0001104659-26-019035 | 10-K | XBRL Viewer | Ryman Hospitality Properties INC

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Debt - Credit Facility (Details) - USD ($) $ in Thousands			12 Months Ended
Debt - Credit Facility (Details) - USD ($) $ in Thousands	Mar. 28, 2024	May 18, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
$500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Repayment of loan			$ 2,935	$ 222,320	$ 378,750
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			700,000
Aggregate amount			475,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount			$ 500,000
Repayment of loan	$ 200,000	$ 370,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment

12 Months Ended

Dec. 31, 2025

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):


		2025			2024
Land and land improvements		$	731,497		$	613,870
Buildings			5,258,989			4,593,839
Furniture, fixtures and equipment			1,516,736			1,329,039
Right-of-use finance lease assets			1,841			1,017
Construction-in-progress			185,275			110,897
			7,694,338			6,648,662
Accumulated depreciation and amortization			(2,723,909)			(2,524,280)
Property and equipment, net		$	4,970,429		$	4,124,382

Depreciation expense, including amortization of assets under finance lease obligations, during 2025, 2024 and 2023 was $262.2 million, $226.8 million, and $203.3 million, respectively.

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Depreciation, Depletion and Amortization [Abstract]
Depreciation expense, including amortization of assets under finance lease obligations	$ 262.2	$ 226.8	$ 203.3

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
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 Public Float			$ 6,029,634,108
Entity Common Stock, Shares Outstanding		63,006,031
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001040829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
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 - Change in Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 50,957	$ 52,642
Actual return on plan assets	5,705	3,801
Benefits paid	(5,774)	(5,486)
Fair value of plan assets at end of year	50,888	50,957
Funded status (accrued pension liability)	$ 835	$ (1,391)

- 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.

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+ Details

Description of the Business and Summary of Significant Accounting Policies - Subsidiaries (Details)	Dec. 31, 2025
Ryman Hospitality Properties, Inc [Member]
Business Combination [Line Items]
Percentage of outstanding Operating Partnership Units held by the company	99.40%

- 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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+ Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Right-of-use finance lease assets	$ 1,841	$ 1,017
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Property and equipment, gross	$ 7,694,338	$ 6,648,662
Accumulated depreciation and amortization	(2,723,909)	(2,524,280)
Property and equipment, net	4,970,429	4,124,382
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	731,497	613,870
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,258,989	4,593,839
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,516,736	1,329,039
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 185,275	$ 110,897

Stock Plans - Restricted Stock Units - Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	$ 16.7	$ 34.4	$ 14.9

Debt - 700 Million Revolving Credit Facility (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 19, 2024	Apr. 12, 2024	Dec. 31, 2025
Line of Credit Facility [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
$700 Million Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			0.40%
$700 Million Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			1.00%
Line of Credit [Member] \| $700 Million Revolving Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 700.0
Credit facility, maturity date			May 18, 2027
Line of Credit [Member] \| $700 Million Revolving Credit Facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			1.40%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Line of Credit [Member] \| $700 Million Revolving Credit Facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			2.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Secured Debt [Member] \| $700 Million Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			1.40%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Secured Debt [Member] \| $700 Million Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Spread rate (as a percent)			2.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]

Description of the Business and Summary of Significant Accounting Policies (Details)	Dec. 31, 2025
Opry Entertainment Group [Member] \| Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	70.00%

- 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.

+ References + Details

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
Amount outstanding under credit facility	$ 289.9
Aggregate cost of assets for federal income tax	$ 4,200.0

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
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 - 1 Billion Senior Notes (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
	Jun. 04, 2025	Mar. 28, 2024	Jun. 22, 2023	May 18, 2023	Feb. 17, 2021	Oct. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 10, 2025	Jun. 23, 2023	Mar. 28, 2023	Sep. 30, 2019
$625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount										$ 625,000
Stated interest rate (as a percent)										6.50%
$400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.25%
$800M Gaylord Rockies Term Loan [Member]
Debt Instrument [Line Items]
Repayment of loan								$ 800,000
$500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Repayment of loan							$ 2,935	$ 222,320	$ 378,750
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 1,000,000	$ 1,000,000	$ 1,000,000				$ 1,000,000						$ 1,000,000
Stated interest rate (as a percent)	6.50%	6.50%	6.50%				6.50%						6.50%
Redemption price (as a percent)		100.00%
Net proceeds		$ 983,000
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member] \| Redemption Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		103.25%
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		101.625%
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member] \| Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 700,000	$ 700,000	$ 700,000			$ 700,000	$ 700,000
Stated interest rate (as a percent)	4.75%	4.75%	4.75%			4.75%	4.75%
Redemption price (as a percent)						100.00%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 625,000				$ 625,000		$ 625,000				$ 625,000	$ 625,000	$ 625,000
Stated interest rate (as a percent)	6.50%				6.50%		6.50%				6.50%	6.50%	6.50%
Debt instrument, maturity date	Jun. 15, 2033
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Redemption Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	103.25%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Redemption Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.625%
Senior Notes [Member] \| $625 Million 6.50% 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	$ 600,000	$ 600,000		$ 600,000								$ 600,000
Stated interest rate (as a percent)	4.50%	4.50%	4.50%		4.50%		4.50%						4.50%
Debt instrument, maturity date					Feb. 15, 2029
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] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000	$ 400,000	$ 400,000				$ 400,000						$ 400,000
Stated interest rate (as a percent)	7.25%	7.25%	7.25%				7.25%						7.25%
Debt instrument, maturity date			Jul. 15, 2028
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%
Secured Debt [Member] \| $800M Gaylord Rockies Term Loan [Member]
Debt Instrument [Line Items]
Face amount		$ 800,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount							$ 500,000
Debt instrument, maturity date							May 18, 2030
Repayment of loan		$ 200,000		$ 370,000

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Investment in Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	$ 4,725,582	$ 4,570,055	$ 3,810,923
Other acquisitions	629,697	0	697,780
Improvements	139,514	156,267	61,440
Disposals	(1,589)	(740)	(88)
Balance at end of year	$ 5,493,204	$ 4,725,582	$ 4,570,055

Debt

12 Months Ended

Dec. 31, 2025

Debt

Debt

4. Debt

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


		2025			2024
$700M Revolving Credit Facility		$	—		$	—
Term Loan B			289,856			292,791
4.75% Senior Notes			700,000			700,000
7.25% Senior Notes			400,000			400,000
4.50% Senior Notes			600,000			600,000
6.50% Senior Notes			1,000,000			1,000,000
6.50% Senior Notes			625,000			—
$80M OEG Revolver			—			21,000
OEG Term Loan			425,270			299,250
Block 21 CMBS Loan			—			128,967
Finance lease obligations			596			55
Unamortized deferred financing costs			(52,282)			(51,484)
Unamortized discounts and premiums, net			(11,527)			(12,183)
Total debt		$	3,976,913		$	3,378,396

At December 31, 2025, 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
	2026		2027		2028		2029		2030		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Term Loan B		2,935		2,935		2,935		2,935		278,116		—		289,856
4.75% Senior Notes		—		700,000		—		—		—		—		700,000
7.25% Senior Notes		—		—		400,000		—		—		—		400,000
4.50% Senior Notes		—		—		—		600,000		—		—		600,000
6.50% Senior Notes		—		—		—		—		—		1,000,000		1,000,000
6.50% Senior Notes		—		—		—		—		—		625,000		625,000
$80M OEG Revolver		—		—		—		—		—		—		—
OEG Term Loan		4,307		4,307		4,307		4,307		4,307		403,735		425,270
Total	$	7,242	$	707,242	$	407,242	$	607,242	$	282,423	$	2,028,735	$	4,040,126

Credit Facility

On May 18, 2023, the Company entered into a Credit Agreement (as modified pursuant to the First Incremental Agreement and the Second Incremental Agreement (each as hereinafter defined and as further supplemented, 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, which replaced the Company’s previous credit facility. As of December 31, 2025, the Credit Agreement provides a $700.0 million revolving credit facility (the “Revolver”) and a senior secured term loan B (the “Term Loan B”) (in the original principal amount of $500.0 million), as well as an accordion feature that will allow the Company 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 Company’s option. 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 in 2023.

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, the JW Marriott properties 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 and equity of 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

At December 31, 2025, the maturity of the Revolver was 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 bore 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 consolidated net leverage ratio (as defined in the Credit Agreement). Principal was payable in full at maturity.

See Note 14, “Subsequent Event,” for further disclosure.

Term Loan B

The Term Loan B has a maturity date of May 18, 2030. Prior to the effectiveness of the First Incremental Agreement and the Second Incremental Agreement (as hereinafter defined), the applicable interest rate margin for borrowings under the Term Loan B was, 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%. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed.

On April 12, 2024, the Company entered into an Incremental Tranche B Term Loan Agreement (the “First Incremental Agreement”), which supplemented the Credit Agreement and included the addition of certain new lenders and removal of certain other lenders. The First Incremental Agreement reduced the applicable interest rate margins for the loans advanced under the refinanced Term Loan B. The applicable interest rate margins for the refinanced Term Loan B under the First Incremental Agreement were (i) 2.25% for SOFR Loans (as defined in the Credit Agreement) and (ii) 1.25% for base rate loans.

On December 19, 2024, the Company entered into an additional Incremental Tranche B Term Loan Agreement (the “Second Incremental Agreement”), which supplements the Credit Agreement. The Second Incremental Agreement reduces the applicable interest rate margins for the loans advanced under the refinanced Term Loan B. The applicable interest rate margins for the refinanced Term Loan B under the Second Incremental Agreement are (i) 2.00% for SOFR Loans (as defined in the Credit Agreement) and (ii) 1.00% for base rate loans. Further, the Second Incremental Agreement provides for the applicable interest rate margins to be further reduced by an additional 0.25% upon the Company meeting certain criteria as set forth in the Second Incremental Agreement, which criteria were met on December 22, 2025.

At December 31, 2025, the interest rate on the Term Loan B was Term SOFR plus 1.75%. Neither the First Incremental Agreement nor the Second Incremental Agreement changed the maturity dates under the Credit Agreement or resulted in any increase in principal indebtedness. In addition, the Second Incremental Agreement confirms that the annual amortization under the Term Loan B is 1.0% of the refinanced $293.5 million outstanding principal amount, with the balance due at maturity. If for any fiscal year there is Excess Cash Flow (as defined in the Credit Agreement), an additional principal payment is required.

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

$1 Billion 6.50% Senior Notes Due 2032

On March 28, 2024, the Operating Partnership and Finco (collectively, the “issuing subsidiaries”) completed the private placement of $1.0 billion in aggregate principal amount of 6.50% senior notes due 2032 (the “$1 Billion 6.50% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement.

The $1 Billion 6.50% 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 $1 Billion 6.50% Senior Notes have a maturity date of April 1, 2032 and bear interest at 6.50% per annum, payable semi-annually in cash in arrears on April 1 and October 1 each year. The $1 Billion 6.50% 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, the $625 Million 6.50% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any.

The $1 Billion 6.50% 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 $1 Billion 6.50% 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 $1 Billion 6.50% Senior Notes.

The net proceeds from the issuance of the $1 Billion 6.50% Senior Notes totaled approximately $983 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used a portion of these net proceeds to prepay the indebtedness outstanding under the Company’s previous $800.0 million Gaylord Rockies term loan and used the remaining proceeds, together with cash on hand, to repay $200.0 million under the Term Loan B.

The $1 Billion 6.50% Senior Notes are redeemable before April 1, 2027, 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 $1 Billion 6.50% Senior Notes will be redeemable, in whole or in part, at any time after April 1, 2027 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.250%, 101.625%, and 100.000% beginning on April 1 of 2027, 2028, and 2029, 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, including the Company’s $1 Billion 6.50% Senior Notes, the $625 Million 6.50% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, 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.

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 $700 Million 4.75% Senior Notes are redeemable, in whole or in part, at 100% of the principal amount thereof 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.

$625 Million 6.50% Senior Notes Due 2033

On June 4, 2025, the Operating Partnership and Finco (collectively, the “issuing subsidiaries”) completed the private placement of $625.0 million in aggregate principal amount of 6.50% senior notes due 2033 (the “$625 Million 6.50% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement.

The $625 Million 6.50% 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 $625 Million 6.50% Senior Notes have a maturity date of June 15, 2033 and bear interest at 6.50% per annum, payable semi-annually in cash in arrears on June 15 and December 15 each year, beginning on December 15, 2025. The $625 Million 6.50% 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 $1 Billion 6.50% Senior Notes, the $700 million 4.75% Senior Notes, the $600 Million 4.50% Senior Notes and the $400 Million 7.25% Senior Notes, and senior in right of payment to future subordinated indebtedness, if any.

The $625 Million 6.50% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness, including the Operating Partnership’s existing credit facility, 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 $625 Million 6.50% Senior Notes. 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 $625 Million 6.50% 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 $625 Million 6.50% Senior Notes.

The net proceeds from the issuance of the $625 Million 6.50% Senior Notes totaled approximately $614 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used these net proceeds to fund a portion of the purchase price for JW Marriott Desert Ridge discussed in Note 1.

The $625 Million 6.50% Senior Notes are redeemable before June 15, 2028, 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 $625 Million 6.50% Senior Notes will be redeemable, in whole or in part, at any time after June 15, 2028 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.250%, 101.625%, and

100.000% beginning on June 15 of 2028, 2029, and 2030, 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 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 $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes and the $400 Million 7.25% Senior Notes, 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 $600 Million 4.50% 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 currently 100.750% and will be 100.000% beginning on February 15 of 2027 plus accrued and unpaid interest thereon to, but not including, the redemption date.

$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 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. 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 $1 Billion 6.50% Senior Notes, the $700 Million 4.75% Senior Notes, the $625 Million 6.50% Senior Notes and $600 Million 4.50% Senior Notes, 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 $400 Million 7.25% 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 currently 103.625% and will be 101.813% and

100.000% beginning on July 15 of 2026 and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date.

OEG Credit Agreement

On June 28, 2024, OEG Borrower, LLC (“OEG Borrower”) and OEG Finance, LLC (“OEG Finance”), each a wholly owned direct or indirect subsidiary of OEG, entered into a First Amendment, which amends the Credit Agreement dated as of June 16, 2022 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 JP Morgan Chase Bank, N.A., as administrative agent (as amended, the “2024 OEG Credit Agreement”).

The 2024 OEG Credit Agreement provides for (i) a senior secured term loan facility in the aggregate principal amount of $300.0 million (the “2024 OEG Term Loan”) and (ii) a senior secured revolving credit facility in an aggregate principal amount not to exceed $80.0 million (the “OEG Revolver”). The 2024 OEG Term Loan refinanced and replaced the former term loan in the outstanding principal amount of $294.8 million as of June 28, 2024 and the OEG Revolver refinanced and replaced the former senior secured revolving credit facility in an aggregate principal amount not to exceed $65.0 million.

