$	(5,136)	$	(8,653)

Assumptions Used to Determine Benefit Obligations

The assumptions used to determine the benefit obligation at December 31 are as follows:


	2023		2022		2021
Discount rate	4.66	%	4.85	%	2.42	%
Rate of compensation increase	N/A		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:


	2023		2022		2021
Discount rate	5.02	%	3.33	%	2.13	%
Rate of compensation increase	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.00	%	6.00	%	6.00	%

Allocation of Defined Benefit Pension Plans Assets

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):


Asset Class	2023		2022
Cash	$	1,013	$	1,015
Mutual funds		51,629		51,254
Total	$	52,642	$	52,269

Pension Plan [Member]

Pension Plans

Net Periodic Pension and Postretirement Benefit (Income) Expense


	2023		2022		2021
Interest cost	$	2,794	$	2,253	$	1,715
Expected return on plan assets		(2,904)		(3,701)		(4,253)
Amortization of net actuarial loss		681		667		689
Net settlement loss		1,313		1,894		1,379
Total net periodic pension expense	$	1,884	$	1,113	$	(470)

Expected Future Benefit Payments


2024	$	7,924
2025		6,218
2026		4,979
2027		5,607
2028		5,692
2029 - 2033		20,841

Description of the Business and Summary of Significant Accounting Policies - Revenues Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Contract with Customer, Liability [Abstract]
Deferred revenues	$ 136,479	$ 159,762
Change in Contract with Customer, Liability [Abstract]
Revenue recognized	$ 103,100

Leases (Details) $ in Millions	12 Months Ended
Leases (Details) $ in Millions	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Ole Red [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	5 years
Operating lease, renewal term	5 years
Ole Red [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, term of lease	10 years
Operating lease, renewal term	55 years
Land in Osceola County, Florida [Member]
Lessee, Lease, Description [Line Items]
Area of leased property \| a	65.3
Lease expiration year	2074
Expiration date of lease under extension	Jan. 31, 2101
Contingent rental expense \| $	$ 3.5	$ 3.0	$ 1.8

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2023	Jun. 22, 2023	Feb. 17, 2021	Oct. 31, 2019
$400 Million 7.25% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)		7.25%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 400,000,000	$ 400,000,000.0
Stated interest rate (as a percent)	7.25%	7.25%
Debt amount	$ 393,800,000
Fair value of notes	417,800,000
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 600,000,000	$ 600,000,000	$ 600,000,000.0
Stated interest rate (as a percent)	4.50%	4.50%	4.50%
Debt amount	$ 593,000,000.0
Fair value of notes	560,600,000
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 700,000,000	$ 700,000,000		$ 700,000,000
Stated interest rate (as a percent)	4.75%	4.75%		4.75%
Debt amount	$ 694,900,000
Fair value of notes	$ 680,000,000.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Financial Reporting By Business Segments - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 5,188,537	$ 4,040,623
Hospitality [Member]
Segment Reporting Information [Line Items]
Total assets	4,039,804	3,314,444
Entertainment [Member]
Segment Reporting Information [Line Items]
Total assets	610,663	502,913
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 538,070	$ 223,266

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-04(8))
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-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-01(a)(5))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 30
-Subparagraph (c)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Deferred Management Rights Proceeds

12 Months Ended

Dec. 31, 2023

Deferred Management Rights Proceeds

Deferred Management Rights Proceeds

5. 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 such 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 reporting 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.

Debt - 400 Million Term Loan (Details) - USD ($)			1 Months Ended
Debt - 400 Million Term Loan (Details) - USD ($)	Jun. 22, 2023	Feb. 17, 2021	Oct. 31, 2019	Dec. 31, 2023
$400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000.0			$ 400,000,000
Stated interest rate (as a percent)	7.25%			7.25%
Debt instrument, maturity date	Jul. 15, 2028
Redemption price (as a percent)	100.00%
Net proceeds	$ 393,000,000
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member] \| Redemption Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	103.625%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.813%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000	$ 600,000,000.0		$ 600,000,000
Stated interest rate (as a percent)	4.50%	4.50%		4.50%
Debt instrument, maturity date		Feb. 15, 2029
Net proceeds		$ 591,000,000
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Redemption Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		102.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		101.50%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.75%
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 700,000,000		$ 700,000,000	$ 700,000,000
Stated interest rate (as a percent)	4.75%		4.75%	4.75%
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)			102.375%
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)			101.188%

Description of the Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Description of the Business and Summary of Significant Accounting Policies

Business Segments

Hospitality

The Hospitality segment includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel, each of which is managed by Marriott pursuant to a management agreement for each hotel.

Entertainment

The Entertainment segment includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the General Jackson, the Wildhorse Saloon, and the Company’s previous investment in the Circle joint venture, among various others. Marriott manages the day-to-day operations of the General Jackson and the W Austin, which is part of the Block 21 complex, pursuant to management agreements.

Corporate and Other

The Corporate and Other segment includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments, including certain costs for the Company’s retirement plans, equity-based compensation plans, information technology, human resources, accounting, and other administrative expenses.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. The Company’s investments in non-controlled entities in which it has the ability to exercise significant influence over operating and financial policies are accounted for by the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company analyzes its variable interests, including loans, guarantees, management agreements, leasing arrangements and equity investments, to determine if an entity in which it has a variable interest is a variable interest entity (“VIE”). This analysis primarily includes a qualitative review, which is based on a review of the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. This analysis is also used to determine if the Company must consolidate the VIE as the primary beneficiary.

For periods prior to its acquiring 100% ownership of the Gaylord Rockies joint venture in May 2021, management concluded that the Company was the primary beneficiary of the Gaylord Rockies joint venture, which was a VIE. As such, the Company consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying 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, and any previous adjustment necessary to reflect the noncontrolling interest at its redemption value was shown in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. As Gaylord Rockies is now wholly-owned by the Company, it is no longer considered a VIE. See “Noncontrolling Interests” below for further discussion.

The terms of the Company's joint venture agreement in Circle provided that the Company and its joint venture partner each shared the authority to make major decisions in the joint venture, including operating plans, entering into certain contracts, admitting additional members of the joint venture, issuing additional membership interests, and amending the operating agreement. In addition, the officers of Circle were not employees of the Company. Based on management’s analysis of the joint venture agreement, management concluded that the Company was not the primary beneficiary of this variable interest entity and accounted for this previous investment under the equity method.

Property and Equipment

Property and equipment are stated at cost or initially at estimated fair value if recorded in connection with purchase accounting. Improvements and significant renovations that extend the lives of existing assets are capitalized. Interest on funds borrowed to finance the construction of major capital additions is included in the cost of the applicable capital addition. Maintenance and repairs are charged to expense as incurred. Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives:


Buildings		40 years
Land improvements		20 years
Furniture, fixtures and equipment		5-8 years
Leasehold improvements		The shorter of the lease term or useful life

Cash and Cash Equivalents - Unrestricted

Cash and Cash Equivalents — Unrestricted

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions.

Cash and Cash Equivalents - Restricted

Cash and Cash Equivalents — Restricted

Restricted cash and cash equivalents primarily represent funds held by our property manager for furniture, fixtures and equipment reserves. In addition, based on their respective loan agreements, Gaylord Rockies must maintain a restricted cash balance related to debt service payments and Block 21 must maintain a restricted cash balance related to debt service, property tax, insurance and other payments.

Beginning in July 2020, Gaylord Rockies was in a cash sweep period pursuant to the Gaylord Rockies term loan agreement, and such cash amounts are also included in restricted cash for 2022. Gaylord Rockies exited this cash sweep period in January 2023. Block 21 was in a Trigger Period (as defined in Note 4, “Debt”) as of the date of its purchase by the Company but exited the Trigger Period with first quarter 2023 results. Such cash amounts previously held as a result of the Trigger Period are also included in restricted cash for 2022.

Accounts Receivable

The Company’s accounts receivable are primarily generated by meetings and convention attendees’ room nights and food and beverage. Receivables arising from these sales are not collateralized. Credit risk associated with the accounts receivable is minimized due to the large and diverse nature of the customer base.