On April 28, 2025, OEG Borrower and OEG Finance entered into a Second Amendment, which amended the 2024 OEG Credit Agreement (as amended, the “OEG Credit Agreement”) in which OEG Borrower obtained an incremental term loan in an aggregate principal amount equal to $130.0 million (the “Incremental OEG Loan”) on the same terms as the 2024 OEG Term Loan. The net proceeds of the Incremental OEG Loan, together with cash on hand, were used to defease the Block 21 CMBS Loan (as defined below) in full, which released the borrower thereunder from the $127.9 million amount outstanding under the Block 21 CMBS Loan. The OEG Credit Agreement provides for (i) a senior secured term loan facility in an aggregate principal amount equal to $428.5 million (the “OEG Term Loan”) and (ii) the OEG Revolver. The Incremental OEG Loan did not change any applicable interest rates or maturity dates of any indebtedness under the 2024 OEG Credit Agreement. In addition, the terms of the Incremental OEG Loan confirm that the annual amortization under the OEG Term Loan is approximately 1% of the refinanced $428.5 million outstanding principal amount, with the balance due at maturity.

The OEG Term Loan and OEG Revolver are each secured by substantially all of the assets of OEG Finance and each of its subsidiaries. The OEG Term Loan bears interest at a rate equal to either, at OEG Borrower’s election, as of the closing date contemplated by the OEG Credit Agreement, (a) the Alternate Base Rate plus 2.50% or (b) Adjusted Term SOFR plus 3.50% (all as more specifically described in the Amended OEG Credit Agreement).

The OEG Revolver bears interest at a rate equal to either, at OEG Borrower’s election, as of the closing contemplated by the OEG Credit Agreement, (a) the Alternate Base Rate plus the Applicable Rate (as defined in the OEG Credit Agreement) or (b) Adjusted Term SOFR plus the Applicable Rate. Under the OEG Credit Agreement, (i) the Applicable Rate for Alternative Base Rate loans will be between 2.75% and 2.25% and (ii) the Applicable Rate for Adjusted Term SOFR loans will be between 3.75% and 3.25%, in each of (i) and (ii) based upon the First Lien Leverage Ratio of OEG Finance and its consolidated subsidiaries (as more specifically described in the OEG Credit Agreement).

The Applicable Rate for borrowings under the OEG Revolver at December 31, 2025 is 2.50% for Alternative Base Rate Loans and 3.50% for Adjusted Term SOFR loans. The Applicable Rate for borrowings under the OEG Term Loan as of December 31, 2025 is 2.50% for Alternative Base Rate Loans and 3.50% for Adjusted Term SOFR loans.

The OEG Term Loan matures on June 28, 2031 and the OEG Revolver matures on June 28, 2029.

Block 21 CMBS Loan

At the closing of the purchase of Block 21, 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 proceeds of the Incremental OEG Loan described above were used to defease the Block 21 CMBS Loan in full in April 2025.

Interest Rate Derivatives

The Company has entered into interest rate swaps to manage interest rate risk associated with a portion of the OEG Term Loan. 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. In August 2025, OEG entered into an interest rate swap to fix the SOFR portion of the interest rate on $100.0 million of borrowings at 3.214% from December 2025 through December 2028. In September 2025, OEG entered into an additional interest rate swap to fix the SOFR portion of the interest rate on $125.0 million of borrowings at 3.17% through December 2028. These swaps have been designated as cash flow hedges 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 value of the Company’s derivative financial instruments at December 31, 2025 and 2024 was $0.7 million and $(0.4) million, respectively. 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.

- 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

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+ Details

Debt - Block 21 CMBS Loan (Details) - Secured Debt [Member] - Block 21 CMBS Loan [Member] $ in Millions	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Face amount	$ 136
Term of debt	10 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.

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+ Details

Stock Plans

12 Months Ended

Dec. 31, 2025

Stock Plans

Stock Plans

7. Stock Plans

On May 9, 2024, the Company’s shareholders approved the Company’s 2024 Omnibus Incentive Plan (the “2024 Plan”). The 2024 Plan replaces the Company’s previous 2016 Omnibus Incentive Plan (the “2016 Plan”) and no new awards will be made under the 2016 Plan; however, awards granted under the 2016 Plan will continue to be governed by the 2016 Plan. The 2024 Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other equity-based awards to its directors, employees and consultants. At December 31, 2025, approximately 1.7 million shares of common stock remained available for issuance pursuant to future grants of awards under the 2024 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 2025, 2024, and 2023 was $98.55, $113.10, and $85.25, respectively.

A summary of the status of the Company’s restricted stock units as of December 31, 2025 and changes during the year ended December 31, 2025, is presented below:


				Weighted
				Average
				Grant-Date
Restricted Stock Units		Shares		Fair Value
Nonvested shares at January 1, 2025		448,465		$	91.04
Granted		206,803			98.55
Vested		(173,625)			85.76
Canceled		(16,184)			102.71
Nonvested shares at December 31, 2025		465,459			95.94

The fair value of all restricted stock units that vested during 2025, 2024 and 2023 was $16.7 million, $34.4 million and $14.9 million, respectively.

At December 31, 2025, there was $24.2 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 equity-based compensation plans was $14.1 million, $13.9 million, and $15.4 million for 2025, 2024, and 2023, respectively.

Description of the Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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 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 and JW Marriott brands. The five Gaylord Hotels 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”). The two JW Marriott resorts, which the Company refers to as the JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) (effective June 30, 2023) and the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”) (effective June 10, 2025). The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

The Company also owns an approximate 70% controlling equity interest in OEG Attractions Holdings, LLC, 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; Category 10, a brand of Luke Combs-themed bar, music venue and event spaces that opened in Nashville, Tennessee in November 2024, with additional locations expected to open in Las Vegas, Nevada in late 2026 and at Universal Orlando Resort’s CityWalk in late 2027; Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”); and as of January 3, 2025, a majority and controlling equity interest in Southern Entertainment, a Charlotte, North Carolina-based national music festival and events production company. In addition, in January 2026, OEG began managing the Ascend Amphitheater in downtown Nashville, Tennessee; and we expect OEG to begin managing the CCNB Amphitheatre outside of Greenville, South Carolina in February 2026.

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”). Ryman and the non-controlling operating partnership unit holders discussed in “Income Per Share” in this Note 1 are the sole limited partners of the Operating Partnership, and Ryman currently owns, either directly or indirectly, 99.4% 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 consolidated 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

The Hospitality segment includes the Gaylord Hotels properties, the JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge and effective June 30, 2023, JW Marriott Hill Country), 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, Category 10, Block 21, and Southern Entertainment, among various other assets. Marriott manages the day-to-day operations of the General Jackson Showboat and the W Austin hotel, 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.

OEG Investor

The Company owns an approximate 70% controlling 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 OEG, 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 and noncontrolling interest.

An affiliate of Atairos Group, Inc. (the “OEG Investor”) owns an approximate 30% equity interest in OEG.

IPO Request Put Right. If OEG has not completed a Qualified IPO (as defined in the Second Amended and Restated Limited Liability Company Agreement for OEG (the “OEG LLC Agreement”)) 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 (each as defined in the OEG LLC Agreement) 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.

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 10.9 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.

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

JW Marriott Desert Ridge Transaction

On June 10, 2025, the Company purchased JW Marriott Desert Ridge for approximately $865 million. Situated on approximately 402 acres on Arizona’s Sonoran Desert, JW Marriott Desert Ridge is a premier group-oriented resort with 950 rooms and approximately 243,000 total square feet of indoor and outdoor meeting and event space. The resort’s amenities include a 28,000 square-foot spa, seven food and beverage outlets, a 140,000 square-foot water experience, and two 18-hole golf courses. The Company funded the purchase price with a portion of the approximately $275.5 million in net proceeds of an underwritten registered public offering of approximately 3.0 million shares of the Company’s common stock (see Note 9, “Equity”) and approximately $614 million in net proceeds of a private placement of $625 million aggregate principal amount of 6.50% senior notes due 2033 (see Note 4, “Debt”). JW Marriott Desert Ridge assets and operations are reflected in the Company’s Hospitality segment beginning June 10, 2025.

The Company performed a valuation of the fair value of the acquired assets and liabilities assumed as of June 10, 2025. 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 value of a below market ground lease and the values of advanced bookings previously received for the hotel. The Company considers each of these estimates as Level 3 fair value measurements.


Property and equipment	$	747,377
Cash and cash equivalents - unrestricted		5,891
Cash and cash equivalents - restricted		1,661
Trade receivables		14,426
Prepaid expenses and other assets		3,547
Intangible assets		114,875
Total assets acquired		887,777
Accounts payable and accrued liabilities		(18,267)
Total liabilities assumed		(18,267)
Net assets acquired	$	869,510

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

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

Restricted cash and cash equivalents primarily represent funds held by our property manager for furniture, fixtures and equipment reserves.

In addition, based on its former loan agreement, Block 21 was required to maintain a restricted cash balance related to debt service, property tax, insurance and other payments. Such cash amounts are also included in restricted cash for 2024, but were released upon defeasance of the loan in 2025.

Supplemental Cash Flow Information

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


		2025			2024			2023
Debt interest paid		$	230,058		$	210,650		$	183,479
Capitalized interest			(4,571)			(7,560)			(2,483)
Cash paid for interest, net of capitalized interest		$	225,487		$	203,090		$	180,996

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 Receivables

The Company provides for 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.

The Company provides credit loss reserves for the Gaylord National bonds by comparing the amortized cost basis to their present value. If the amortized cost basis exceeds the present value, an expected credit loss exists and the allowance for credit losses is measured as the difference between the bonds’ amortized cost basis and present value, which is

estimated using discounted cash flow analyses that utilize comprehensive cash flow projections over the contractual life of the bonds, as well as observable market data to the extent available. The Company considers each of these estimates as Level 3 fair value measurements.

Prepaid Expenses and Other Assets

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


		2025			2024
Prepaid expenses		$	33,824		$	26,872
Supplemental deferred compensation plan assets			45,034			37,440
Tax rebate receivables			31,678			34,780
Inventories			16,936			16,134
Right-of-use assets for operating leases			41,361			22,079
Deferred financing costs on revolving credit facilities			5,359			6,162
Derivative assets			713			—
Other			21,893			34,624
Total prepaid expenses and other assets		$	196,798		$	178,091

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 $50.6 million, $52.2 million and $52.8 million in rebates in 2025, 2024 and 2023, respectively, which are generally recorded as a reduction in other hotel expenses in the accompanying consolidated statements of operations.

Intangible Assets and Goodwill

In connection with the Company’s purchase price allocations related to its various acquisitions, the Company has acquired certain definite-lived intangibles, which include the original estimated fair value of advanced bookings at its acquired hotel properties, the original estimated fair value of a below market ground lease at JW Marriott Desert Ridge, the estimated fair value of various trademarks, and, in the case of the Gaylord Rockies acquisition, the original estimated fair value related to the Gaylord Hotels trade name, which Marriott owns. The advanced bookings assets are amortized on a straight-line basis over a period corresponding with the period in which the advanced bookings relate, the below market ground lease is amortized on a straight-line basis over the term of the related lease, the various trademarks are generally amortized on a straight-line basis over a period of fifteen years, 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.

The gross carrying amount of intangible assets and goodwill at December 31, 2025 and 2024 was $334.9 million and $274.9 million, respectively. Accumulated amortization of intangible assets at December 31, 2025 and 2024 was $48.2 million and $158.5 million, respectively. Amortization expense related to intangible assets during 2025, 2024 and 2023 was $15.4 million, $7.8 million and $6.8 million, respectively.

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


2026	$	18,205
2027		15,699
2028		9,987
2029		9,987
2030		9,747
	$	63,625

Accounts Payable and Accrued Liabilities

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


		2025			2024
Trade accounts payable		$	43,408		$	58,366
Property and other taxes payable			99,374			91,941
Deferred revenues			220,604			173,029
Accrued salaries and benefits			51,519			45,780
Interest payable			49,573			48,415
Other accrued liabilities			53,230			49,040
Total accounts payable and accrued liabilities		$	517,708		$	466,571

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

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.

Other Liabilities

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


		2025			2024
Pension and postretirement benefits liability		$	11,160		$	12,649
Deferred compensation liability			45,034			37,440
Derivative liabilities			—			386
Other			18,057			16,330
Total other liabilities		$	74,251		$	66,805

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 2025, 2024 and 2023, DFCs of $11.9 million, $10.7 million and $10.7 million, respectively, were amortized to interest expense in the accompanying consolidated statements of operations.

Noncontrolling Interest in Opry Entertainment Group

Noncontrolling interest in OEG 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 Investor.”

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, 2025, 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.

Noncontrolling Interests

OP Units

Certain former owners of interests in the previous 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, 2025, 0.4 million outstanding OP Units, or 0.6% 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 99.4% of the outstanding OP Units.

Southern Entertainment

The Company purchased a majority and controlling equity interest in Southern Entertainment in January 2025. The noncontrolling interest in Southern Entertainment represents the previous owners’ proportionate share of the assets and liabilities of Southern Entertainment, adjusted for the previous owners’ proportionate share of income or loss in the accompanying consolidated statement of operations.

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. 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.

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


	2025		2024		2023
Hotel group rooms	$	538,519	$	509,014	$	462,674
Hotel transient rooms		260,787		235,573		238,464
Hotel food and beverage - banquets		680,304		666,525		569,803
Hotel food and beverage - outlets		313,650		274,302		261,993
Hotel other		349,826		311,636		300,544
Entertainment admissions/ticketing		168,143		126,897		124,647
Entertainment food and beverage		152,461		125,862		107,335
Entertainment retail and other		113,371		89,417		92,676
Total revenues	$	2,577,061	$	2,339,226	$	2,158,136

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


	2025		2024		2023
Gaylord Opryland	$	484,104	$	495,552	$	474,884
Gaylord Palms		316,498		302,371		309,616
Gaylord Texan		349,264		351,151		358,399
Gaylord National		336,257		311,330		307,139
Gaylord Rockies		313,233		290,141		266,737
JW Marriott Hill Country		227,182		220,524		92,813
JW Marriott Desert Ridge		91,583		—		—
AC Hotel		11,492		12,647		11,997
Inn at Opryland and other		13,473		13,334		11,893
Total Hospitality segment revenues	$	2,143,086	$	1,997,050	$	1,833,478

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

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, 2025 and 2024, the Company had $220.6 million and $173.0 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, 2024, approximately $134.6 million was recognized in revenues during 2025.

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 and JW Marriott Desert Ridge are 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 $52.4 million, $48.0 million and $42.8 million in base management fees to Marriott during 2025, 2024 and 2023, respectively. The Company incurred $27.4 million, $30.0 million and $28.5 million in incentive fees to Marriott during 2025, 2024 and 2023, 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 $78.5 million, $71.4 million, and $65.0 million for 2025, 2024 and 2023, respectively.

Equity-Based Compensation

The Company has equity-based employee compensation plans, which are described more fully in Note 7, “Stock Plans.” The Company accounts for its equity-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 2025 include costs associated with Category 10 Las Vegas, which is expected to open in late 2026. The Company’s preopening costs during 2024 include costs associated with Category 10 Nashville, which opened in November 2024 and

Ole Red Las Vegas, which opened in January 2024. The Company’s preopening costs during 2023 include costs associated with Ole Red Las Vegas.

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 $0.5 million will be reclassified from accumulated other comprehensive loss to a decrease in 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 on property and equipment and definite-lived intangible assets during 2025, 2024 or 2023.

Income Per Share

Income per share is measured as basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income 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 per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands):


		2025		2024		2023
Numerator:
Net income available to common stockholders	$	243,425	$	271,638	$	311,217
Net income attributable to noncontrolling interest in OEG		4,919		6,760		—
Net income available to common stockholders - if-converted method	$	248,344	$	278,398	$	311,217

Denominator:
Weighted average shares outstanding - basic		61,830		59,859		57,750
Effect of dilutive equity-based compensation		184		281		311
Effect of dilutive put rights		3,943		3,492		—
Weighted average shares outstanding - diluted		65,957		63,632		58,061

Basic income per share available to common stockholders	$	3.94	$	4.54	$	5.39
Diluted income per share available to common stockholders	$	3.77	$	4.38	$	5.36

As more fully discussed above in “OEG Investor,” 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, the effect of the OEG Put Rights was the equivalent of 4.2 million shares of Company common stock outstanding. Because the OEG Put Rights were anti-dilutive for 2023, 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 per share calculation as there would be no effect on the calculation of diluted earnings per share because the income or loss attributable to the OP Units held by the noncontrolling interest holders would also be added or subtracted to derive net income available to common stockholders.

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 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 Company retrospectively adopted this guidance for fiscal year 2025, and such adoption did not have a material impact on the Company’s financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Expense Disaggregation Disclosures,” requiring public companies to disclose, on an annual and interim basis, disaggregated information about certain income statement line items, including employee compensation, purchases of inventory, depreciation, intangible asset amortization and depletion for each income statement line item that includes those expenses. The guidance is applied prospectively, but with the option to apply retrospectively, and will be effective for the Company for fiscal year 2027. 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 2025, the FASB issued ASU No. 2025-11, “Interim Reporting – Narrow-Scope Improvements,” which is intended to improve the navigability of previous guidance and clarify when that guidance is applicable. Among other items, it establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance may be applied retrospectively or prospectively and will be effective for the Company for interim periods beginning in fiscal year 2028. 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.

Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Event

Subsequent Event

14. Subsequent Event

On January 28, 2026, we entered into an Amendment No. 1 to Credit Agreement (“the First Amendment”) which amended the Credit Agreement to, among other things, increase the Revolver from the original aggregate principal amount of $700.0 million to $850.0 million, remove the “SOFR Adjustment” applicable to borrowing under the Revolver, extend the initial maturity date of the Revolver to January 28, 2030 and modify certain financial covenants applicable to the Revolver.

Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Plans
Compensation cost on stock-based compensation plans	$ 14.1	$ 13.9	$ 15.4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 454,167
Initial cost, buildings & improvements	3,491,548
Costs capitalized subsequent to acquisition	1,547,489
Gross amount, land	619,256
Gross amount, buildings & improvements	4,873,948
Gross amount, total	5,493,204	$ 4,725,582	$ 4,570,055	$ 3,810,923
Accumulated depreciation	1,682,033	$ 1,554,172	$ 1,436,672	$ 1,327,833
Gaylord Opryland
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	771,790
Gross amount, land	75,051
Gross amount, buildings & improvements	785,346
Gross amount, total	860,397
Accumulated depreciation	$ 493,671
Date of Construction	Jan. 01, 1983
Gaylord Opryland \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Opryland \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Palms
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	303,839
Gross amount, land	41,812
Gross amount, buildings & improvements	598,252
Gross amount, total	640,064
Accumulated depreciation	$ 260,338
Date of Construction	Jan. 01, 2002
Gaylord Palms \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Palms \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Texan
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	221,663
Gross amount, land	51,216
Gross amount, buildings & improvements	579,712
Gross amount, total	630,928
Accumulated depreciation	$ 280,454
Date of Construction	Jan. 01, 2004
Gaylord Texan \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Texan \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord National
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	74,951
Gross amount, land	48,608
Gross amount, buildings & improvements	909,816
Gross amount, total	958,424
Accumulated depreciation	$ 392,578
Date of Construction	Jan. 01, 2008
Gaylord National \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord National \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Gaylord Rockies
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	100,589
Gross amount, land	70,738
Gross amount, buildings & improvements	844,123
Gross amount, total	914,861
Accumulated depreciation	$ 168,338
Date of Acquisition	Dec. 31, 2018
Gaylord Rockies \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Gaylord Rockies \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
JW Marriott Hill Country
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	26,229
Gross amount, land	156,416
Gross amount, buildings & improvements	567,593
Gross amount, total	724,009
Accumulated depreciation	$ 41,310
Date of Acquisition	Jan. 01, 2023
JW Marriott Hill Country \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
JW Marriott Hill Country \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
JW Marriott Desert Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost, land	$ 109,013
Initial cost, buildings & improvements	520,684
Costs capitalized subsequent to acquisition	3,658
Gross amount, land	109,350
Gross amount, buildings & improvements	524,005
Gross amount, total	633,355
Accumulated depreciation	$ 7,981
Date of Acquisition	Jan. 01, 2025
JW Marriott Desert Ridge \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
JW Marriott Desert Ridge \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Inn at Opryland
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	31,706
Gross amount, land	3,483
Gross amount, buildings & improvements	38,146
Gross amount, total	41,629
Accumulated depreciation	$ 15,793
Date of Construction	Jan. 01, 1998
Inn at Opryland \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Inn at Opryland \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
AC Hotel
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	4,432
Gross amount, land	9,101
Gross amount, buildings & improvements	21,750
Gross amount, total	30,851
Accumulated depreciation	$ 5,906
Date of Acquisition	Jan. 01, 2014
AC Hotel \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
AC Hotel \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years
Miscellaneous
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	8,632
Gross amount, land	53,481
Gross amount, buildings & improvements	5,205
Gross amount, total	58,686
Accumulated depreciation	$ 15,664
Miscellaneous \| Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	20 years
Miscellaneous \| Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation life	40 years

Financial Reporting By Business Segments - Capital Expenditures for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	$ 358,235	$ 407,905	$ 206,776
Hospitality
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	325,156	300,867	145,805
Entertainment
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	32,452	106,828	60,428
Corporate and Other
Payments to Acquire Property, Plant, and Equipment [Abstract]
Total capital expenditures	$ 627	$ 210	$ 543

Description of the Business and Summary of Significant Accounting Policies - Revenues Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Contract with Customer, Liability [Abstract]
Deferred revenues	$ 173,029	$ 220,604
Change in Contract with Customer, Liability [Abstract]
Revenue recognized	$ 134,600

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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
	2025			(Level 1)			(Level 2)			(Level 3)
Deferred compensation plan investments	$	45,034		$	45,034		$	—		$	—
Variable to fixed interest rate swaps		713			—			713			—
Total assets measured at fair value	$	45,747		$	45,034		$	713		$	—


				Markets for			Observable			Unobservable
	December 31,			Identical Assets			Inputs			Inputs
	2024			(Level 1)			(Level 2)			(Level 3)
Deferred compensation plan investments	$	37,440		$	37,440		$	—		$	—
Total assets measured at fair value	$	37,440		$	37,440		$	—		$	—

Variable to fixed interest rate swaps	$	386		$	—		$	386		$	—
Total liabilities measured at fair value	$	386		$	—		$	386		$	—

Debt - Annual Maturities of Long-Term Debt Excluding Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 10, 2025	Jun. 04, 2025	Apr. 28, 2025	Mar. 28, 2024	Jun. 23, 2023	Jun. 22, 2023	Mar. 28, 2023	Feb. 17, 2021	Oct. 31, 2019	Sep. 30, 2019
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 7,242
2026	707,242
2027	407,242
2028	607,242
2029	282,423
Years thereafter	2,028,735
Total	4,040,126
$400 Million 7.25% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Stated interest rate (as a percent)							7.25%
$625 Million 6.50% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Face amount		$ 625,000
Stated interest rate (as a percent)		6.50%
Line of Credit [Member] \| $80M OEG Revolver [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	80,000
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
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $80M OEG Revolver [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Maximum borrowing capacity	80,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	2,935
2026	2,935
2027	2,935
2028	2,935
2029	278,116
Total	289,856
Face amount	500,000
Secured Debt [Member] \| OEG Term Loan [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	4,307
2026	4,307
2027	4,307
2028	4,307
2029	4,307
Years thereafter	403,735
Total	425,270
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	700,000
Total	700,000
Face amount	$ 700,000		$ 700,000		$ 700,000		$ 700,000			$ 700,000
Stated interest rate (as a percent)	4.75%		4.75%		4.75%		4.75%			4.75%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	$ 400,000
Total	400,000
Face amount	$ 400,000		$ 400,000		$ 400,000		$ 400,000				$ 400,000
Stated interest rate (as a percent)	7.25%		7.25%		7.25%		7.25%				7.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
2028	$ 600,000
Total	$ 600,000
Face amount			$ 600,000		$ 600,000		$ 600,000		$ 600,000		$ 600,000
Stated interest rate (as a percent)	4.50%		4.50%		4.50%		4.50%		4.50%		4.50%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Years thereafter	$ 1,000,000
Total	1,000,000
Face amount	$ 1,000,000		$ 1,000,000		$ 1,000,000		$ 1,000,000				$ 1,000,000
Stated interest rate (as a percent)	6.50%		6.50%		6.50%		6.50%				6.50%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Years thereafter	$ 625,000
Total	625,000
Face amount	$ 625,000		$ 625,000			$ 625,000		$ 625,000	$ 625,000		$ 625,000
Stated interest rate (as a percent)	6.50%		6.50%			6.50%		6.50%	6.50%		6.50%
Senior Notes [Member] \| OEG Term Loan [Member]
Long-Term Debt, Fiscal Year Maturity [Abstract]
Face amount				$ 428,500

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 247,310	$ 280,190	$ 341,800
Other comprehensive income (loss), before tax:
Gains arising during the period	2,228	4,538	4,428
Amount reclassified from accumulated other comprehensive loss	(725)	(553)	(308)
Total gain (loss) on minimum pension liability	1,503	3,985	4,120
Interest rate derivatives:
Gains arising during period	1,130	1,940	670
Amount reclassified from accumulated other comprehensive loss	(32)	(1,003)	(12,177)
Total income (loss) from interest rate derivatives	1,098	937	(11,507)
Other-than-temporary impairment loss on held-to-maturity securities:
Amount reclassified from accumulated other comprehensive loss	211	211	209
Total non-credit loss on other-than-temporary impairment	211	211	209
Other comprehensive income (loss), before tax	2,812	5,133	(7,178)
Income tax provision related to items of comprehensive loss	(412)	(918)	(1,286)
Other comprehensive income (loss), net of tax	2,400	4,215	(8,464)
Comprehensive income	249,710	284,405	333,336
Comprehensive income available to common stockholders	245,488	275,686	302,714
Consolidated Joint Venture [Member]
Other-than-temporary impairment loss on held-to-maturity securities:
Comprehensive income attributable to noncontrolling interest in Opry Entertainment Group	(5,241)	(6,899)	(28,560)
Operating Partnership [Member]
Other-than-temporary impairment loss on held-to-maturity securities:
Comprehensive (income) loss attributable to other noncontrolling interests	$ 1,019	$ (1,820)	$ (2,062)

Equity - Equity Offering (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Jun. 30, 2023	May 31, 2025	Dec. 31, 2025	Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
Issuance of Company's common stock (in shares)	4.4	3.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Share price (in dollars per share)	$ 93.25	$ 96.2
Net proceeds		$ 275.5

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 1,554,172	$ 1,436,672	$ 1,327,833
Depreciation	129,401	117,674	108,846
Disposals	(1,540)	(174)	(7)
Balance at end of year	$ 1,682,033	$ 1,554,172	$ 1,436,672

Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2026
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ (112.5)
State net operating loss carryforward, deferred tax benefit		$ 25.0
TRS [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforward, deferred tax benefit		112.0
US
Operating Loss Carryforwards [Line Items]
Valuation allowance					$ 0.0
US \| TRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		533.5
Interest limitation carryforward		71.4
Interest limitation carryforward, deferred tax asset		15.0
US \| REIT [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		0.0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		608.7
Valuation allowance		$ 0.0	$ 0.0	$ (25.1)
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expire date		Dec. 31, 2026
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards expire date		Dec. 31, 2045

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment

Property and Equipment


		2025			2024
Land and land improvements		$	731,497		$	613,870
Buildings			5,258,989			4,593,839
Furniture, fixtures and equipment			1,516,736			1,329,039
Right-of-use finance lease assets			1,841			1,017
Construction-in-progress			185,275			110,897
			7,694,338			6,648,662
Accumulated depreciation and amortization			(2,723,909)			(2,524,280)
Property and equipment, net		$	4,970,429		$	4,124,382

Income Taxes - Tax Rate (Details)	12 Months Ended
Income Taxes - Tax Rate (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Corporate income tax rate (as a percent)	21.00%	21.00%	21.00%

Financial Reporting By Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

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 by the CODM and for corporate management purposes.