Credit Loss Reserves on Accounts Receivable

The Company provides credit loss reserves based upon a percentage of accounts receivable that considers historical write-offs, current economic conditions, and management’s expectations about future economic conditions, as well as periodic evaluations of the aging of accounts receivable.

Inventory

Inventories consist primarily of food and beverage inventory for resale and retail inventory sold in the Entertainment segment. Inventory is carried at the lower of cost or net realizable value. Cost is computed on an average cost basis.

Intangible Assets

In connection with the Company’s purchase price allocation of the Gaylord Rockies joint venture, the Company acquired certain definite-lived intangibles, which are shown on the accompanying consolidated balance sheets. Included in these intangibles are the original estimated fair value of advanced bookings of $125.5 million and the original estimated fair value related to the Gaylord Hotels trade name, which Marriott owns, of $115.3 million. The advanced bookings asset was amortized on a straight-line basis over a period of 3.5 years, which corresponded with the period in which the advanced bookings related, and the value in the trade name is being amortized on a straight-line basis over 30 years, which is the period of the Marriott management agreement.

Income Taxes

The Company establishes deferred tax assets and liabilities based on the difference between the financial statement and income tax carrying amounts of assets and liabilities using existing tax laws and tax rates. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return, if any. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 10, “Income Taxes,” for more detail on the Company’s income taxes.

The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has considered all available positive and negative evidence in assessing the need for a valuation allowance.

Deferred Management Rights Proceeds

The Company has deferred and amortizes the proceeds received from Marriott that were allocated to the sale of the management rights, as discussed further in Note 5, “Deferred Management Rights Proceeds,” on a straight-line basis over the term of the hotel management agreements, including extensions, as a reduction in management fee expense in the accompanying consolidated statements of operations.

Deferred Financing Costs

Deferred financing costs (“DFCs”) consist of loan fees and other costs of financing that are amortized over the term of the related financing agreements, using the effective interest method, and are generally presented as a reduction of the related debt liability. DFCs on the Company’s revolving credit facility and the OEG revolving credit facility are included in prepaid expenses and other assets when the related revolving credit facility has no outstanding balance. During 2023, 2022 and 2021, DFCs of $10.7 million, $9.8 million and $8.8 million, respectively, were amortized to interest expense in the accompanying consolidated statements of operations.

Noncontrolling Interests

Noncontrolling Interests

OEG

The noncontrolling interest in consolidated joint venture for 2023 and 2022 represents the minority investor’s proportionate share of the assets and liabilities of OEG, adjusted for changes in the redemption value of the related put rights. The noncontrolling interest is classified in the mezzanine section of the consolidated balance sheets as the related redemption options do not meet the requirements for permanent equity classification because these redemption options may be redeemed by the holder as described above in “OEG Transaction.”

The initial value of the noncontrolling interest in OEG, which included certain put rights, was estimated based on the purchase price received from the OEG Investor. In general, the carrying value will be based on the greater of the accumulated historical cost or the put right redemption value, and at December 31, 2023, approximates the fair value of the noncontrolling interest. An adjustment is also made for the OEG Investor’s proportionate share of income or loss in the accompanying consolidated statements of operations.

Gaylord Rockies

Until the Company’s buyout of the minority partners’ interest in the Gaylord Rockies joint venture in 2021, the noncontrolling interest in consolidated joint venture for 2021 represents the previous minority partners’ proportionate share of the assets and liabilities of the Gaylord Rockies joint venture. An adjustment was made in 2021 for the minority

partners’ proportionate share of income or loss in the joint venture in the accompanying consolidated statement of operations.

OP Units

Certain former owners of interests in the Gaylord Rockies joint venture received units of the Operating Partnership (“OP Units”) in exchange for their interests. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock and are redeemable at the option of the holders thereof.

The noncontrolling interest in the Operating Partnership represents the limited partners’ proportionate share of the equity of the Operating Partnership. The noncontrolling interest is classified in the equity section of the consolidated balance sheets, separately from stockholders’ equity, as the related redemption options are redeemable for cash, or if the Company so elects, in unregistered shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. An adjustment is made for the limited partners’ proportionate share of income or loss in the accompanying consolidated statements of operations. At December 31, 2023, 0.4 million outstanding OP Units, or 0.7% of the outstanding OP Units, were held by the noncontrolling limited partners and are included as a component of equity in the accompanying consolidated balance sheets. The Company owns, directly or indirectly, the remaining 99.3% of the outstanding OP Units.

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. Cash received from advanced ticket sales is deferred and recognized as revenue at the time of the event. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle has been eliminated for the portion of Circle that the Company owned. 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 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 OEG venues. At December 31, 2023 and 2022, the Company had $159.8 million and $136.5 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. Of the amount outstanding at December 31, 2022, approximately $103.1 million was recognized in revenues during 2023.

Management Fees

The Company pays Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for the Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies is approximately 3% of revenues, and JW Marriott Hill Country is approximately 3.5% of gross revenues. Additionally, the Company pays Marriott an incentive management fee based on the profitability of the properties. Management fees are presented in the consolidated statements of operations net of the amortization of the deferred management rights proceeds discussed further in Note 5, “Deferred Management Rights Proceeds.”

Advertising Costs

Advertising costs are expensed as incurred and were $65.0 million, $55.1 million, and $36.2 million for 2023, 2022 and 2021, respectively.

Stock-Based Compensation

The Company has stock-based employee compensation plans, which are described more fully in Note 7, “Stock Plans.” The Company accounts for its stock-based compensation plan under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation.”

Preopening Costs

The Company expenses the costs associated with start-up activities and organization costs associated with its development or reopening of hotels and significant attractions as incurred. The Company’s preopening costs during 2023 include costs associated with Ole Red Las Vegas, which opened in January 2024. The Company’s preopening costs during 2022 include costs associated with Ole Red Nashville International Airport, which opened in May 2022. The Company’s preopening costs during 2021 include costs associated with the Gaylord Palms expansion, which was completed in April 2021.

Derivative Financial Instruments

The Company has entered into and may in the future enter into additional interest rate swap agreements to hedge against interest rate fluctuations. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges.

For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative resulting from recording each instrument at estimated fair value is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $0.3 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months.

Impairment of Long-Lived and Other Assets

In accounting for the Company’s long-lived and other assets (including its property and equipment and intangible assets), the Company assesses its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets or asset group may not be recoverable.

Recoverability of property and equipment and definite-lived intangible assets that will continue to be used is measured by comparing the carrying amount of the asset or asset group to the related total future undiscounted net cash flows. If an asset or asset group’s carrying value is not recoverable through those cash flows, the asset group is considered to be impaired. The impairment is measured by the excess of the assets’ carrying amount over their fair value, which is estimated using discounted cash flow analyses that utilize comprehensive cash flow projections, as well as observable market data to the extent available.

The Company recorded no impairment losses during 2023, 2022 or 2021.

Income (Loss) Per Share

Income (loss) per share is measured as basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding after considering the effect of conversion of dilutive instruments, calculated using the treasury stock method or if-converted method, as applicable. Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands):

Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

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. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which extends the transition period for the shift from LIBOR to December 2024. The Company has now converted all of its LIBOR-indexed debt and derivatives to SOFR-based indexes. For all derivatives in hedge accounting relationships, the Company utilized the elective relief in ASU 2020-04 and ASU 2022-06 that allows for the continuation of hedge accounting through the transition process.

In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures,” requiring public entities to provide disclosures of significant segment expenses and other segment items, as well as to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is applied retrospectively and will be effective for the Company for fiscal year 2024 and for interim periods beginning in fiscal year 2025. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” requiring public entities to provide additional information in the rate reconciliation, to disclose annually income taxes paid disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is applied prospectively, but with the option to apply retrospectively, and will be effective for the Company for fiscal year 2025. The Company is currently evaluating the impact of this ASU but does not anticipate this adoption to have a material impact on the Company’s financial statements.

Description of the Business and Summary of Significant Accounting Policies - Advertising Costs, Derivative Financial Instruments and Asset Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Marketing and Advertising Expense [Abstract]
Advertising costs	$ 65.0	$ 55.1	$ 36.2
Asset Impairment Charges [Abstract]
Impairment losses	0.0	$ 0.0	$ 0.0
Interest Expense [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclassification from AOCI to interest expenses	$ (0.3)

Pension Plans - Expected Future Benefit Payments (Details) - Pension Plan [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	$ 7,924
2025	6,218
2026	4,979
2027	5,607
2028	5,692
2029 - 2033	$ 20,841

Description of the Business and Summary of Significant Accounting Policies - Joint Venture Interests Acquired - Gaylord Rockies (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2021 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member] \| Line of Credit [Member]
Business Combination, Consideration Transferred [Abstract]
Maximum borrowing capacity		$ 700,000,000	$ 700,000,000
Gaylord Rockies [Member]
Business Combination, Consideration Transferred [Abstract]
Equity interest, additional ownership percentage purchased	35.00%
Purchase price	$ 188,000,000.0	188,000,000
Area of land \| a	130
Payment to acquire land	$ 22,000,000.0	$ 22,000,000

Pension Plans - Net Settlement Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment [Abstract]
Net settlement loss	$ 1,313	$ 1,894	$ 1,379

Income Taxes - Tax Rate (Details)	12 Months Ended
Income Taxes - Tax Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Corporate income tax rate (as a percent)	21.00%	21.00%	21.00%

Description of the Business and Summary of Significant Accounting Policies - Block 21 Transaction, Purchase Price Allocation (Details) - Block 21 [Member] $ in Thousands	May 31, 2022 USD ($)
Business Acquisition [Line Items]
Property and equipment	$ 237,159
Cash and cash equivalents - unrestricted	8,493
Cash and cash equivalents - restricted	12,450
Trade receivables	1,405
Prepaid expenses and other assets	1,085
Intangible assets	1,723
Total assets acquired	262,315
Debt	(132,531)
Accounts payable and accrued liabilities	(14,774)
Other liabilities	(75)
Total liabilities assumed	(147,380)
Net assets acquired	$ 114,935

Description of the Business and Summary of Significant Accounting Policies - Joint Venture Interests Acquired - Ownership Percentages (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Business Combination, Step Acquisition [Abstract]
Impairment charges	$ 0.0	$ 0.0	$ 0.0
Circle [Member]
Business Combination, Description [Abstract]
Ownership percentage	50.00%			50.00%

Equity - Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Equity
Issuance of Company's common stock (in shares)	4.4
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Share price (in dollars per share)	$ 93.25
Net proceeds	$ 395,000	$ 395,444

Debt - 700 Million 4.75 Senior Notes (Details) - Senior Notes [Member] - USD ($)	1 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2023	Jun. 22, 2023
$350 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount		$ 350,000,000
Stated interest rate (as a percent)		5.00%
$200 Million 4.75% Senior Notes
Debt Instrument [Line Items]
Face amount	$ 200,000,000.0
Stated interest rate (as a percent)	4.75%
Net proceeds	$ 199,000,000
Issue price percentage	101.25%
$500 Million 4.75% Senior Notes
Debt Instrument [Line Items]
Face amount	$ 500,000,000	$ 500,000,000.0
Debt instrument, maturity date		Oct. 15, 2027
Stated interest rate (as a percent)	4.75%	4.75%
Net proceeds		$ 493,000,000
$700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 700,000,000		$ 700,000,000	$ 700,000,000
Stated interest rate (as a percent)	4.75%		4.75%	4.75%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	102.375%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.188%
$700 Million 4.75% Senior Note [Member] \| Redemption Period Four [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%

Leases - Discount Rate (Details)	Dec. 31, 2023
Weighted-average remaining lease term (years):
Operating leases	43 years 1 month 6 days
Finance leases	2 years
Operating leases	7.00%
Finance leases	2.40%

SCHEDULE III Real Estate and Accumulated Depreciation - Property Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 345,154
Initial cost, buildings & improvements	2,970,864
Costs capitalized subsequent to acquisition	1,254,037
Gross amount, land	493,798
Gross amount, buildings & improvements	4,076,257
Gross amount, total	4,570,055	$ 3,810,923	$ 3,792,011	$ 3,642,007
Accumulated depreciation	1,436,672	$ 1,327,833	$ 1,229,727	$ 1,140,564
Gaylord Opryland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	11,482
Initial cost, buildings & improvements	77,125
Costs capitalized subsequent to acquisition	703,482
Gross amount, land	72,677
Gross amount, buildings & improvements	719,412
Gross amount, total	792,089
Accumulated depreciation	$ 455,602
Date of Construction	Jan. 01, 1983
Gaylord Opryland [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Opryland [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Palms [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 21,564
Initial cost, buildings & improvements	314,661
Costs capitalized subsequent to acquisition	212,454
Gross amount, land	39,341
Gross amount, buildings & improvements	509,338
Gross amount, total	548,679
Accumulated depreciation	$ 228,937
Date of Construction	Jan. 01, 2002
Gaylord Palms [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Palms [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Texan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 21,235
Initial cost, buildings & improvements	388,030
Costs capitalized subsequent to acquisition	191,935
Gross amount, land	49,962
Gross amount, buildings & improvements	551,238
Gross amount, total	601,200
Accumulated depreciation	$ 249,361
Date of Construction	Jan. 01, 2004
Gaylord Texan [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Texan [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord National [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 43,212
Initial cost, buildings & improvements	840,261
Costs capitalized subsequent to acquisition	70,194
Gross amount, land	47,609
Gross amount, buildings & improvements	906,058
Gross amount, total	953,667
Accumulated depreciation	$ 345,160
Date of Construction	Jan. 01, 2008
Gaylord National [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord National [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Rockies [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 53,374
Initial cost, buildings & improvements	760,898
Costs capitalized subsequent to acquisition	30,913
Gross amount, land	68,858
Gross amount, buildings & improvements	776,327
Gross amount, total	845,185
Accumulated depreciation	$ 116,888
Date of Acquisition	Dec. 31, 2018
Gaylord Rockies [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Rockies [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
JW Marriott Hill Country [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 139,196
Initial cost, buildings & improvements	558,584
Costs capitalized subsequent to acquisition	10,273
Gross amount, land	149,469
Gross amount, buildings & improvements	558,584
Gross amount, total	708,053
Accumulated depreciation	$ 8,145
Date of Acquisition	Jan. 01, 2023
JW Marriott Hill Country [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
JW Marriott Hill Country [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Inn at Opryland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 2,675
Initial cost, buildings & improvements	7,248
Costs capitalized subsequent to acquisition	21,324
Gross amount, land	3,347
Gross amount, buildings & improvements	27,900
Gross amount, total	31,247
Accumulated depreciation	$ 13,490
Date of Construction	Jan. 01, 1998
Inn at Opryland [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Inn at Opryland [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
AC Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 9,079
Initial cost, buildings & improvements	17,340
Costs capitalized subsequent to acquisition	4,877
Gross amount, land	9,101
Gross amount, buildings & improvements	22,195
Gross amount, total	31,296
Accumulated depreciation	$ 4,867
Date of Acquisition	Jan. 01, 2014
AC Hotel [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
AC Hotel [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Miscellaneous [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 43,337
Initial cost, buildings & improvements	6,717
Costs capitalized subsequent to acquisition	8,585
Gross amount, land	53,434
Gross amount, buildings & improvements	5,205
Gross amount, total	58,639
Accumulated depreciation	$ 14,222
Miscellaneous [Member] \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Miscellaneous [Member] \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years