	For the Year Ended December 31, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	2,143,086	$	433,975	$	—	$	2,577,061
Expenses:
Rooms		190,686						190,686
Food and beverage		561,980						561,980
Other hotel expenses (1)		613,304						613,304
Management fees		75,082						75,082
Employment costs				121,209				121,209
Cost of goods sold				56,164				56,164
Contract services				67,391				67,391
Non-income taxes and insurance				27,543				27,543
Preopening costs				2,882				2,882
Other segment expenses (1)				51,641		42,771		94,412
Loss on sale of assets				1,296				1,296
Depreciation and amortization		239,857		37,310		933		278,100
Operating income (loss)	$	462,177	$	68,539	$	(43,704)	$	487,012
Interest expense		(47)		(36,995)		(204,228)		(241,270)
Interest income								20,299
Loss on extinguishment of debt								(2,922)
Loss from unconsolidated joint ventures (2)								(10,025)
Other gains and (losses), net								1,540
Income before income taxes							$	254,634


	For the Year Ended December 31, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,997,050	$	342,176	$	—	$	2,339,226
Expenses:
Rooms		179,358						179,358
Food and beverage		516,309						516,309
Other hotel expenses (1)		555,554						555,554
Management fees		73,531						73,531
Employment costs				102,653				102,653
Cost of goods sold				46,112				46,112
Contract services				39,736				39,736
Non-income taxes and insurance				11,973				11,973
Preopening costs				4,618				4,618
Other segment expenses (1)				41,373		41,819		83,192
Gain on sale of assts						(270)		(270)
Depreciation and amortization		205,189		29,519		918		235,626
Operating income (loss)	$	467,109	$	66,192	$	(42,467)	$	490,834
Interest expense		(14,611)		(38,283)		(172,501)		(225,395)
Interest income								27,977
Loss on extinguishment of debt								(2,479)
Income from unconsolidated joint ventures (2)								275
Other gains and (losses), net								2,814
Income before income taxes							$	294,026


	For the Year Ended December 31, 2023
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,833,478	$	324,658	$	—	$	2,158,136
Expenses:
Rooms		173,749						173,749
Food and beverage		465,963						465,963
Other hotel expenses (1)		519,328						519,328
Management fees		66,425						66,425
Employment costs				91,317				91,317
Cost of goods sold				43,544				43,544
Contract services				32,925				32,925
Non-income taxes and insurance				17,645				17,645
Preopening costs				1,308				1,308
Other segment expenses (1)				38,232		42,789		81,021
Depreciation and amortization		186,749		23,611		867		211,227
Operating income (loss)	$	421,264	$	76,076	$	(43,656)	$	453,684
Interest expense		(55,865)		(40,988)		(114,517)		(211,370)
Interest income								21,423
Loss on extinguishment of debt								(2,252)
Loss from unconsolidated joint ventures (2)								(17,308)
Other gains and (losses), net								3,921
Income before income taxes							$	248,098

(1)

Other segment expense include:
Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses
Entertainment segment – advertising, utilities, maintenance and certain overhead expenses
Corporate and Other – information technology, human resources, accounting, equity-based compensation and other administrative expenses

(2)

Income (loss) from unconsolidated joint ventures relates to the Entertainment segment.


		December 31,			December 31,
		2025			2024
Total assets:
Hospitality		$	4,996,594		$	4,081,754
Entertainment			745,755			653,969
Corporate and Other			438,834			481,850
Total assets		$	6,181,183		$	5,217,573

Capital Expenditures for Continuing Operations

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


		2025			2024			2023
Hospitality		$	325,156		$	300,867		$	145,805
Entertainment			32,452			106,828			60,428
Corporate and Other			627			210			543
Total capital expenditures		$	358,235		$	407,905		$	206,776

Pension Plans - Expected Future Benefit Payments (Details) - Pension Plan [Member] $ in Thousands	Dec. 31, 2025 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
Expected contribution to defined benefit plan, 2026	$ 600
2026	9,061
2027	5,181
2028	5,623
2029	4,994
2030	4,726
2031 - 2035	$ 16,455

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease cost	$ 21,987	$ 19,264	$ 18,346
Finance lease cost:
Amortization of right-of-use assets	372	189	163
Interest on lease liabilities	31	2	25
Net lease cost	$ 22,390	$ 19,455	$ 18,534

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	5,595	5,557	118,015
Additions Charged to Expenses/Other Accounts		38
Net (Deductions) Recoveries	(11)		(112,458)
Balance at End of Year	$ 5,584	$ 5,595	$ 5,557

- 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 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 33,824	$ 26,872
Supplemental deferred compensation plan assets	45,034	37,440
Tax rebate receivables	31,678	34,780
Inventories	16,936	16,134
Right-of-use assets for operating leases	$ 41,361	$ 22,079
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	$ 52,282	$ 51,484
Derivative assets	713
Other	21,893	34,624
Total prepaid expenses and other assets	196,798	178,091
Intangible Assets
Gross carrying amount of intangible assets	334,900	274,900
Accumulated amortization of intangible assets	48,200	158,500
Amortization expenses	15,400	7,800	$ 6,800
2026	18,205
2027	15,699
2028	9,987
2029	9,987
2030	9,747
Estimated amount of amortization expenses	$ 63,625
Trademarks [Member]
Intangible Assets
Useful life (in years)	15 years
Trade Names [Member]
Intangible Assets
Useful life (in years)	30 years
Gaylord Rockies [Member]
Prepaid Expense and Other Assets [Abstract]
Rebates earned		52,200	$ 52,800
Gaylord Rockies [Member]
Prepaid Expense and Other Assets [Abstract]
Rebates earned	$ 50,600
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	$ 5,359	$ 6,162

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	$ 45,034	$ 37,440
Variable to fixed interest rate swaps	713
Total assets measured at fair value	45,747	37,440
Variable to fixed interest rate swaps		386
Total liabilities measured at fair value		386
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable to fixed interest rate swaps		386
Fair Value, measurements, recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments	45,034	37,440
Total assets measured at fair value	45,034	37,440
Fair Value, measurements, recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable to fixed interest rate swaps	713
Total assets measured at fair value	$ 713
Total liabilities measured at fair value		386
Fair Value, measurements, recurring \| Fair Value, Inputs, Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable to fixed interest rate swaps		$ 386

Debt - OEG Credit Agreement (Details) - USD ($) $ in Millions					12 Months Ended
	Apr. 28, 2025	Dec. 19, 2024	Jun. 28, 2024	Apr. 12, 2024	Dec. 31, 2025	Sep. 30, 2025	Aug. 31, 2025	Nov. 30, 2022
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]		Secured Overnight Financing Rate (SOFR) [Member]
$300 Million OEG Term Loan [Member] \| Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member]
Debt Instrument [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]								us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Notional amount					$ 100.0
Derivative, maturity date					Dec. 18, 2025
Interest rate (as a percent)					4.533%
Block 21 CMBS Loan [Member]
Debt Instrument [Line Items]
Repayments of under outstanding loan	$ 127.9
OEG Term Loan [Member] \| Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Derivative Instrument OEG Term Loan Maturing on December 20, 2028 [Member]
Debt Instrument [Line Items]
Notional amount						$ 125.0	$ 100.0
Interest rate (as a percent)						3.17%	3.214%
Senior Notes [Member] \| OEG Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 428.5
Percentage of amortization of original principal balance (as a percent)	1.00%
OEG Attractions Holdings, LLC \| $300 Million OEG Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 300.0
Secured debt			$ 294.8
Spread rate (as a percent)			2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Debt instrument, maturity date					Jun. 28, 2031
OEG Attractions Holdings, LLC \| $300 Million OEG Term Loan [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)					2.50%
OEG Attractions Holdings, LLC \| $300 Million OEG Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			3.50%		3.50%
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 80.0
Spread rate (as a percent)					2.50%
Credit facility, maturity date					Jun. 28, 2029
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			2.25%
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			2.75%
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)					3.50%
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			3.25%
OEG Attractions Holdings, LLC \| $80 Million OEG Revolver [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			3.75%
OEG Attractions Holdings, LLC \| $65 Million OEG Revolver [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 65.0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
OEG Attractions Holdings, LLC \| Incremental OEG Loan, 130 Million [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 130.0
OEG Attractions Holdings, LLC \| OEG Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 428.5

CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Distributions in Excess of Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Parent [Member]	Noncontrolling Interest [Member]	Noncontrolling Interest in OEG	Total
Beginning balance at Dec. 31, 2022	$ 552	$ 1,102,733	$ (18,467)	$ (978,619)	$ (10,923)	$ 95,276	$ 625		$ 95,901
Beginning balance at Dec. 31, 2022								$ 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
Other comprehensive income (loss), net of income taxes					(8,464)	(8,464)			(8,464)
Adjustment of noncontrolling interest in consolidated joint venture to redemption value		(4,804)				(4,804)		4,804	(4,804)
Reallocation of noncontrolling interest in Operating Partnership		(2,401)				(2,401)	2,401
Issuance of common stock, net	44	395,400				395,444			395,444
Distribution from consolidated joint venture							(1,520)
Dividends and distributions declared		(606)	2,041	226,857		228,292			229,812
Payment of dividends							(1,520)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)				271,638		271,638	1,792		271,638
Net income (loss)									273,430
Net income (loss)								6,760
Other comprehensive income (loss), net of income taxes					4,215	4,215			4,215
Adjustment of noncontrolling interest in consolidated joint venture to redemption value		(30,059)				(30,059)		30,059	(30,059)
Distribution from consolidated joint venture							(1,759)
Dividends and distributions declared		(662)	3,018	265,511		267,867			269,626
Payment of dividends							(1,759)
Restricted stock units and stock options surrendered	(2)	(11,993)				(11,991)			(11,991)
Equity-based compensation expense		13,891				13,891			13,891
Ending balance at Dec. 31, 2024	599	1,475,211	(23,526)	(888,132)	(15,172)	548,980	3,657		552,637
Ending balance at Dec. 31, 2024								381,945	381,945
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)				243,425		243,425	(1,034)		243,425
Net income (loss)									242,391
Net income (loss)								4,919
Other comprehensive income (loss), net of income taxes					2,400	2,400			2,400
Purchase of interest in consolidated joint venture							36,520		36,520
Adjustment of noncontrolling interest in consolidated joint venture to redemption value		(35,827)				(35,827)		35,827	(35,827)
Reallocation of noncontrolling interest in Operating Partnership		(1,627)				(1,627)	1,627
Issuance of common stock, net	30	275,502				275,532			275,532
Distribution from consolidated joint venture							(1,837)
Dividends and distributions declared		(693)	3,262	288,543		291,112			292,949
Payment of dividends							(1,837)
Restricted stock units and stock options surrendered	(1)	(5,681)				(5,680)			(5,680)
Equity-based compensation expense		14,061				14,061			14,061
Ending balance at Dec. 31, 2025	$ 630	$ 1,722,332	$ (26,788)	$ (933,250)	$ (12,772)	$ 750,152	$ 38,933		789,085
Ending balance at Dec. 31, 2025								$ 422,691	$ 422,691

Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,577,061	$ 2,339,226	$ 2,158,136
Gaylord Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	484,104	495,552	474,884
Gaylord Palms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	316,498	302,371	309,616
Gaylord Texan [Member]
Disaggregation of Revenue [Line Items]
Total revenues	349,264	351,151	358,399
Gaylord National [Member]
Disaggregation of Revenue [Line Items]
Total revenues	336,257	311,330	307,139
Gaylord Rockies [Member]
Disaggregation of Revenue [Line Items]
Total revenues	313,233	290,141	266,737
JW Marriott Hill Country [Member]
Disaggregation of Revenue [Line Items]
Total revenues	227,182	220,524	92,813
JW Marriott Desert Ridge [Member]
Disaggregation of Revenue [Line Items]
Total revenues	91,583
AC Hotel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	11,492	12,647	11,997
Inn at Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	13,473	13,334	11,893
Hospitality [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,143,086	$ 1,997,050	$ 1,833,478

Equity

12 Months Ended

Dec. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE LOSS

Equity

9. Equity

Equity Offerings

In May 2025, the Company completed an underwritten public offering of approximately 3.0 million shares of its common stock, par value $0.01 per share, at a price to the public of $96.20 per share. Net proceeds to the Company, after deducting underwriting discounts and commissions and other expenses paid by the Company, were approximately $275.5 million. The Company used a portion of these proceeds to fund a portion of the purchase price for JW Marriott Desert Ridge discussed in Note 1.

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 fund a portion of the purchase price for JW Marriott Hill Country discussed in Note 1.

Dividends

During 2025, the Company’s board of directors declared quarterly dividends and distributions totaling $4.65 per share of common stock/OP Unit for the full year, or an aggregate of $291.3 million in cash.

During 2024, the Company’s board of directors declared quarterly dividends and distributions totaling $4.45 per share of common stock/OP Unit for the full year, or an aggregate of $268.3 million in cash.

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.

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, 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)
Gains arising during period			4,538			—			1,940			6,478
Amounts reclassified from accumulated other comprehensive loss			(553)			211			(1,003)			(1,345)
Income tax expense			(918)			—			—			(918)
Net other comprehensive income			3,067			211			937			4,215
Balance, December 31, 2024		$	(12,120)		$	(2,667)		$	(385)		$	(15,172)
Gains arising during period			2,228			—			1,130			3,358
Amounts reclassified from accumulated other comprehensive loss			(725)			211			(32)			(546)
Income tax expense			(412)			—			—			(412)
Net other comprehensive income			1,091			211			1,098			2,400
Balance, December 31, 2025		$	(11,029)		$	(2,456)		$	713		$	(12,772)

- Definition

The entire disclosure for equity.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 2,577,061	$ 2,339,226	$ 2,158,136
Operating expenses:
Total hotel operating expenses	1,441,052	1,324,752	1,225,465
Entertainment	323,948	241,847	223,663
Corporate	42,771	41,819	42,789
Preopening costs	2,882	4,618	1,308
(Gain) loss on sale of assets	1,296	(270)
Depreciation and amortization	278,100	235,626	211,227
Total operating expenses	2,090,049	1,848,392	1,704,452
Operating income	487,012	490,834	453,684
Interest expense	(241,270)	(225,395)	(211,370)
Interest income	20,299	27,977	21,423
Loss on extinguishment of debt	(2,922)	(2,479)	(2,252)
Income (loss) from unconsolidated joint ventures	(10,025)	275	(17,308)
Other gains and (losses), net	1,540	2,814	3,921
Income before income taxes	254,634	294,026	248,098
(Provision) benefit for income taxes	(7,324)	(13,836)	93,702
Net income	247,310	280,190	341,800
Net income attributable to noncontrolling interest in Opry Entertainment Group	(4,919)	(6,760)	(28,465)
Net (income) loss attributable to other noncontrolling interests	1,034	(1,792)	(2,118)
Net income available to common stockholders	$ 243,425	$ 271,638	$ 311,217
Basic income per share available to common stockholders	$ 3.94	$ 4.54	$ 5.39
Diluted income per share available to common stockholders	$ 3.77	$ 4.38	$ 5.36
Rooms [Member]
Revenues:
Total revenues	$ 799,306	$ 744,587	$ 701,138
Operating expenses:
Total hotel operating expenses	190,686	179,358	173,749
Food and Beverage [Member]
Revenues:
Total revenues	993,954	940,827	831,796
Operating expenses:
Total hotel operating expenses	561,980	516,309	465,963
Hotel, Other [Member]
Revenues:
Total revenues	349,826	311,636	300,544
Operating expenses:
Total hotel operating expenses	613,304	555,554	519,328
Management Service [Member]
Operating expenses:
Total hotel operating expenses	75,082	73,531	66,425
Entertainment Segment [Member]
Revenues:
Total revenues	$ 433,975	$ 342,176	$ 324,658

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2025

Stock Plans

Share-Based Compensation Activity

A summary of the status of the Company’s restricted stock units as of December 31, 2025 and changes during the year ended December 31, 2025, is presented below:


				Weighted
				Average
				Grant-Date
Restricted Stock Units		Shares		Fair Value
Nonvested shares at January 1, 2025		448,465		$	91.04
Granted		206,803			98.55
Vested		(173,625)			85.76
Canceled		(16,184)			102.71
Nonvested shares at December 31, 2025		465,459			95.94

Deferred Management Rights Proceeds

12 Months Ended

Dec. 31, 2025

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 its 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.