Income Taxes - (Provision) Benefit for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CURRENT:
Federal	$ 797	$ (21,936)	$ 126
State	(2,920)	(8,595)	(1,077)
Total current provision	(2,123)	(30,531)	(951)
DEFERRED:
Federal	79,710	(9,115)	(3,646)
State	16,115	871	(360)
Total deferred (provision) benefit	95,825	(8,244)	(4,006)
Total (provision) benefit for income taxes	$ 93,702	$ (38,775)	$ (4,957)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Notes Receivable - General Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2008	Dec. 31, 2023	Dec. 31, 2017	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values		$ 61,760		$ 67,628
Transition adjustment		(894,259)		(978,619)
Bonds A Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Bond issued, face value		$ 95,000
Interest rates on bonds (as a percent)		8.00%
Maturity date of notes receivable		Jul. 01, 2034
Effective interest rates on bonds (as a percent)	8.04%
Present value of future debt service payments discounted	$ 93,800
Bonds B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Bond issued, face value		$ 50,000
Interest rates on bonds (as a percent)		10.00%
Maturity date of notes receivable		Sep. 01, 2037
Effective interest rates on bonds (as a percent)	11.42%
Present value of future debt service payments discounted	$ 38,300
Less portion recognized in other comprehensive income			$ 6,500
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values		$ 61,800		67,600
Credit loss reserve		$ 38,000		$ 38,000

Notes Receivable

12 Months Ended

Dec. 31, 2023

Notes Receivable

Notes Receivable

3. Notes Receivable

In connection with the development of Gaylord National, Prince George’s County, Maryland (“the County”) issued a bond with a face value of $95 million (“Series A Bond”) and an additional bond with a face value of $50 million (“Series B Bond”), which were delivered to the Company upon substantial completion and opening of Gaylord National in 2008. The interest rate on the Series A Bond and Series B Bond is 8.0% and 10.0%, respectively. The maturity dates of the Series A Bond and the Series B Bond are July 1, 2034 and September 1, 2037, respectively.

Upon receipt in 2008, the Company calculated the present value of the future debt service payments from the Series A Bond and Series B Bond based on their effective interest rates of 8.04% and 11.42%, respectively, and recorded the notes receivable at their discounted values of $93.8 million and $38.3 million, respectively. The Company records the amortization of discount on these notes receivable as interest income over the terms of the notes. The Company is currently holding the bonds, which have aggregate carrying values and approximate fair values of $61.8 million and $67.6 million at December 31, 2023 and 2022, respectively, net of a credit loss reserve of $38.0 million at each period. The Company earns interest income on the debt service on the notes receivable, which are payable from tax increments, hotel taxes and special hotel rental taxes generated from the development through the maturity date. The Company’s estimate of credit loss reserves is sensitive to significant assumptions, which include the projections of hotel taxes (which are based on expected hotel revenues) and property taxes, both of which are affected by expectations about future market and economic conditions, particularly those in the Washington D.C. market. These assumptions are based on Level 3 inputs. Further, such assumptions are judgmental as the bonds and related projected cash flows continue for an extended period of time through 2037.

The Company has the intent and ability to hold the Series A Bond and Series B Bond to maturity and had at inception expected to receive all debt service payments due. As a result of reduced long-range tax revenue projections over the remaining life of the Series B Bond, in 2017, the Company no longer believed it would receive all debt service payments due under the note, and the Company considered the Series B Bond to be other-than-temporarily impaired (“OTTI”). The amount of the OTTI related to changing market conditions, or the increase in the discount rate, of $6.5 million was recorded as an increase to other comprehensive loss in 2017 and is amortized as an adjustment to the carrying value of the Series B Bond in the accompanying consolidated balance sheets. The discount rate was determined based on the then-current market interest rates of notes receivable with comparable market ratings and the then-current expectations about the timing of debt service payments under the note.

The Company performs a quarterly assessment of credit losses, which considers the estimate of projected tax revenues that will service the bonds over its remaining term. At December 31, 2023 and 2022, the Series B Bond is fully reserved. The Series A Bond is of higher priority than other tranches which fall between the Company’s two issuances.

During 2023, 2022 and 2021, the Company recorded interest income of $4.9 million, $5.3 million and $5.5 million, respectively, on these bonds. The Company received payments of $11.0 million, $9.1 million and $6.4 million during 2023, 2022 and 2021, respectively, relating to these notes receivable, which include principal and interest payments. At each of December 31, 2023 and 2022, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $41.0 million.

Pension Plans - Net Periodic Pension (Income) Expense (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 2,794	$ 2,253	$ 1,715
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)
Expected return on plan assets	$ (2,904)	$ (3,701)	$ (4,253)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)
Amortization of net actuarial loss	$ 681	$ 667	$ 689
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)
Net settlement loss	$ 1,313	$ 1,894	$ 1,379
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)	Other Nonoperating Gains (Losses)
Total net periodic pension expense	$ 1,884	$ 1,113	$ (470)

Stock Plans - Restricted Stock Units - Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Fair value of restricted stock awards vested	$ 14.9	$ 12.9	$ 10.6

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

11. Commitments and Contingencies

In April 2019, a subsidiary of the Company acquired a 50% equity interest in Circle and has made capital contributions of $41.5 million through December 31, 2023. The Company accounted for its investment in this joint venture under the equity method of accounting. In September 2023, Company management determined to pivot from television network ownership in favor of a distribution approach. Therefore, the Company and its joint venture partner agreed to wind down the joint venture, with operations ceasing December 31, 2023. As a result, the Company incurred a loss related to Circle of approximately $10.5 million, which is included in loss from unconsolidated joint ventures in the accompanying consolidated statement of operations for 2023. Included in this loss is approximately $3.5 million, which is the Company’s portion of the remaining net obligations of the joint venture, which the Company has committed to fund.

The Company entered into a tax protection agreement in connection with the December 31, 2018 purchase of additional interests in the Gaylord Rockies joint venture, which will generally require the Company to, among other things, indemnify certain minority partners that were members of the Gaylord Rockies joint venture for 50% of any income taxes incurred by them as a result of a direct or indirect sale or other disposition of the Gaylord Rockies joint venture, within seven years of closing, and for 100% of any income taxes incurred by them as a result of the failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities for the purpose of protecting such parties’ tax bases.

The Company is self-insured up to a stop loss for certain losses relating to workers’ compensation claims and general liability claims through September 30, 2012, and for certain losses related to employee medical benefits through December 31, 2012. The Company’s insurance program subsequently transitioned to a low or no deductible program. As of January 1, 2022, the Company again became self-insured for certain losses related to employee medical benefits. The Company has purchased stop-loss coverage in order to limit its exposure to any significant levels of claims relating to workers’ compensation, employee medical benefits and general liability for which it is self-insured.

The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including after a change of control.

The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of other matters. It is the opinion of management that such legal actions will not have a material effect on the financial statements of the Company.

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	12 Months Ended			57 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Apr. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated joint ventures		$ (17,308)	$ (10,967)	$ (8,963)
Gaylord Rockies \| Tax Protection Agreement
Schedule of Equity Method Investments [Line Items]
Threshold limit for indemnification of tax losses due to sale or disposition		50
Indemnification period (in years)		7 years
Indemnification agreement \| Gaylord Rockies \| Tax Protection Agreement
Schedule of Equity Method Investments [Line Items]
Threshold limit for indemnification of tax losses due to failure to comply obligations		100.00%
Gaylord Rockies
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	65.00%
Capital contribution	$ 188,000			188,000
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)		50.00%			50.00%	50.00%
Capital contribution		$ 10,500	$ 10,000	$ 8,500	$ 41,500
Loss from unconsolidated joint ventures		(10,500)
Circle [Member] \| Net Obligations, Joint Venture
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated joint ventures		$ (3,500)

SCHEDULE III Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($)	Dec. 31, 2023	Jul. 31, 2019
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Amount outstanding under credit facility	$ 510,800,000
Aggregate cost of assets for federal income tax	3,500,000,000
$800M Gaylord Rockies Term Loan [Member] \| Secured Debt [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Face amount	$ 800,000,000	$ 800,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column B
-Publisher SEC

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-Number 210
-Section 12
-Subsection 28
-Paragraph Column C
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pension Plans - Additional Information (Details)	12 Months Ended
Pension Plans - Additional Information (Details)	Dec. 31, 2023
Pension Plans
Minimum time period for expected rate of return	10 years
Maximum time period for expected rate of return	20 years

Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2023

Financial Reporting By Business Segments

Financial Reporting By Business Segments

13. Financial Reporting By Business Segments

The Company’s continuing operations are organized into the following principal business segments:

●

Hospitality, which includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel;

●

Entertainment, which includes the OEG business, specifically, the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the Company’s investment in Circle, and the Company’s Nashville-based attractions; and

●

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

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


	2023		2022		2021
Revenues:
Hospitality	$	1,833,478	$	1,537,974	$	786,583
Entertainment		324,658		267,995		152,790
Corporate and Other		—		—		—
Total	$	2,158,136	$	1,805,969	$	939,373

Depreciation and amortization:
Hospitality	$	186,749	$	189,375	$	203,675
Entertainment		23,611		18,420		14,655
Corporate and Other		867		821		2,027
Total	$	211,227	$	208,616	$	220,357

Operating income (loss):
Hospitality	$	421,264	$	310,924	$	(38,013)
Entertainment		77,384		61,030		20,382
Corporate and Other		(43,656)		(43,803)		(40,624)
Preopening costs		(1,308)		(532)		(737)
Loss on sale of assets		—		(469)		317
Total operating income (loss)		453,684		327,150		(58,675)

Interest expense		(211,370)		(148,406)		(125,347)
Interest income		21,423		5,750		5,685
Loss on extinguishment of debt		(2,252)		(1,547)		(2,949)
Loss from unconsolidated joint ventures (1)		(17,308)		(10,967)		(8,963)
Other gains and (losses), net		3,921		1,743		405
Income (loss) before income taxes	$	248,098	$	173,723	$	(189,844)

(1) Loss from unconsolidated joint ventures relates to the Entertainment segment.


	December 31,		December 31,
	2023		2022
Total assets:
Hospitality	$	4,039,804	$	3,314,444
Entertainment		610,663		502,913
Corporate and Other		538,070		223,266
Total assets	$	5,188,537	$	4,040,623

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):


	2023		2022		2021
Hospitality	$	145,805	$	70,406	$	73,199
Entertainment		60,428		18,767		3,560
Corporate and other		543		347		667
Total capital expenditures	$	206,776	$	89,520	$	77,426

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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+ Details

Stock Plans - Income Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Tax benefit recognized from all stock-based employee compensation plans	$ 3.5	$ 3.5	$ 2.9

Debt - 500 Million Term Loan B (Details) - $500 Million Term Loan B [Member]	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Spread rate (as a percent)	1.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.75%
Secured Debt [Member]
Debt Instrument [Line Items]
Percentage of amortization of original principal balance (as a percent)	1.00%
Face amount	$ 500,000,000
Debt instrument, maturity date	May 18, 2030
Spread rate (as a percent)	2.75%
Secured Debt [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.75%
Floor interest rate	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt - Block 21 CMBS Loan (Details) - Secured Debt [Member] - Block 21 CMBS Loan [Member] - USD ($) $ in Millions		12 Months Ended
	May 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Face amount	$ 136
Term of debt	10 years
Stated interest rate (as a percent)		5.58%
Amortization term		30 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country Transaction, Net assets acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Property and equipment	$ 3,955,586		$ 3,171,708
Cash and cash equivalents - unrestricted	591,833		334,194	$ 140,688
Cash and cash equivalents - restricted	108,608		110,136	$ 22,312
Trade receivables	110,029		116,836
Prepaid expenses and other assets	154,810		134,170
Intangible assets	124,287		105,951
Total assets	5,188,537		4,040,623
Accounts payable and accrued liabilities	(464,720)		(385,159)
Total liabilities assumed	$ (4,270,634)		$ (3,632,865)
JW Marriott Hill Country
Asset Acquisition [Line Items]
Property and equipment		$ 772,821
Cash and cash equivalents - unrestricted		12,690
Cash and cash equivalents - restricted		5,477
Trade receivables		14,743
Prepaid expenses and other assets		3,953
Intangible assets		25,097
Total assets		834,781
Accounts payable and accrued liabilities		(25,148)
Total liabilities assumed		(25,148)
Net assets acquired		$ 809,633

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Description of the Business and Summary of Significant Accounting Policies

Description of the Business and Summary of Significant Accounting Policies

1. Description of the Business and Summary of Significant Accounting Policies

For financial statement presentation and reporting purposes, the Company is the successor to Gaylord Entertainment Company, a Delaware corporation (“Gaylord”). As part of the plan to restructure the business operations of Gaylord to facilitate its qualification as a real estate investment trust (“REIT”) for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman Hospitality Properties, Inc., a Delaware corporation (“Ryman”), on October 1, 2012, with Ryman as the surviving corporation (the “Merger”). At 12:01 a.m. on October 1, 2012, the effective time of the Merger, Ryman succeeded to and began conducting, directly or indirectly, all of the business conducted by Gaylord immediately prior to the Merger. The “Company” refers to Ryman and its subsidiaries and to Gaylord.

On January 1, 2013, the Company began operating as a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These five 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”). Prior to May 2021, Gaylord Rockies 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, the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National, and effective June 30, 2023, the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”). See “JW Marriott Hill Country Transaction” below for further disclosure.

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 consolidated financial statements.

The Company also owns a controlling 70% equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which the Company reports as its 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 – the Wildhorse Saloon and the General Jackson Showboat (“General Jackson”); and as of May 31, 2022, Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”). Prior to June 16, 2022, the Company owned 100% of OEG. The Company also previously owned a 50% interest in a joint venture that created and distributed a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”). See “OEG Transaction,” and “Block 21 Transaction” in this Note 1, as well as Note 11, “Commitments and Contingencies,” for further disclosure.

The Company conducts its business through an umbrella partnership REIT, in which all of its assets are held by, and all of its operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”) that the Company formed in connection with its REIT conversion. Ryman and the non-controlling operating partnership unit holders discussed in “Income (Loss) Per Share” in this Note 1 are the sole limited partners of the Operating Partnership, and Ryman currently owns, either directly or indirectly, 99.3% of the partnership units of the Operating Partnership. RHP Finance Corporation, a Delaware corporation (“Finco”), was formed as a wholly-owned

subsidiary of the Operating Partnership for the sole purpose of being an issuer of debt securities with the Operating Partnership. Neither Ryman nor Finco has any material assets, other than Ryman’s investment in the Operating Partnership and its 100%-owned subsidiaries. Neither the Operating Partnership nor Finco has any business, operations, financial results or other material information, other than the business, operations, financial results and other material information described in this Annual Report on Form 10-K and Ryman’s other reports, documents or other information filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality; Entertainment; and Corporate and Other. The Company’s fiscal year ends on December 31 for all periods presented.

Business Segments

Hospitality

Entertainment

Corporate and Other

Principles of Consolidation

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 contemplated by 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 “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 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 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 consolidated balance sheets, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. 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 then-outstanding balance of the Company’s former $300 million term loan A and to pay down substantially all borrowings then 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 is governed by a Board of Managers (the “Board”), subject to member consent to certain actions. The Board initially consists 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 2024 and 2025 in an amount equal to the lesser of $125 million or the maximum amount of proceeds that the Company may receive with respect to its compliance with applicable REIT tests, provided that the OEG Investor may not purchase an amount of common units that would result in the Company owning less than 51% of the outstanding common units after giving effect to the purchase. If the OEG Investor elects to exercise the Purchase Option, then (i) beginning on June 16, 2027 (the fifth anniversary of the OEG Investor’s original investment in OEG (the “Fifth Anniversary”)), the OEG Investor will have the right to demand that OEG undertake a Qualified IPO and (ii) the OEG Investor’s rights with respect to the IPO Request Put Right, the Seven-Year Put Right, an IPO Payment and a Sale Payment, each as defined in the OEG LLC Agreement and described below, will expire. The Purchase Option will terminate upon the occurrence of a Qualified IPO, a Sale of OEG or a Qualified Spinoff, each as defined in the OEG LLC Agreement.

IPO Request Put Right. If OEG has not completed a Qualified IPO prior to June 16, 2026 (the fourth anniversary of the OEG Investor’s original investment in OEG (the “Fourth Anniversary”)), the OEG Investor may request that OEG undertake a Qualified IPO. If the Company, through its subsidiary RHP Hotels, LLC (the “Ryman Member”), declines to undertake such Qualified IPO, the OEG Investor may cause the Ryman Member to acquire all of the OEG Investor’s interest in OEG at a price equal to 1.5 times the OEG Investor’s equity investment (the “IPO Request Put Price”).