Pension Plans

12 Months Ended

Dec. 31, 2025

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.

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


		2025			2024
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	52,348		$	57,778
Interest cost			2,521			2,501
Actuarial (gain) loss			958			(2,445)
Benefits paid			(5,774)			(5,486)
Benefit obligation at end of year			50,053			52,348
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year			50,957			52,642
Actual return on plan assets			5,705			3,801
Benefits paid			(5,774)			(5,486)
Fair value of plan assets at end of year			50,888			50,957
Funded status (accrued pension liability)		$	835		$	(1,391)

The funded status as of December 31, 2025 is included in prepaid expenses and other assets and the accrued pension liability as of December 31, 2024 is included in other liabilities in the accompanying consolidated balance sheets.

Net settlement losses and net periodic pension expense were immaterial for all periods presented. The discount rate assumption used to determine the benefit obligation at December 31, 2025, 2024 and 2023 was 4.97%, 5.28% and 4.66%, respectively.

The Company determines the overall expected long-term rate of return on plan assets, which was determined to be 6% in each of the three years in the period ended December 31, 2025, 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.

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 expects to contribute $0.6 million to its defined benefit pension plan in 2026. 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):


2026	$	9,061
2027		5,181
2028		5,623
2029		4,994
2030		4,726
2031 - 2035		16,455

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, 2025 and 2024, the Non-Qualified Plans’ projected benefit obligations and accumulated benefit obligations were $10.1 million and $10.2 million, respectively, and are included in other liabilities in the accompanying consolidated balance sheets.

Included in accumulated other comprehensive loss at December 31, 2025 and 2024 are unrecognized actuarial losses of $13.6 million and $16.4 million ($10.3 million and $12.4 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

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

12 Months Ended

Dec. 31, 2025

Description of the Business and Summary of Significant Accounting Policies

Business Segments

Hospitality

Entertainment

Corporate and Other

Principles of Consolidation

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 — Unrestricted

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.

Accounts Receivable

Credit Loss Reserves on Receivables

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 and Goodwill

Income Taxes

Deferred Management Rights Proceeds

Deferred Financing Costs

Noncontrolling Interests

Noncontrolling Interest in Opry Entertainment Group

Noncontrolling Interests

OP Units

accompanying consolidated balance sheets. The Company owns, directly or indirectly, the remaining 99.4% of the outstanding OP Units.

Southern Entertainment

Revenue Recognition

Deferred Revenue

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 and JW Marriott Desert Ridge are 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 $78.5 million, $71.4 million, and $65.0 million for 2025, 2024 and 2023, respectively.

Equity-Based Compensation

Preopening Costs

Ole Red Las Vegas, which opened in January 2024. The Company’s preopening costs during 2023 include costs associated with Ole Red Las Vegas.

Derivative Financial Instruments

Impairment of Long-Lived and Other Assets

Income Per Share

Accounting Estimates

Newly Issued Accounting Standards

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 flows, 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.

Leases - Discount Rate (Details)	Dec. 31, 2025
Weighted-average remaining lease term (years):
Operating leases	40 years 2 months 12 days
Finance leases	2 years 2 months 12 days
Operating leases	7.20%
Finance leases	5.90%

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

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, 2025
(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 (2)			Acc Depr			Constr		(yrs)
Gaylord Opryland		(1)		$	11,482		$	77,125		$	771,790		$	75,051		$	785,346		$	860,397		$	493,671		1983		20-40
Gaylord Palms		—			21,564			314,661			303,839			41,812			598,252			640,064			260,338		2002		20-40
Gaylord Texan		(1)			21,235			388,030			221,663			51,216			579,712			630,928			280,454		2004		20-40
Gaylord National		—			43,212			840,261			74,951			48,608			909,816			958,424			392,578		2008		20-40
Gaylord Rockies		—			53,374			760,898			100,589			70,738			844,123			914,861			168,338		2018		20-40
JW Marriott Hill Country		—			139,196			558,584			26,229			156,416			567,593			724,009			41,310		2023		20-40
JW Marriott Desert Ridge		—			109,013			520,684			3,658			109,350			524,005			633,355			7,981		2025		20-40
Inn at Opryland		—			2,675			7,248			31,706			3,483			38,146			41,629			15,793		1998		20-40
AC Hotel		—			9,079			17,340			4,432			9,101			21,750			30,851			5,906		2014		20-40
Miscellaneous		—			43,337			6,717			8,632			53,481			5,205			58,686			15,664		N/A		20-40
				$	454,167		$	3,491,548		$	1,547,489		$	619,256		$	4,873,948		$	5,493,204		$	1,682,033


	2025		2024		2023
Investment in real estate:
Balance at beginning of year	$	4,725,582	$	4,570,055	$	3,810,923
Other acquisitions		629,697		—		697,780
Improvements		139,514		156,267		61,440
Disposals		(1,589)		(740)		(88)
Balance at end of year	$	5,493,204	$	4,725,582	$	4,570,055

Accumulated depreciation:
Balance at beginning of year	$	1,554,172	$	1,436,672	$	1,327,833
Depreciation		129,401		117,674		108,846
Disposals		(1,540)		(174)		(7)
Balance at end of year	$	1,682,033	$	1,554,172	$	1,436,672

(1)	Includes equity pledges under the Company’s credit facility. At December 31, 2025, $289.9 million in borrowings were outstanding under such facility.

(2)	The aggregate cost of these assets for federal income tax purposes (unaudited) is approximately $4.2 billion at December 31, 2025.

Pension Plans - General Information (Details) - Pension Plan [Member]	12 Months Ended
	Dec. 31, 2025 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

- 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
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of the Business and Summary of Significant Accounting Policies - Noncontrolling Interest (Details)	12 Months Ended
	Dec. 31, 2025 shares
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
Noncontrolling Limited Partners [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding Operating Partnership Units held by the noncontrolling limited partners	0.60%
Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding Operating Partnership Units held by the company	99.40%

- 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 - OEG Transaction (Details)	Jun. 16, 2022	Dec. 31, 2025
Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest		99.40%
OEG Attractions Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Options and Rights term	7 years
Price multiplier	1.5
IPO payment cap (as percentage)	50.00%
OEG Attractions Holdings, LLC \| Noncontrolling Investor [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	30.00%
OEG Attractions Holdings, LLC \| Ryman Hospitality Properties, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Retained equity interest	70.00%

- 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.

+ References + Details

Equity (Tables)

12 Months Ended

Dec. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE LOSS

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, 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)
Gains arising during period			4,538			—			1,940			6,478
Amounts reclassified from accumulated other comprehensive loss			(553)			211			(1,003)			(1,345)
Income tax expense			(918)			—			—			(918)
Net other comprehensive income			3,067			211			937			4,215
Balance, December 31, 2024		$	(12,120)		$	(2,667)		$	(385)		$	(15,172)
Gains arising during period			2,228			—			1,130			3,358
Amounts reclassified from accumulated other comprehensive loss			(725)			211			(32)			(546)
Income tax expense			(412)			—			—			(412)
Net other comprehensive income			1,091			211			1,098			2,400
Balance, December 31, 2025		$	(11,029)		$	(2,456)		$	713		$	(12,772)

Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Dividends declared per share	$ 4.65	$ 4.45	$ 3.85
Aggregate dividend paid	$ 291.3	$ 268.3	$ 228.1

Description of the Business and Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest Expense, Debt [Abstract]
Amortization of deferred financing costs	$ 11,926	$ 10,655	$ 10,663

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 243,425	$ 271,638	$ 311,217

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 480
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 9
-Subparagraph (e)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (d)(1)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Name Accounting Standards Codification
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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock Plans - Common Stock Available for Issuance (Details) shares in Millions	Dec. 31, 2025 shares
Stock Plans
Maximum grant of stock options, restricted stock, and restricted stock units to directors and employees	1.7

Description of the Business and Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable	$ 43,408	$ 58,366
Property and other taxes payable	99,374	91,941
Deferred revenues	220,604	173,029
Accrued salaries and benefits	51,519	45,780
Interest payable	49,573	48,415
Other accrued liabilities	53,230	49,040
Total accounts payable and accrued liabilities	$ 517,708	$ 466,571

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Year 1	$ 10,800
Year 2	14,065
Year 3	13,578
Year 4	12,837
Year 5	12,901
Years thereafter	619,485
Total future minimum lease payments	683,666
Less amount representing interest	(524,851)
Total present value of minimum payments	158,815	$ 135,117
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Year 1	329
Year 2	226
Year 3	95
Year 4	4
Total future minimum lease payments	654
Less amount representing interest	(58)
Total present value of minimum payments	$ 596	$ 55
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt and Lease Obligation	Debt and Lease Obligation

Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	$ 2,577,061	$ 2,339,226	$ 2,158,136
Cost of goods sold	1,441,052	1,324,752	1,225,465
Entertainment Expenses	323,948	241,847	223,663
Preopening costs	2,882	4,618	1,308
Other segment expenses	94,412	83,192	81,021
(Gain) loss on sale of assets	1,296	(270)
Depreciation and amortization	278,100	235,626	211,227
Operating income	487,012	490,834	453,684
Interest expense	(241,270)	(225,395)	(211,370)
Interest income	20,299	27,977	21,423
Loss from extinguishment of debt	(2,922)	(2,479)	(2,252)
Income (loss) from unconsolidated joint ventures	(10,025)	275	(17,308)
Other gains and (losses), net	1,540	2,814	3,921
Income before income taxes	254,634	294,026	248,098
Rooms [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	799,306	744,587	701,138
Cost of goods sold	190,686	179,358	173,749
Food and Beverage [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	993,954	940,827	831,796
Cost of goods sold	561,980	516,309	465,963
Hotel, Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	349,826	311,636	300,544
Cost of goods sold	613,304	555,554	519,328
Management Service [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of goods sold	75,082	73,531	66,425
Entertainment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	433,975	342,176	324,658
Entertainment [Member] \| Employment Cost [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	121,209	102,653	91,317
Entertainment [Member] \| Cost of Sales [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	56,164	46,112	43,544
Entertainment [Member] \| Contract Service Cost [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	67,391	39,736	32,925
Entertainment [Member] \| Non Income Taxes And Insurance Expense [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	27,543	11,973	17,645
Hospitality
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	2,143,086	1,997,050	1,833,478
Depreciation and amortization	239,857	205,189	186,749
Operating income	462,177	467,109	421,264
Interest expense	(47)	(14,611)	(55,865)
Hospitality \| Rooms [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of goods sold	190,686	179,358	173,749
Hospitality \| Food and Beverage [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of goods sold	561,980	516,309	465,963
Hospitality \| Hotel, Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of goods sold	613,304	555,554	519,328
Hospitality \| Management Service [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Cost of goods sold	75,082	73,531	66,425
Entertainment
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	433,975	342,176	324,658
Preopening costs	2,882	4,618	1,308
Other segment expenses	51,641	41,373	38,232
(Gain) loss on sale of assets	1,296
Depreciation and amortization	37,310	29,519	23,611
Operating income	68,539	66,192	76,076
Interest expense	(36,995)	(38,283)	(40,988)
Entertainment \| Entertainment [Member] \| Employment Cost [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	121,209	102,653	91,317
Entertainment \| Entertainment [Member] \| Cost of Sales [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	56,164	46,112	43,544
Entertainment \| Entertainment [Member] \| Contract Service Cost [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	67,391	39,736	32,925
Entertainment \| Entertainment [Member] \| Non Income Taxes And Insurance Expense [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Entertainment Expenses	27,543	11,973	17,645
Corporate and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Other segment expenses	42,771	41,819	42,789
(Gain) loss on sale of assets		(270)
Depreciation and amortization	933	918	867
Operating income	(43,704)	(42,467)	(43,656)
Interest expense	$ (204,228)	$ (172,501)	$ (114,517)

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
US statutory federal income tax provision	$ (53,474)	$ (61,746)	$ (52,101)
Adjustment for nontaxable income of the REIT	49,378	49,043	44,968
Other	(543)	2,129	(496)
Change in valuation allowance			87,329
State and local taxes, net	$ (3,106)	$ (4,244)	$ 13,195
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	TEXAS	TEXAS	TENNESSEE
Tax credits	$ 902	$ 748	$ 585
Other adjustments	(481)	234	222
Total (provision) benefit for income taxes	$ (7,324)	$ (13,836)	$ 93,702
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Effective Income Tax Rate Reconciliation, Percent [Abstract]
US statutory federal income tax provision (as a percent)	21.00%	21.00%	21.00%
Adjustment for nontaxable income of the REIT	(19.40%)	(16.70%)	(18.10%)
Other	0.20%	(0.70%)	0.20%
Change in valuation allowance	0.00%	0.00%	(35.20%)
State and local taxes, net	1.20%	1.40%	(5.30%)
Tax credits	(0.40%)	(0.30%)	(0.20%)
Other adjustments	0.20%	(0.10%)	(0.10%)
Total (provision) benefit for income taxes	2.90%	4.70%	(37.80%)
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes related to release of state valuation allowance			$ 25,200