Seven-Year Put Right. If OEG has not completed a Qualified IPO, Sale of OEG or a Qualified Spinoff prior to June 16, 2029 (the seventh anniversary of the OEG Investor’s original investment in OEG (the “Seventh Anniversary”)), the OEG Investor may cause the Ryman Member to acquire all of the OEG Investor’s interest in OEG at a price equal to the fair value of the OEG Investor’s equity interest (the “Seven-Year Put Price”).

The IPO Request Put Price and the Seven-Year Put Price may each be settled in either cash or Company stock, at the Company’s option, and the IPO Request Put Right and the Seven-Year Put Right will each terminate at the first closing of the Purchase Option.

IPO Payment. Upon a Qualified IPO that occurs on or before the Seventh Anniversary, the OEG Investor will be entitled to an IPO Payment if the Post IPO Investor Stake Value (as defined in OEG LLC Agreement) measured on the 120^th trading day post-IPO does not equal or exceed the Minimum Investor Stake Value (as defined in the OEG LLC Agreement). If the IPO occurs after the Fourth Anniversary, the IPO Payment will be capped at 50% of the OEG Investor’s investment in OEG (the “Payment Cap”). Any IPO Payment may be satisfied in either cash, OEG equity owned by the Ryman Member, or Company stock, at the Company’s option.

Sale Payment. Upon a sale of OEG (but excluding a Qualified Spinoff) that occurs on or before the Seventh Anniversary, the OEG Investor will be entitled to a Sale Payment if the value of the OEG Investor’s retained invested equity (implied by the sale) does not equal or exceed the Minimum Investor Sale Value (as defined in the OEG LLC Agreement). If a sale of OEG occurs after the Fifth Anniversary, any Sale Payment will be capped at the Payment Cap. Any Sale Payment may be satisfied in either cash, a preferential cash distribution, additional consideration in the Sale of OEG or Company stock at the Company’s option.

The above descriptions related to the OEG LLC Agreement do not purport to be complete and are qualified in their entirety by reference to the OEG LLC Agreement filed as Exhibit 10.12 to this Annual Report on Form 10-K and incorporated herein by reference.

JW Marriott Hill Country Transaction

On June 30, 2023, the Company purchased JW Marriott Hill Country for approximately $800 million. Located amid approximately 600 acres in the Texas Hill Country region outside of San Antonio, JW Marriott Hill Country, which opened in 2010, is a premier group-oriented resort with 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space. The resort’s amenities include a spa, several food and beverage outlets, a water experience, and TPC San Antonio, which features two 18-hole golf courses. The Company funded the purchase price with approximately $395 million in net proceeds of an underwritten registered public offering of approximately 4.4 million shares of the Company’s common stock (see Note 9, “Equity”), approximately $393 million in net proceeds of a private placement of $400 million aggregate principal amount of 7.25% senior notes due 2028 (see Note 4, “Debt”) and cash on hand. JW Marriott Hill Country assets and operations are reflected in the Company’s Hospitality segment beginning June 30, 2023.

The Company performed a valuation of the fair value of the acquired assets and liabilities assumed as of June 30, 2023. The valuations of the various components of property and equipment were determined principally based on the cost approach, which uses assumptions regarding replacement values from established indices. The valuation of intangible assets was based on various methods to evaluate the values of advanced bookings previously received for the hotel and the values of golf memberships and water rights for the golf course. The Company considers each of these estimates as Level 3 fair value measurements.


Property and equipment	$	772,821
Cash and cash equivalents - unrestricted		12,690
Cash and cash equivalents - restricted		5,477
Trade receivables		14,743
Prepaid expenses and other assets		3,953
Intangible assets		25,097
Total assets acquired		834,781
Accounts payable and accrued liabilities		(25,148)
Total liabilities assumed		(25,148)
Net assets acquired	$	809,633

Block 21 Transaction

On May 31, 2022, the Company purchased Block 21 for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which included the assumption of approximately $136 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin, the 3TEN at ACL Live club and approximately 53,000 square feet of other Class A commercial space. The Company funded the cash portion of the purchase price with cash on hand and borrowings under its revolving credit facility. The acquisition was accounted for as a business combination, given the different nature of the principal operations acquired (a hotel and an entertainment venue). Block 21 assets and operations are reflected in the Company’s Entertainment segment beginning May 31, 2022.

The Company performed a preliminary valuation of the fair value of the acquired assets and liabilities assumed as of May 31, 2022. The valuations of the various components of property and equipment were determined principally based on the cost approach, which uses assumptions regarding replacement values from established indices. The valuation of intangible assets was based on various methods to evaluate the values of leases in place and advanced bookings previously received for the hotel. The valuation of assumed debt was principally based on a discounted cash flow approach using market interest rates at the time of the transaction. The Company considers each of these estimates as Level 3 fair value measurements. Other acquired assets were valued at, and fair value approximated, carrying value. Based on the aggregation of fair values as compared to consideration transferred, the Company concluded that there was no goodwill or bargain purchase gain related to the business combination. The Company performed an income approach evaluation of the acquired set which corroborated the conclusion that there was no goodwill related to the acquisition. Such evaluation included assumptions of future projected cash flows, which were based on the future projected occupancy and average daily rate for the W Hotel Austin, future anticipated cash flows at ACL Live, and market discount rates.

Utilizing the valuation, the Company performed a purchase price allocation for the acquired assets and liabilities of Block 21. As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, as follows (amounts in thousands):


Property and equipment	$	237,159
Cash and cash equivalents - unrestricted		8,493
Cash and cash equivalents - restricted		12,450
Trade receivables		1,405
Prepaid expenses and other assets		1,085
Intangible assets		1,723
Total assets acquired		262,315

Debt		(132,531)
Accounts payable and accrued liabilities		(14,774)
Other liabilities		(75)
Total liabilities assumed		(147,380)

Net assets acquired	$	114,935

During the first quarter of 2023, the Company concluded its valuation of the fair value of the acquired assets and liabilities assumed as of May 31, 2022, and no significant changes were made to the provisional amounts presented above.

The Company incurred $1.3 million in acquisition-related expenses in 2022, which are included in entertainment expenses in the accompanying consolidated statement of operations.

Property and Equipment


Buildings		40 years
Land improvements		20 years
Furniture, fixtures and equipment		5-8 years
Leasehold improvements		The shorter of the lease term or useful life

Cash and Cash Equivalents — Unrestricted

Cash and Cash Equivalents — Restricted

Supplemental Cash Flow Information

Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):


	2023		2022		2021
Debt interest paid	$	183,479	$	135,467	$	113,669
Capitalized interest		(2,483)		(183)		(2,922)
Cash paid for interest, net of capitalized interest	$	180,996	$	135,284	$	110,747

Net cash payments of income taxes in 2023, 2022 and 2021 were $6.5 million, $27.0 million and $0.5 million, respectively.

Accounts Receivable

Credit Loss Reserves on Accounts Receivable

Prepaid Expenses and Other Assets

Prepaid expenses and other assets at December 31 consist of (amounts in thousands):


	2023		2022
Prepaid expenses	$	22,458	$	19,377
Supplemental deferred compensation plan assets		33,073		29,245
Tax rebate receivables		34,324		22,181
Inventories		14,007		12,041
Right-of-use assets for operating leases		18,134		18,910
Deferred financing costs on revolving credit facilities		8,420		5,757
Derivative assets		—		11,350
Other		24,394		15,309
Total prepaid expenses and other assets	$	154,810	$	134,170

Prepaid expenses consist of prepayments for property taxes, insurance and other contracts that will be expensed during the subsequent year. Inventories consist primarily of food and beverage inventory for resale and retail inventory sold in the Entertainment segment. Inventory is carried at the lower of cost or net realizable value. Cost is computed on an average cost basis. Other assets include capitalized software costs, non-trade receivables, and investments in joint ventures, among others.

Gaylord Rockies is party to an incentive agreement with the local government that provides that Gaylord Rockies is entitled to receive monthly rebates of certain city and state taxes, including property, sales and lodging taxes. The term

of the rebate agreement varies by type of tax but ranges from 25-33 years from commencement of the construction of Gaylord Rockies. Gaylord Rockies earned $52.8 million, $38.4 million and $29.1 million in rebates in 2023, 2022 and 2021, respectively, which are generally recorded as a reduction in other hotel expenses in the accompanying consolidated statements of operations for 2023, 2022 and 2021.

Intangible Assets

The gross carrying amount of intangible assets at December 31, 2023 and 2022 was $279.8 million and $254.7 million, respectively. Accumulated amortization of intangible assets at December 31, 2023 and 2022 was $155.6 million and $148.7 million, respectively. Amortization expense related to intangible assets during 2023, 2022 and 2021 was $6.8 million, $22.7 million and $40.2 million, respectively. The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands):


2024	$	8,083
2025		7,694
2026		7,275
2027		5,446
2028		5,329
	$	33,827

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):


	2023		2022
Trade accounts payable	$	57,030	$	38,628
Property and other taxes payable		90,558		73,461
Deferred revenues		159,762		136,479
Accrued salaries and benefits		57,502		58,219
Interest payable		39,870		23,111
Other accrued liabilities		59,998		55,261
Total accounts payable and accrued liabilities	$	464,720	$	385,159

Deferred revenues consist primarily of deposits on advance bookings of hotel rooms and advance ticket sales at the Company’s entertainment properties, as well as uncollected attrition and cancellation fees. Other accrued liabilities include accruals for, among others, purchasing, meeting planner commissions and utilities.

Income Taxes

Deferred Management Rights Proceeds

Other Liabilities

Other liabilities at December 31 consist of (amounts in thousands):


	2023		2022
Pension and postretirement benefits liability	$	17,404	$	21,148
Deferred compensation liability		33,073		29,245
Derivative liabilities		1,322		1,164
Other		14,859		13,267
Total other liabilities	$	66,658	$	64,824

Deferred Financing Costs

Noncontrolling Interests

OEG

Gaylord Rockies

partners’ proportionate share of income or loss in the joint venture in the accompanying consolidated statement of operations.

OP Units

Revenue Recognition

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


	2023		2022		2021
Hotel group rooms	$	462,674	$	364,835	$	131,404
Hotel transient rooms		238,464		230,709		197,470
Hotel food and beverage - banquets		569,803		440,364		140,186
Hotel food and beverage - outlets		261,993		226,645		139,303
Hotel other		300,544		275,421		178,220
Entertainment admissions/ticketing		124,647		107,377		62,768
Entertainment food and beverage		107,335		89,931		51,515
Entertainment produced content		5,764		4,984		5,919
Entertainment retail and other		86,912		65,703		32,588
Total revenues	$	2,158,136	$	1,805,969	$	939,373

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


	2023		2022		2021
Gaylord Opryland	$	474,884	$	424,188	$	238,567
Gaylord Palms		309,616		279,578		139,130
Gaylord Texan		358,399		307,318		180,031
Gaylord National		307,139		249,849		79,419
Gaylord Rockies		266,737		253,326		135,942
JW Marriott Hill Country		92,813		—		—
AC Hotel		11,997		10,419		5,838
Inn at Opryland and other		11,893		13,296		7,656
Total Hospitality segment revenues	$	1,833,478	$	1,537,974	$	786,583

The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee and Austin, Texas.

Management Fees

The Company pays Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for the Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies is approximately 3% of revenues, and JW Marriott Hill Country is approximately 3.5% of gross revenues. Additionally, the Company pays Marriott an incentive management fee based on the profitability of the properties. The Company incurred $42.8 million, $35.1 million and $17.6 million in base management fees to Marriott during 2023, 2022 and 2021, respectively. The Company incurred $28.5 million, $13.5 million and $0.3 million in incentive fees to Marriott during 2023, 2022 and 2021, respectively. Management fees are presented in the consolidated statements of operations net of the amortization of the deferred management rights proceeds discussed further in Note 5, “Deferred Management Rights Proceeds.”

Advertising Costs

Advertising costs are expensed as incurred and were $65.0 million, $55.1 million, and $36.2 million for 2023, 2022 and 2021, respectively.

Stock-Based Compensation

Preopening Costs

Derivative Financial Instruments

Impairment of Long-Lived and Other Assets

The Company recorded no impairment losses during 2023, 2022 or 2021.

Income (Loss) Per Share


		2023		2022		2021
Numerator:
Net income (loss) available to common stockholders	$	311,217	$	128,993	$	(176,966)

Denominator:
Weighted average shares outstanding - basic		57,750		55,140		55,047
Effect of dilutive stock-based compensation		311		237		—
Weighted average shares outstanding - diluted		58,061		55,377		55,047

Basic income (loss) per share available to common stockholders	$	5.39	$	2.34	$	(3.21)
Diluted income (loss) per share available to common stockholders	$	5.36	$	2.33	$	(3.21)

For 2021, the effect of dilutive stock-based compensation was the equivalent of 0.2 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in 2021, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed above in “OEG Transaction,” although currently not exercisable, the OEG Investor has certain put rights (the “OEG Put Rights”) to require the Company to purchase the OEG Investor’s equity interest in OEG, which the Company may pay in cash or Company stock, at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the OEG Investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock. For 2023 and 2022, the effect of the OEG Put Rights was the equivalent of 4.2 million and 1.9 million shares, respectively, of Company common stock outstanding. Because the OEG Put Rights were anti-dilutive for 2023 and 2022, such incremental shares were excluded from the computation of dilutive earnings per share.

The OP Units held by the noncontrolling interest holders in the Operating Partnership have been excluded from the denominator of the diluted income (loss) per share calculation as there would be no effect on the calculation of diluted earnings per share because the income (loss) attributable to the OP Units held by the noncontrolling interest holders would also be added (subtracted) to derive net income (loss) available to common stockholders.

Accounting Estimates

Newly Issued Accounting Standards

Description of the Business and Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Expense, Debt [Abstract]
Amortization of deferred financing costs	$ 10,663	$ 9,829	$ 8,790

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Provision for Income Taxes from Continuing Operations

The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):


	2023		2022		2021
CURRENT:
Federal	$	797	$	(21,936)	$	126
State		(2,920)		(8,595)		(1,077)
Total current provision		(2,123)		(30,531)		(951)
DEFERRED:
Federal		79,710		(9,115)		(3,646)
State		16,115		871		(360)
Total deferred (provision) benefit		95,825		(8,244)		(4,006)
Total (provision) benefit for income taxes	$	93,702	$	(38,775)	$	(4,957)

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited).


	2023		2022		2021
Ordinary income	$	3.75	$	0.28	$	—
Capital gains		0.10		0.07		—
Return of capital		—		—		—
	$	3.85	$	0.35	$	—

Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax Benefit Recorded for Continuing Operations

The differences between the income tax (provision) benefit calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):


	2023		2022		2021
Statutory federal income tax (provision) benefit	$	(52,101)	$	(36,482)	$	39,868
Adjustment for nontaxable income of the REIT		44,968		3,565		(16,379)
Adjustment for noncontrolling interest in consolidated joint venture		—		—		(1,834)
State tax (provision) benefit (net of federal taxes)		(11,934)		(13,597)		8,581
Permanent share-based compensation adjustment		34		440		329
Other permanent items		(531)		(365)		(281)
Change in federal valuation allowance		87,330		1,914		(25,698)
Change in state valuation allowance (net of federal taxes)		25,128		5,873		(9,264)
Other		808		(123)		(279)
	$	93,702	$	(38,775)	$	(4,957)

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):


	2023		2022
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	22,371	$	23,095
Pension plans		4,249		5,413
Deferred management rights proceeds		40,280		42,875
Federal and State net operating loss carryforwards		102,032		97,832
Tax credits and other carryforwards		8,881		5,182
Other assets		6,205		5,124
Total deferred tax assets		184,018		179,521
Valuation allowance		(5,557)		(118,015)
Total deferred tax assets, net of valuation allowance		178,461		61,506
DEFERRED TAX LIABILITIES:
Property and equipment, net		91,314		67,744
Other liabilities		5,523		6,677
Total deferred tax liabilities		96,837		74,421
Net deferred tax assets (liabilities)	$	81,624	$	(12,915)