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have strategically integrated cybersecurity risk management into our broader enterprise risk management function to promote a company-wide culture of cybersecurity risk management. Our board of directors has general oversight responsibility for our enterprise risk management function, which includes specific areas of focus including competitive, economic, operational, financial (accounting, credit, liquidity and tax), legal, compliance, information technology security programs (including cybersecurity), sustainability/corporate responsibility, political and reputational risks. Our board of directors has delegated oversight of certain of these areas to the committees of our board of directors, including delegating the oversight of our information technology security programs (including cybersecurity) to the risk committee of our board of directors (the “Risk Committee”). We believe this division of risk management-related roles to the committees of our board of directors fosters an atmosphere of significant involvement in the oversight of risk at the board level and complements our risk management policies. The oversight responsibility of our board of directors is facilitated by a management report process that is designed to provide both visibility and transparency to our board of directors about the identification, assessment and management of critical risks and management’s risk mitigation strategies. Our risk management team, which includes members of senior management, including our Chief Financial Officer (“CFO”), Chief Information Officer (“CIO”) and General Counsel, as well as external consultants, works closely with our information technology department (“IT Department”) to continuously evaluate and address cybersecurity risks relevant to our business and operations. In addition, we have set company-wide policies and procedures that directly or indirectly relate to cybersecurity matters, such as policies related to encryption standards, antivirus protection, access removal, multifactor authentication, confidential information or use of the internet, social media, email and wireless devices. These policies go through an annual internal management review and approval process. Our IT Department management team meets monthly to assess and review cybersecurity status, which includes dashboard reviews, operational risks and company compliance. Annually, our internal audit group and third-party consultants meet with our IT Department to perform risk assessment walkthrough meetings, discuss potential enhancements, materiality of risks and alignment with the Center for Internet Security Critical Security Controls framework. In addition, we engage third-party consultants to perform periodic red team exercises and external penetration tests. We promote a culture of cybersecurity compliance throughout our organization, including required monthly cybersecurity training for all employees with company accounts and annual training for service-related employees on cybersecurity related topics, including social engineering (e.g., phishing, vishing and smishing), ransomware, denial of service or information, and other security breach tactics. We conduct quarterly ERM discussions where top risk owners discuss how risks have changed and how such risks are being addressed with approaches designed to mitigate such risks. In addition to assessing our own cybersecurity preparedness and as part of our overall cybersecurity risk management framework, we also consider and evaluate cybersecurity risks associated with our use of third-party service providers. We perform a formal System and Organization Controls (“SOC”) review process annually on our financially significant third-party service providers, which includes our internal assessment of complementary user entity controls. All other material third-party service providers undergo assessment as a contract is entered into or renewed to ensure cybersecurity alignment. Our internal audit group meets regularly with management team members of Marriott, our third-party hotel manager, to assess security applications compliance. We also regularly meet with management team members of Marriott to understand system upgrades, changes and associated risks with third-party managed applications. In addition, we generally require our third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations. In assessing cybersecurity threats, our IT Department has established controls and procedures for responding to cybersecurity incidents, including a process to evaluate the significance of a cybersecurity incident. Members of senior management, including our General Counsel and CFO, are tasked with performing a materiality assessment in the event of a cybersecurity incident, which includes the consideration of relevant quantitative and qualitative factors, as well as SEC guidance. Based on the results of this evaluation, further escalation of the cybersecurity event may occur, which may include our CEO, our board of directors and/or law enforcement. In addition, members of senior management will determine, based on the assessment described above, whether the cybersecurity incident requires disclosure with the SEC. We currently maintain a cybersecurity insurance policy that provides coverage for security incidents and periodically meet with our insurer to discuss emerging trends in cybersecurity. We do not believe that any risks we have identified to date from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, notwithstanding the programs, policies and procedures described above, there can be no assurance that we or businesses with which we interact will not experience a cybersecurity incident that materially affects us in the future. For more information about the cybersecurity risks we face, see the risk factor entitled “Cybersecurity incidents, including the failure to protect the integrity or availability of IT systems or the security of confidential information, or the introduction of malware or ransomware, could harm our business.” in Item 1A. Risk Factors of Part I of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have strategically integrated cybersecurity risk management into our broader enterprise risk management function to promote a company-wide culture of cybersecurity risk management. Our board of directors has general oversight responsibility for our enterprise risk management function, which includes specific areas of focus including competitive, economic, operational, financial (accounting, credit, liquidity and tax), legal, compliance, information technology security programs (including cybersecurity), sustainability/corporate responsibility, political and reputational risks. Our board of directors has delegated oversight of certain of these areas to the committees of our board of directors, including delegating the oversight of our information technology security programs (including cybersecurity) to the risk committee of our board of directors (the “Risk Committee”). We believe this division of risk management-related roles to the committees of our board of directors fosters an atmosphere of significant involvement in the oversight of risk at the board level and complements our risk management policies. The oversight responsibility of our board of directors is facilitated by a management report process that is designed to provide both visibility and transparency to our board of directors about the identification, assessment and management of critical risks and management’s risk mitigation strategies. Our risk management team, which includes members of senior management, including our Chief Financial Officer (“CFO”), Chief Information Officer (“CIO”) and General Counsel, as well as external consultants, works closely with our information technology department (“IT Department”) to continuously evaluate and address cybersecurity risks relevant to our business and operations. In addition, we have set company-wide policies and procedures that directly or indirectly relate to cybersecurity matters, such as policies related to encryption standards, antivirus protection, access removal, multifactor authentication, confidential information or use of the internet, social media, email and wireless devices. These policies go through an annual internal management review and approval process. Our IT Department management team meets monthly to assess and review cybersecurity status, which includes dashboard reviews, operational risks and company compliance. Annually, our internal audit group and third-party consultants meet with our IT Department to perform risk assessment walkthrough meetings, discuss potential enhancements, materiality of risks and alignment with the Center for Internet Security Critical Security Controls framework. In addition, we engage third-party consultants to perform periodic red team exercises and external penetration tests. We promote a culture of cybersecurity compliance throughout our organization, including required monthly cybersecurity training for all employees with company accounts and annual training for service-related employees on cybersecurity related topics, including social engineering (e.g., phishing, vishing and smishing), ransomware, denial of service or information, and other security breach tactics. We conduct quarterly ERM discussions where top risk owners discuss how risks have changed and how such risks are being addressed with approaches designed to mitigate such risks. In addition to assessing our own cybersecurity preparedness and as part of our overall cybersecurity risk management framework, we also consider and evaluate cybersecurity risks associated with our use of third-party service providers. We perform a formal System and Organization Controls (“SOC”) review process annually on our financially significant third-party service providers, which includes our internal assessment of complementary user entity controls. All other material third-party service providers undergo assessment as a contract is entered into or renewed to ensure cybersecurity alignment. Our internal audit group meets regularly with management team members of Marriott, our third-party hotel manager, to assess security applications compliance. We also regularly meet with management team members of Marriott to understand system upgrades, changes and associated risks with third-party managed applications. In addition, we generally require our third-party service providers to promptly notify us of any actual or suspected breach impacting our data or operations. In assessing cybersecurity threats, our IT Department has established controls and procedures for responding to cybersecurity incidents, including a process to evaluate the significance of a cybersecurity incident. Members of senior management, including our General Counsel and CFO, are tasked with performing a materiality assessment in the event of a cybersecurity incident, which includes the consideration of relevant quantitative and qualitative factors, as well as SEC guidance. Based on the results of this evaluation, further escalation of the cybersecurity event may occur, which may include our CEO, our board of directors and/or law enforcement. In addition, members of senior management will determine, based on the assessment described above, whether the cybersecurity incident requires disclosure with the SEC. We currently maintain a cybersecurity insurance policy that provides coverage for security incidents and periodically meet with our insurer to discuss emerging trends in cybersecurity. We do not believe that any risks we have identified to date from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, notwithstanding the programs, policies and procedures described above, there can be no assurance that we or businesses with which we interact will not experience a cybersecurity incident that materially affects us in the future. For more information about the cybersecurity risks we face, see the risk factor entitled “Cybersecurity incidents, including the failure to protect the integrity or availability of IT systems or the security of confidential information, or the introduction of malware or ransomware, could harm our business.” in Item 1A. Risk Factors of Part I of this Annual Report on Form 10-K.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors has general oversight responsibility for our enterprise risk management function, which includes specific areas of focus including competitive, economic, operational, financial (accounting, credit, liquidity and tax), legal, compliance, information technology security programs (including cybersecurity), sustainability/corporate responsibility, political and reputational risks. Our board of directors has delegated oversight of certain of these areas to the committees of our board of directors, including delegating the oversight of our information technology security programs (including cybersecurity) to the risk committee of our board of directors (the “Risk Committee”). We believe this division of risk management-related roles to the committees of our board of directors fosters an atmosphere of significant involvement in the oversight of risk at the board level and complements our risk management policies. The oversight responsibility of our board of directors is facilitated by a management report process that is designed to provide both visibility and transparency to our board of directors about the identification, assessment and management of critical risks and management’s risk mitigation strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Risk Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our full board of directors receives an annual update regarding the current cybersecurity environment from our CIO, which may include presentations from external consultants. Our Enterprise Risk Management (“ERM”) committee, which includes several members of senior management, including our CFO, our CIO, and a Certified Information Systems Auditor, also presents all of our top organizational and operational risks, including information security-related risks, focus areas and accomplishments throughout our various businesses, to the Risk Committee on a quarterly basis
Cybersecurity Risk Role of Management [Text Block]	Our risk management team, which includes members of senior management, including our Chief Financial Officer (“CFO”), Chief Information Officer (“CIO”) and General Counsel, as well as external consultants, works closely with our information technology department (“IT Department”) to continuously evaluate and address cybersecurity risks relevant to our business and operations. In addition, we have set company-wide policies and procedures that directly or indirectly relate to cybersecurity matters, such as policies related to encryption standards, antivirus protection, access removal, multifactor authentication, confidential information or use of the internet, social media, email and wireless devices. These policies go through an annual internal management review and approval process. Members of senior management, including our General Counsel and CFO, are tasked with performing a materiality assessment in the event of a cybersecurity incident, which includes the consideration of relevant quantitative and qualitative factors, as well as SEC guidance. Based on the results of this evaluation, further escalation of the cybersecurity event may occur, which may include our CEO, our board of directors and/or law enforcement. In addition, members of senior management will determine, based on the assessment described above, whether the cybersecurity incident requires disclosure with the SEC.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CIO and our Vice President of IT (“VP of IT”)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO and VP of IT, collectively, have over fifty years of experience working in the information technology and cybersecurity field and have extensive experience assessing and managing cybersecurity and information technology programs and cybersecurity risk. Our CIO and VP of IT hold degrees in the information technology and cybersecurity fields, as well as hold certain cybersecurity and other relevant technology certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In assessing cybersecurity threats, our IT Department has established controls and procedures for responding to cybersecurity incidents, including a process to evaluate the significance of a cybersecurity incident. Members of senior management, including our General Counsel and CFO, are tasked with performing a materiality assessment in the event of a cybersecurity incident, which includes the consideration of relevant quantitative and qualitative factors, as well as SEC guidance. Based on the results of this evaluation, further escalation of the cybersecurity event may occur, which may include our CEO, our board of directors and/or law enforcement. In addition, members of senior management will determine, based on the assessment described above, whether the cybersecurity incident requires disclosure with the SEC.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Debt - Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 19, 2024
Debt Instrument [Line Items]
Finance lease obligations	$ 596	$ 55
Unamortized deferred financing costs	(52,282)	(51,484)
Unamortized discounts and premiums, net	(11,527)	(12,183)
Total debt	3,976,913	3,378,396
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unamortized deferred financing costs	(5,359)	(6,162)
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $80M OEG Revolver [Member]
Debt Instrument [Line Items]
Line of credit		21,000
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Secured debt	289,856	292,791	$ 293,500
Secured Debt [Member] \| OEG Term Loan [Member]
Debt Instrument [Line Items]
Secured debt	425,270	299,250
Secured Debt [Member] \| Block 21 CMBS Loan [Member]
Debt Instrument [Line Items]
Secured debt		128,967
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	700,000	700,000
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	400,000	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] \| $1 Billion 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	1,000,000	$ 1,000,000
Total debt	986,200
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured debt	625,000
Total debt	$ 615,300

Stock Plans - Restricted Stock Units - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount [Abstract]
Unrecognized compensation cost	$ 24.2
Weighted-average period to recognize compensation cost	2 years 3 months 18 days

Stock Plans - Restricted Stock Units - Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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)	448,465
Granted (in shares)	206,803
Vested (in shares)	(173,625)
Canceled (in shares)	(16,184)
Nonvested shares, ending balance (in shares)	465,459	448,465
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)	$ 91.04
Granted (in dollars per share)	98.55	$ 113.1	$ 85.25
Vested (in dollars per share)	85.76
Canceled (in dollars per share)	102.71
Nonvested shares, weighted-average grant-date fair value (in dollars per share)	$ 95.94	$ 91.04

Pension Plans - Change in Benefit Obligation (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 52,348	$ 57,778
Interest cost	2,521	2,501
Actuarial (gain) loss	958	(2,445)
Benefits paid	(5,774)	(5,486)
Benefit obligation at end of year	$ 50,053	$ 52,348

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt

Summary of Debt and Finance Lease Obligations

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


		2025			2024
$700M Revolving Credit Facility		$	—		$	—
Term Loan B			289,856			292,791
4.75% Senior Notes			700,000			700,000
7.25% Senior Notes			400,000			400,000
4.50% Senior Notes			600,000			600,000
6.50% Senior Notes			1,000,000			1,000,000
6.50% Senior Notes			625,000			—
$80M OEG Revolver			—			21,000
OEG Term Loan			425,270			299,250
Block 21 CMBS Loan			—			128,967
Finance lease obligations			596			55
Unamortized deferred financing costs			(52,282)			(51,484)
Unamortized discounts and premiums, net			(11,527)			(12,183)
Total debt		$	3,976,913		$	3,378,396

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
	2026		2027		2028		2029		2030		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Term Loan B		2,935		2,935		2,935		2,935		278,116		—		289,856
4.75% Senior Notes		—		700,000		—		—		—		—		700,000
7.25% Senior Notes		—		—		400,000		—		—		—		400,000
4.50% Senior Notes		—		—		—		600,000		—		—		600,000
6.50% Senior Notes		—		—		—		—		—		1,000,000		1,000,000
6.50% Senior Notes		—		—		—		—		—		625,000		625,000
$80M OEG Revolver		—		—		—		—		—		—		—
OEG Term Loan		4,307		4,307		4,307		4,307		4,307		403,735		425,270
Total	$	7,242	$	707,242	$	407,242	$	607,242	$	282,423	$	2,028,735	$	4,040,126

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2025

Financial Reporting By Business Segments

Financial Reporting By Business Segments

13. Financial Reporting By Business Segments

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

●

Hospitality, which includes the Gaylord Hotels properties, the JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge and effective June 30, 2023, JW Marriott Hill Country), 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, Category 10, Block 21, and Southern Entertainment; and

●

Corporate and Other, which includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments.

The Company’s chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer and the Company’s chief financial officer. The CODM uses segment operating income (loss) to evaluate the performance of each segment and to allocate resources.

The accounting policies for each segment are the same as those described in Note 1, “Description of the Business and Summary of Significant Accounting Policies.” The Company does not have intersegment sales or transfers. The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used by the CODM and for corporate management purposes.


	For the Year Ended December 31, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	2,143,086	$	433,975	$	—	$	2,577,061
Expenses:
Rooms		190,686						190,686
Food and beverage		561,980						561,980
Other hotel expenses (1)		613,304						613,304
Management fees		75,082						75,082
Employment costs				121,209				121,209
Cost of goods sold				56,164				56,164
Contract services				67,391				67,391
Non-income taxes and insurance				27,543				27,543
Preopening costs				2,882				2,882
Other segment expenses (1)				51,641		42,771		94,412
Loss on sale of assets				1,296				1,296
Depreciation and amortization		239,857		37,310		933		278,100
Operating income (loss)	$	462,177	$	68,539	$	(43,704)	$	487,012
Interest expense		(47)		(36,995)		(204,228)		(241,270)
Interest income								20,299
Loss on extinguishment of debt								(2,922)
Loss from unconsolidated joint ventures (2)								(10,025)
Other gains and (losses), net								1,540
Income before income taxes							$	254,634


	For the Year Ended December 31, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,997,050	$	342,176	$	—	$	2,339,226
Expenses:
Rooms		179,358						179,358
Food and beverage		516,309						516,309
Other hotel expenses (1)		555,554						555,554
Management fees		73,531						73,531
Employment costs				102,653				102,653
Cost of goods sold				46,112				46,112
Contract services				39,736				39,736
Non-income taxes and insurance				11,973				11,973
Preopening costs				4,618				4,618
Other segment expenses (1)				41,373		41,819		83,192
Gain on sale of assts						(270)		(270)
Depreciation and amortization		205,189		29,519		918		235,626
Operating income (loss)	$	467,109	$	66,192	$	(42,467)	$	490,834
Interest expense		(14,611)		(38,283)		(172,501)		(225,395)
Interest income								27,977
Loss on extinguishment of debt								(2,479)
Income from unconsolidated joint ventures (2)								275
Other gains and (losses), net								2,814
Income before income taxes							$	294,026


	For the Year Ended December 31, 2023
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,833,478	$	324,658	$	—	$	2,158,136
Expenses:
Rooms		173,749						173,749
Food and beverage		465,963						465,963
Other hotel expenses (1)		519,328						519,328
Management fees		66,425						66,425
Employment costs				91,317				91,317
Cost of goods sold				43,544				43,544
Contract services				32,925				32,925
Non-income taxes and insurance				17,645				17,645
Preopening costs				1,308				1,308
Other segment expenses (1)				38,232		42,789		81,021
Depreciation and amortization		186,749		23,611		867		211,227
Operating income (loss)	$	421,264	$	76,076	$	(43,656)	$	453,684
Interest expense		(55,865)		(40,988)		(114,517)		(211,370)
Interest income								21,423
Loss on extinguishment of debt								(2,252)
Loss from unconsolidated joint ventures (2)								(17,308)
Other gains and (losses), net								3,921
Income before income taxes							$	248,098

(1)

(2)

Income (loss) from unconsolidated joint ventures relates to the Entertainment segment.


		December 31,			December 31,
		2025			2024
Total assets:
Hospitality		$	4,996,594		$	4,081,754
Entertainment			745,755			653,969
Corporate and Other			438,834			481,850
Total assets		$	6,181,183		$	5,217,573

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


		2025			2024			2023
Hospitality		$	325,156		$	300,867		$	145,805
Entertainment			32,452			106,828			60,428
Corporate and Other			627			210			543
Total capital expenditures		$	358,235		$	407,905		$	206,776

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Income Taxes - (Provision) Benefit for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CURRENT:
Federal	$ (1,147)	$ (359)	$ 797
State	(3,747)	(3,281)	(2,920)
Total current provision	(4,894)	(3,640)	(2,123)
DEFERRED:
Federal	(3,071)	(9,233)	79,710
State	641	(963)	16,115
Total deferred (provision) benefit	(2,430)	(10,196)	95,825
Total (provision) benefit for income taxes	$ (7,324)	$ (13,836)	$ 93,702

- Definition

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

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Stock Plans - Restricted Stock Units - Vesting (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025
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.

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Pension Plans - Non-Qualified Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
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	$ 10.1	$ 10.2
Plan with projected benefit obligation in excess of plan assets, projected benefit obligation	$ 10.1	$ 10.2

- 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

- Definition

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

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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

Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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)	$ 98.55	$ 113.1	$ 85.25

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

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, 2025		$	37,962		$	-		$	-		$	37,962
Year ended December 31, 2024		$	37,962		$	-		$	-		$	37,962
Year ended December 31, 2023		$	37,962		$	-		$	-		$	37,962

Valuation allowance for deferred tax assets:
Year ended December 31, 2025		$	5,595		$	-		$	(11)		$	5,584
Year ended December 31, 2024		$	5,557		$	38		$	-		$	5,595
Year ended December 31, 2023		$	118,015		$	-		$	(112,458)		$	5,557

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 247,310	$ 280,190	$ 341,800
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision (benefit) for deferred income taxes	2,430	10,196	(95,825)
Depreciation and amortization	278,100	235,626	211,227
Amortization of deferred financing costs	11,926	10,655	10,663
(Income) loss from unconsolidated joint ventures	10,025	(275)	17,308
Equity-based compensation expense	14,061	13,891	15,421
Changes in:
Trade receivables	2,162	15,845	21,550
Accounts payable and accrued liabilities	12,292	13,860	41,520
Other assets and liabilities	12,323	(3,482)	(6,608)
Net cash flows provided by operating activities	590,629	576,506	557,056
Cash Flows from Investing Activities:
Purchases of property and equipment	(358,235)	(407,905)	(206,776)
Collection of notes receivable	4,385	4,060	5,903
Other investing activities, net	(18,164)	(6,557)	(9,977)
Net cash flows used in investing activities	(1,233,972)	(410,402)	(1,012,816)
Cash Flows from Financing Activities:
Issuance of senior notes	625,000	1,000,000	400,000
Deferred financing costs paid	(13,081)	(23,709)	(23,400)
Issuance of common stock, net	275,532		395,444
Payment of distributions	(285,576)	(266,114)	(176,001)
Payment of tax withholdings for equity-based compensation	(5,537)	(12,300)	(4,386)
Other financing activities, net	(289)	(81)	(271)
Net cash flows provided by (used in) financing activities	567,295	(290,317)	711,871
Net change in cash, cash equivalents, and restricted cash	(76,048)	(124,213)	256,111
Cash, cash equivalents, and restricted cash, beginning of year	576,228	700,441	444,330
Cash, cash equivalents, and restricted cash, end of year	500,180	576,228	700,441
JW Marriott Hill Country [Member]
Cash Flows from Investing Activities:
Purchase of business, net of cash acquired			(791,466)
JW Marriott Desert Ridge [Member]
Cash Flows from Investing Activities:
Purchase of business, net of cash acquired	(861,958)
$80M OEG Revolver [Member]
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	5,000	54,000	5,000
Repayments under revolving credit facility	(26,000)	(38,000)
$500 Million Term Loan B [Member]
Cash Flows from Financing Activities:
Borrowings under term loan		18,861	500,000
Repayments under term loan	(2,935)	(222,320)	(378,750)
$300 Million OEG Term Loan [Member]
Cash Flows from Financing Activities:
Borrowings under term loan	128,128	299,250
Repayments under term loan	(3,980)	(297,000)	(3,000)
Block 21 CMBS Loan [Member]
Cash Flows from Financing Activities:
Repayments under loan	$ (128,967)	(2,904)	(2,765)
$800M Gaylord Rockies Term Loan [Member]
Cash Flows from Financing Activities:
Repayments under term loan		$ (800,000)
Circle [Member]
Cash Flows from Investing Activities:
Investment in joint venture			$ (10,500)

Debt - 700 Million 4.75 Senior Notes (Details) - USD ($) $ in Millions					1 Months Ended
	Jun. 04, 2025	Mar. 28, 2024	Jun. 22, 2023	Feb. 17, 2021	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2025	Jun. 10, 2025	Jun. 23, 2023	Mar. 28, 2023
$625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount								$ 625.0
Stated interest rate (as a percent)								6.50%
$400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.25%
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 700.0	$ 700.0	$ 700.0		$ 700.0		$ 700.0
Stated interest rate (as a percent)	4.75%	4.75%	4.75%		4.75%		4.75%
Redemption price (as a percent)					100.00%
Senior Notes [Member] \| $500 Million 4.75% Senior Notes
Debt Instrument [Line Items]
Face amount					$ 500.0	$ 500.0
Stated interest rate (as a percent)					4.75%	4.75%
Debt instrument, maturity date						Oct. 15, 2027
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 1,000.0	$ 1,000.0	$ 1,000.0			$ 1,000.0	$ 1,000.0
Stated interest rate (as a percent)	6.50%	6.50%	6.50%			6.50%	6.50%
Redemption price (as a percent)		100.00%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 625.0			$ 625.0		$ 625.0	$ 625.0		$ 625.0	$ 625.0
Stated interest rate (as a percent)	6.50%			6.50%		6.50%	6.50%		6.50%	6.50%
Debt instrument, maturity date	Jun. 15, 2033
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600.0	$ 600.0	$ 600.0	$ 600.0		$ 600.0
Stated interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%		4.50%	4.50%
Debt instrument, maturity date				Feb. 15, 2029
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400.0	$ 400.0	$ 400.0			$ 400.0	$ 400.0
Stated interest rate (as a percent)	7.25%	7.25%	7.25%			7.25%	7.25%
Debt instrument, maturity date			Jul. 15, 2028
Senior Notes [Member] \| $200 Million 4.75% Senior Notes
Debt Instrument [Line Items]
Face amount					$ 200.0
Stated interest rate (as a percent)					4.75%
Issue price percentage					101.25%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock, Number of Shares, Par Value and Other Disclosure [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 Disclosure [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)	63,006,000	59,903,000
Common stock, shares outstanding (in shares)	63,006,000	59,903,000
Treasury Stock, Value [Abstract]
Treasury stock, shares (in shares)	730,000	696,000

Income Taxes

12 Months Ended

Dec. 31, 2025

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):


		2025			2024			2023
CURRENT:
Federal		$	(1,147)		$	(359)		$	797
State			(3,747)			(3,281)			(2,920)
Total current provision			(4,894)			(3,640)			(2,123)
DEFERRED:
Federal			(3,071)			(9,233)			79,710
State			641			(963)			16,115
Total deferred (provision) benefit			(2,430)			(10,196)			95,825
Total (provision) benefit for income taxes		$	(7,324)		$	(13,836)		$	93,702

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 reported for financial reporting purposes. The estimated taxability of cash distributions paid to common stockholders is shown in the table below (per common share):


		2025			2024			2023
Ordinary income		$	4.21		$	4.28		$	3.75
Capital gains			0.07			0.07			0.10
Return of capital			—			—			—
		$	4.28		$	4.35		$	3.85

The differences between the income tax provision 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):


		2025				2024				2023
			$	%			$	%			$	%
US statutory federal income tax provision		$	(53,474)	21.0%		$	(61,746)	21.0%		$	(52,101)	21.0%
Non-taxable or non-deductible items:
Adjustment for nontaxable income of the REIT			49,378	(19.4)%			49,043	(16.7)%			44,968	(18.1)%
Other			(543)	0.2%			2,129	(0.7)%			(496)	0.2%
Change in valuation allowance			—	0.0%			—	0.0%			87,329	(35.2)%
State and local taxes, net (1)(2)			(3,106)	1.2%			(4,244)	1.4%			13,195	(5.3)%
Tax credits			902	(0.4)%			748	(0.3)%			585	(0.2)%
Other adjustments			(481)	0.2%			234	(0.1)%			222	(0.1)%
		$	(7,324)	2.9%		$	(13,836)	4.7%		$	93,702	(37.8)%

(1)

The state that contributes to the majority (greater than 50 percent) of the tax effect in this category for 2025 and 2024 is Texas and for 2023 is Tennessee.

(2)

State and local taxes in 2023 include an income tax benefit of $25.2 million related to the release of state valuation allowance.

Income taxes paid (net of refunds received) consist of the following (in thousands):


		2025			2024			2023
Federal		$	(1,535)		$	340		$	1,020
State:
Texas			3,350			2,731			1,789
Tennessee			—			—			3,299
Other			25			(52)			382
		$	1,840		$	3,019		$	6,490

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


		2025			2024
DEFERRED TAX ASSETS:
Accounting reserves and accruals		$	27,380		$	21,023
Pension plans			2,520			3,091
Deferred management rights proceeds			38,909			39,763
Federal and State net operating loss carryforwards			137,064			125,692
Tax credits and other carryforwards			17,494			17,181
Other assets			5,294			3,993
Total deferred tax assets			228,661			210,743
Valuation allowance			(5,584)			(5,595)
Total deferred tax assets, net of valuation allowance			223,077			205,148
DEFERRED TAX LIABILITIES:
Property and equipment, net			142,913			125,025
Other liabilities			12,495			9,612
Total deferred tax liabilities			155,408			134,637
Net deferred tax assets		$	67,669		$	70,511

TRS federal net operating loss carryforwards at December 31, 2025 totaled $533.5 million, resulting in a deferred tax asset of $112.0 million, and do not expire. The REIT has no federal net operating losses as of December 31, 2025. The TRS federal interest limitation carryforward at December 31, 2025 totaled $71.4 million, resulting in a deferred tax asset of $15.0 million that does not expire. The Company has assessed the need for a valuation allowance and determined that it is more likely than not that its deferred tax assets will be realized; therefore, no valuation allowance has been recorded for federal purposes.

State net operating loss carryforwards at December 31, 2025 totaled $608.7 million, resulting in a deferred tax benefit of $25.0 million, which will expire between 2026 and 2045. The use of certain state net operating losses, credits and other state deferred tax assets is subject to limitations based on 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 decreased $0, $0 and $(25.1) million in 2025, 2024 and 2023, 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 2021. 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, 2025.