Description of the Business and Summary of Significant Accounting Policies - ASU 2016-02 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease liabilities	$ 129,122	$ 125,759

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$ 22,371	$ 23,095
Pension plans	4,249	5,413
Deferred management rights proceeds	40,280	42,875
Federal and State net operating loss carryforwards	102,032	97,832
Tax credits and other carryforwards	8,881	5,182
Other assets	6,205	5,124
Total deferred tax assets	184,018	179,521
Valuation allowance	(5,557)	(118,015)
Total deferred tax assets, net of valuation allowance	178,461	61,506
DEFERRED TAX LIABILITIES:
Property and equipment, net	91,314	67,744
Other liabilities	5,523	6,677
Total deferred tax liabilities	96,837	74,421
Net deferred tax liabilities		$ (12,915)
Net deferred tax assets	$ 81,624

Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share)	$ 85.25	$ 82.66	$ 73.96

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

10. 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, the Company generally 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 pays federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):


	2023		2022		2021
CURRENT:
Federal	$	797	$	(21,936)	$	126
State		(2,920)		(8,595)		(1,077)
Total current provision		(2,123)		(30,531)		(951)
DEFERRED:
Federal		79,710		(9,115)		(3,646)
State		16,115		871		(360)
Total deferred (provision) benefit		95,825		(8,244)		(4,006)
Total (provision) benefit for income taxes	$	93,702	$	(38,775)	$	(4,957)

The Company evaluates its deferred tax assets each reporting period to determine if it is more likely than not that those assets will be realized or if a valuation allowance is needed. In the fourth quarter of 2023, due to continued improvement in the Company’s financial results coming out of the COVID-19 pandemic and the projected future taxable income of its TRSs, the Company determined that the release of a significant portion of its federal and state valuation allowance was appropriate. This release of valuation allowance of $112.5 million was the primary factor in the income tax benefit for 2023.

The Company is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT. The taxability of distributions to stockholders is determined by the Company’s earnings and profits, which differs from net income (loss) reported for financial reporting purposes.

The Company made no cash distributions in 2021. The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited).


	2023		2022		2021
Ordinary income	$	3.75	$	0.28	$	—
Capital gains		0.10		0.07		—
Return of capital		—		—		—
	$	3.85	$	0.35	$	—


	2023		2022		2021
Statutory federal income tax (provision) benefit	$	(52,101)	$	(36,482)	$	39,868
Adjustment for nontaxable income of the REIT		44,968		3,565		(16,379)
Adjustment for noncontrolling interest in consolidated joint venture		—		—		(1,834)
State tax (provision) benefit (net of federal taxes)		(11,934)		(13,597)		8,581
Permanent share-based compensation adjustment		34		440		329
Other permanent items		(531)		(365)		(281)
Change in federal valuation allowance		87,330		1,914		(25,698)
Change in state valuation allowance (net of federal taxes)		25,128		5,873		(9,264)
Other		808		(123)		(279)
	$	93,702	$	(38,775)	$	(4,957)

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):


	2023		2022
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	22,371	$	23,095
Pension plans		4,249		5,413
Deferred management rights proceeds		40,280		42,875
Federal and State net operating loss carryforwards		102,032		97,832
Tax credits and other carryforwards		8,881		5,182
Other assets		6,205		5,124
Total deferred tax assets		184,018		179,521
Valuation allowance		(5,557)		(118,015)
Total deferred tax assets, net of valuation allowance		178,461		61,506
DEFERRED TAX LIABILITIES:
Property and equipment, net		91,314		67,744
Other liabilities		5,523		6,677
Total deferred tax liabilities		96,837		74,421
Net deferred tax assets (liabilities)	$	81,624	$	(12,915)

TRS federal net operating loss carryforwards at December 31, 2023 totaled $399.7 million, resulting in a deferred tax asset of $83.9 million, and do not expire. All available federal operating loss carryforwards at the REIT were used to reduce taxable REIT income subject to distribution in 2022. The REIT has no federal net operating losses as of December 31, 2023. The use of certain federal net operating losses, credits and other deferred tax assets is limited to the Company’s future taxable earnings. As a result, a valuation allowance has been provided for certain federal deferred tax assets. The valuation allowance related to federal deferred tax assets increased (decreased) $(87.3) million, $(1.6) million and $23.0 million in 2023, 2022 and 2021, respectively.

State net operating loss carryforwards at December 31, 2023 totaled $546.8 million, resulting in a deferred tax benefit of $18.1 million, which will expire between 2024 and 2043. The use of certain state net operating losses, credits and other state deferred tax assets is limited to the future taxable earnings of separate legal entities. As a result, a valuation allowance has been provided for certain state deferred tax assets, including loss carryforwards. The valuation allowance related to state deferred tax assets increased (decreased) $(25.1) million, $(5.8) million and $4.7 million in 2023, 2022 and 2021, respectively.

The Company has concluded IRS examinations of the TRS through the 2015 tax year. For federal income tax purposes and substantially all the states with which the Company has nexus, the statute of limitations has expired through 2019. However, the Company has federal and state net operating loss carryforwards from closed years, which could be adjusted upon audit. The Company is routinely subject to other various jurisdictional income tax audits; however, there were no outstanding state or local audits at December 31, 2023. In addition, the Company has evaluated the effects of the Inflation Reduction Act signed into law in 2022 and believes that it has no material effect on the Company’s financial statements.

At December 31, 2023 and 2022, the Company had no accruals for unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. At December 31, 2023 and 2022, the Company has accrued no interest or penalties related to uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 2,158,136	$ 1,805,969	$ 939,373
Depreciation and amortization	211,227	208,616	220,357
Preopening costs	(1,308)	(532)	(737)
Loss on sale of assets		(469)	317
Total operating income (loss)	453,684	327,150	(58,675)
Interest expense	(211,370)	(148,406)	(125,347)
Interest income	21,423	5,750	5,685
Loss on extinguishment of debt	2,252	1,547	2,949
Loss from unconsolidated joint ventures	(17,308)	(10,967)	(8,963)
Other gains and (losses), net	3,921	1,743	405
Income (loss) before income taxes	248,098	173,723	(189,844)
Hospitality [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	1,833,478	1,537,974	786,583
Depreciation and amortization	186,749	189,375	203,675
Total operating income (loss)	421,264	310,924	(38,013)
Entertainment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	324,658	267,995	152,790
Depreciation and amortization	23,611	18,420	14,655
Total operating income (loss)	77,384	61,030	20,382
Corporate and Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Depreciation and amortization	867	821	2,027
Total operating income (loss)	$ (43,656)	$ (43,803)	$ (40,624)

Income Taxes - Taxability of Cash Distributions Paid on Common Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Ordinary income	$ 3.75	$ 0.28
Capital gains	0.10	0.07
Total	$ 3.85	$ 0.35

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity

Summary of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands):


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2020	$	(26,623)	$	(3,509)	$	(27,819)	$	(57,951)
Gains arising during period		10,314		—		1,955		12,269
Amounts reclassified from accumulated other comprehensive loss		(110)		211		16,501		16,602
Net other comprehensive income		10,204		211		18,456		28,871
Balance, December 31, 2021	$	(16,419)	$	(3,298)	$	(9,363)	$	(29,080)
Gains (losses) arising during period		(1,428)		—		16,007		14,579
Amounts reclassified from accumulated other comprehensive loss		(174)		211		3,541		3,578
Net other comprehensive income (loss)		(1,602)		211		19,548		18,157
Balance, December 31, 2022	$	(18,021)	$	(3,087)	$	10,185	$	(10,923)
Gains arising during period		4,428		—		670		5,098
Amounts reclassified from accumulated other comprehensive loss		(308)		209		(12,177)		(12,276)
Income tax expense		(1,286)		—		—		(1,286)
Net other comprehensive income (loss)		2,834		209		(11,507)		(8,464)
Balance, December 31, 2023	$	(15,187)	$	(2,878)	$	(1,322)	$	(19,387)