At December 31, 2025 and 2024, 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, 2025 and 2024, the Company has accrued no interest or penalties related to uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: 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/1943274/2147477891/740-270-50-1

Reference 9: 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 10: 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 11: 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))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: 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 14: 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 15: 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 16: 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 17: 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

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 10, 2025	Jun. 04, 2025	Dec. 31, 2024	Mar. 28, 2024	Jun. 23, 2023	Jun. 22, 2023	Mar. 28, 2023	Feb. 17, 2021	Oct. 31, 2019	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt and finance lease obligations	$ 3,976,913			$ 3,378,396
$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%
$625 Million 6.50% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount		$ 625,000
Stated interest rate (as a percent)		6.50%
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		$ 400,000		$ 400,000		$ 400,000				$ 400,000
Stated interest rate (as a percent)	7.25%		7.25%		7.25%		7.25%				7.25%
Unsecured debt	$ 400,000			400,000
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		$ 600,000		$ 600,000		$ 600,000		$ 600,000
Stated interest rate (as a percent)	4.50%		4.50%		4.50%		4.50%		4.50%		4.50%
Unsecured debt	$ 600,000			600,000
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 700,000		$ 700,000		$ 700,000		$ 700,000			$ 700,000
Stated interest rate (as a percent)	4.75%		4.75%		4.75%		4.75%			4.75%
Unsecured debt	$ 700,000			700,000
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 1,000,000		$ 1,000,000		$ 1,000,000		$ 1,000,000				$ 1,000,000
Stated interest rate (as a percent)	6.50%		6.50%		6.50%		6.50%				6.50%
Debt and finance lease obligations	$ 986,200
Unsecured debt	1,000,000			$ 1,000,000
Senior Notes [Member] \| $1 Billion 6.50% Senior Notes [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	1,040,000
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 625,000		$ 625,000			$ 625,000		$ 625,000	$ 625,000		$ 625,000
Stated interest rate (as a percent)	6.50%		6.50%			6.50%		6.50%	6.50%		6.50%
Debt and finance lease obligations	$ 615,300
Unsecured debt	625,000
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	$ 650,000

Pension Plans - Additional Information (Details)	12 Months Ended
Pension Plans - Additional Information (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Plans
Discount rate (as a percent)	4.97%	5.28%	4.66%
Expected long-term rate of return on plan assets	6.00%	6.00%	6.00%
Minimum time period for expected rate of return	10 years
Maximum time period for expected rate of return	20 years

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$ 27,380	$ 21,023
Pension plans	2,520	3,091
Deferred management rights proceeds	38,909	39,763
Federal and State net operating loss carryforwards	137,064	125,692
Tax credits and other carryforwards	17,494	17,181
Other assets	5,294	3,993
Total deferred tax assets	228,661	210,743
Valuation allowance	(5,584)	(5,595)
Total deferred tax assets, net of valuation allowance	223,077	205,148
DEFERRED TAX LIABILITIES:
Property and equipment, net	142,913	125,025
Other liabilities	12,495	9,612
Total deferred tax liabilities	155,408	134,637
Net deferred tax assets	$ 67,669	$ 70,511

Leases

12 Months Ended

Dec. 31, 2025

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; a 237-acre site in Maricopa County, Arizona on which a portion of JW Marriott Desert Ridge is located; building or land leases for Ole Red Gatlinburg, Ole Red Orlando, Ole Red Tishomingo, Ole Red Nashville International Airport, Ole Red Las Vegas and Category 10 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 JW Marriott Desert Ridge land lease has a term through 2092. The leases for Ole Red locations and Category 10 Las Vegas range from five to twelve 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 were not considered reasonably assured as of the date of the agreement and, as a result, are not included in the Company’s calculation of its right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Certain of the Company’s leases include variable lease payments based upon net revenues of the respective business and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company recorded $5.3 million, $5.2 million and $4.3 million of contingent rental expense in 2025, 2024 and 2023, 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):


	2025		2024		2023
Operating lease cost	$	21,987	$	19,264	$	18,346
Finance lease cost:
Amortization of right-of-use assets		372		189		163
Interest on lease liabilities		31		2		25
Net lease cost	$	22,390	$	19,455	$	18,534

Future minimum lease payments under non-cancelable leases at December 31, 2025 are as follows (in thousands):


		Operating			Finance
		Leases			Leases
Year 1		$	10,800		$	329
Year 2			14,065			226
Year 3			13,578			95
Year 4			12,837			4
Year 5			12,901			—
Years thereafter			619,485			—
Total future minimum lease payments			683,666			654
Less amount representing interest			(524,851)			(58)
Total present value of minimum payments		$	158,815		$	596

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


Weighted-average remaining lease term:
Operating leases	40.2	years
Finance leases	2.2	years
Weighted-average discount rate:
Operating leases	7.2	%
Finance leases	5.9	%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS:
Property and equipment, net	$ 4,970,429	$ 4,124,382
Cash and cash equivalents - unrestricted	471,421	477,694
Cash and cash equivalents - restricted	28,759	98,534
Notes receivable, net	53,503	57,801
Trade receivables, net	105,903	94,184
Deferred income tax assets, net	67,669	70,511
Prepaid expenses and other assets	196,798	178,091
Intangible assets and goodwill, net	286,701	116,376
Total assets	6,181,183	5,217,573
LIABILITIES AND EQUITY:
Debt and finance lease obligations	3,976,913	3,378,396
Accounts payable and accrued liabilities	517,708	466,571
Distributions payable	78,819	71,444
Deferred management rights proceeds	162,901	164,658
Operating lease liabilities	158,815	135,117
Other liabilities	74,251	66,805
Total liabilities	4,969,407	4,282,991
Commitments and contingencies
Noncontrolling interest in Opry Entertainment Group	422,691	381,945
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 400,000 shares authorized, 63,006 and 59,903 shares issued and outstanding, respectively	630	599
Additional paid-in capital	1,722,332	1,475,211
Treasury stock of 730 and 696 shares, at cost	(26,788)	(23,526)
Distributions in excess of retained earnings	(933,250)	(888,132)
Accumulated other comprehensive loss	(12,772)	(15,172)
Total stockholders' equity	750,152	548,980
Noncontrolling interests	38,933	3,657
Total equity	789,085	552,637
Total liabilities and equity	$ 6,181,183	$ 5,217,573

Debt - 600 Million 4.50 Senior Notes (Details) - USD ($) $ in Millions			1 Months Ended
	Mar. 28, 2024	Feb. 17, 2021	Oct. 31, 2019	Dec. 31, 2025	Jun. 04, 2025	Jun. 30, 2023	Jun. 22, 2023	Sep. 30, 2019
$400 Million 7.25% Senior Notes
Debt Instrument [Line Items]
Face amount						$ 400.0
Stated interest rate (as a percent)						7.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600.0	$ 600.0			$ 600.0		$ 600.0	$ 600.0
Stated interest rate (as a percent)	4.50%	4.50%		4.50%	4.50%		4.50%	4.50%
Debt instrument, maturity date		Feb. 15, 2029
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.75%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 1,000.0			$ 1,000.0	$ 1,000.0		$ 1,000.0	$ 1,000.0
Stated interest rate (as a percent)	6.50%			6.50%	6.50%		6.50%	6.50%
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	103.25%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.625%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 700.0		$ 700.0	$ 700.0	$ 700.0		$ 700.0
Stated interest rate (as a percent)	4.75%		4.75%	4.75%	4.75%		4.75%
Redemption price (as a percent)			100.00%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes
Debt Instrument [Line Items]
Face amount				$ 400.0
Stated interest rate (as a percent)				7.25%

Description of the Business and Summary of Significant Accounting Policies - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities [Abstract]
Pension and postretirement benefits liability	$ 11,160	$ 12,649
Deferred compensation liability	45,034	37,440
Derivative liabilities		386
Other	18,057	16,330
Total other liabilities	$ 74,251	$ 66,805

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (bbb)(1)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount of liabilities classified as other.

+ References

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+ Details

Description of the Business and Summary of Significant Accounting Policies - Management Fees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Base management fee (as a percent)	2.00%
Total base management fee	$ 52.4	$ 48.0	$ 42.8
Incentive fees	$ 27.4	$ 30.0	$ 28.5
Gaylord Rockies And JW Marriott Desert Ridge [Member]
Business Combination [Line Items]
Base management fee (as a percent)	3.00%
JW Marriott Hill Country [Member]
Business Combination [Line Items]
Base management fee (as a percent)	3.50%

- 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

Financial Reporting By Business Segments - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 6,181,183	$ 5,217,573
Hospitality
Segment Reporting Information [Line Items]
Total assets	4,996,594	4,081,754
Entertainment
Segment Reporting Information [Line Items]
Total assets	745,755	653,969
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 438,834	$ 481,850

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Leases (Details) $ in Millions	12 Months Ended
Leases (Details) $ in Millions	Dec. 31, 2025 USD ($) a	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Contingent rental expense \| $	$ 5.3	$ 5.2	$ 4.3
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	12 years
Operating lease, renewal term	55 years
Land in Osceola County, Florida [Member]
Lessee, Lease, Description [Line Items]
Area of leased property	65.3
Lease expiration year	2074
Expiration date of lease under extension	Jan. 31, 2101
Land in Maricopa County, Arizona [Member]
Lessee, Lease, Description [Line Items]
Area of leased property	237
Lease expiration year	2092

Description of the Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Building [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

Notes Receivable

12 Months Ended

Dec. 31, 2025

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 $53.5 million and $57.8 million at December 31, 2025 and 2024, 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 Gaylord National through the maturity dates. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected. During the periods presented, the Company has accrued interest only on the Series A Bond. 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 these bonds to maturity. The Company performs a quarterly assessment of credit losses, which considers the estimate of projected tax revenues that will service the bonds over their remaining terms. At December 31, 2025 and 2024, 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 2025, 2024 and 2023, the Company recorded interest income of $4.3 million, $4.6 million and $4.9 million, respectively, on these bonds. The Company received payments of $8.8 million, $8.8 million and $11.0 million during 2025, 2024 and 2023, respectively, relating to these notes receivable, which include principal and interest payments.

CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST (Parenthetical)	12 Months Ended
	Dec. 31, 2025 $ / shares
CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTEREST
Dividend amount for current period (in dollars per share)	$ 4.65
Dividend On Treasury Stock Flag	true

Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2012	Dec. 31, 2025
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

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

12. Fair Value Measurements

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
	2025			(Level 1)			(Level 2)			(Level 3)
Deferred compensation plan investments	$	45,034		$	45,034		$	—		$	—
Variable to fixed interest rate swaps		713			—			713			—
Total assets measured at fair value	$	45,747		$	45,034		$	713		$	—


				Markets for			Observable			Unobservable
	December 31,			Identical Assets			Inputs			Inputs
	2024			(Level 1)			(Level 2)			(Level 3)
Deferred compensation plan investments	$	37,440		$	37,440		$	—		$	—
Total assets measured at fair value	$	37,440		$	37,440		$	—		$	—

Variable to fixed interest rate swaps	$	386		$	—		$	386		$	—
Total liabilities measured at fair value	$	386		$	—		$	386		$	—

The fair value of notes receivable is discussed in Note 3, “Notes Receivable.” The remainder of the assets and liabilities held by the Company at December 31, 2025 are not required to be recorded at fair value, and financial assets and liabilities approximate fair value, except as described below.

The Company has outstanding $625.0 million of the $625 Million 6.50% Senior Notes. The carrying value of these notes at December 31, 2025 was $615.3 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $650.0 million at December 31, 2025.

The Company has outstanding $1.0 billion of the $1 Billion 6.50% Senior Notes. The carrying value of these notes at December 31, 2025 was $986.2 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $1.04 billion at December 31, 2025.

See the “JW Marriott Hill Country Transaction” and the “JW Marriott Desert Ridge 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 JW Marriott Desert Ridge.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country and JW Marriott Desert Ridge Transaction (Details) $ in Thousands, shares in Millions				1 Months Ended	12 Months Ended
	Jun. 10, 2025 USD ($) ft² a room item shares	Jun. 30, 2023 USD ($) ft² a room item shares	Jun. 22, 2023 USD ($)	May 31, 2025 shares	Dec. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	Jun. 04, 2025 USD ($)	Jun. 23, 2023 USD ($)	Mar. 28, 2023 USD ($)	Feb. 17, 2021 USD ($)	Sep. 30, 2019 USD ($)
Asset Acquisition [Line Items]
Net proceeds		$ 395,000			$ 275,532	$ 395,444
Shares issued \| shares		4.4		3.0
Underwritten registered public offering
Asset Acquisition [Line Items]
Net proceeds	$ 275,500
Shares issued \| shares	3.0
Private placement
Asset Acquisition [Line Items]
Net proceeds of a private placement	$ 614,000
$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%
$400 Million 7.25% Senior Notes \| Senior Notes [Member]
Asset Acquisition [Line Items]
Aggregate principal amount					$ 400,000
Stated interest rate (as a percent)					7.25%
$625 million 6.50% senior notes
Asset Acquisition [Line Items]
Aggregate principal amount	$ 625,000
Stated interest rate (as a percent)	6.50%
$625 million 6.50% senior notes \| Senior Notes [Member]
Asset Acquisition [Line Items]
Aggregate principal amount					$ 625,000		$ 625,000	$ 625,000	$ 625,000	$ 625,000	$ 625,000
Stated interest rate (as a percent)					6.50%		6.50%	6.50%	6.50%	6.50%	6.50%
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
JW Marriott Desert Ridge
Asset Acquisition [Line Items]
Purchase price	$ 865,000
Area of Land \| a	402
Number of hotel rooms \| room	950
Area of indoor and outdoor meeting and event space \| ft²	243,000
Area of resort amenities, spa \| ft²	28,000
Number of food and beverage outlets \| item	7
Area of water experience \| ft²	140,000
Number of 18-hole golf courses \| item	2

Description of the Business and Summary of Significant Accounting Policies - Cash Paid for Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]
Debt interest paid	$ 230,058	$ 210,650	$ 183,479
Capitalized interest	(4,571)	(7,560)	(2,483)
Cash paid for interest, net of capitalized interest	$ 225,487	$ 203,090	$ 180,996

Debt - 400 Million 7.25 Senior Notes (Details) - USD ($) $ in Millions					1 Months Ended
	Jun. 04, 2025	Mar. 28, 2024	Jun. 22, 2023	Feb. 17, 2021	Oct. 31, 2019	Dec. 31, 2025	Jun. 10, 2025	Jun. 23, 2023	Mar. 28, 2023	Sep. 30, 2019
$400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.25%
$625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount							$ 625.0
Stated interest rate (as a percent)							6.50%
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400.0	$ 400.0	$ 400.0			$ 400.0				$ 400.0
Stated interest rate (as a percent)	7.25%	7.25%	7.25%			7.25%				7.25%
Debt instrument, maturity date			Jul. 15, 2028
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member] \| Debt Instrument, 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] \| Debt Instrument, 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] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)			100.00%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 1,000.0	$ 1,000.0	$ 1,000.0			$ 1,000.0				$ 1,000.0
Stated interest rate (as a percent)	6.50%	6.50%	6.50%			6.50%				6.50%
Redemption price (as a percent)		100.00%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		103.25%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		101.625%
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 700.0	$ 700.0	$ 700.0		$ 700.0	$ 700.0
Stated interest rate (as a percent)	4.75%	4.75%	4.75%		4.75%	4.75%
Redemption price (as a percent)					100.00%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 625.0			$ 625.0		$ 625.0		$ 625.0	$ 625.0	$ 625.0
Stated interest rate (as a percent)	6.50%			6.50%		6.50%		6.50%	6.50%	6.50%
Debt instrument, maturity date	Jun. 15, 2033
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	103.25%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)	101.625%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member] \| Debt Instrument, 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	$ 600.0	$ 600.0	$ 600.0	$ 600.0						$ 600.0
Stated interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%		4.50%				4.50%
Debt instrument, maturity date				Feb. 15, 2029
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price (as a percent)				100.75%
Secured Debt [Member] \| $800M Gaylord Rockies Term Loan [Member]
Debt Instrument [Line Items]
Face amount		$ 800.0

Pension Plans - Qualified and Non-Qualified Plans - Amounts Recognized in Other Comprehensive Income (Details) - Pension Plan [Member] - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Unrecognized actuarial losses included in other comprehensive loss	$ 13.6	$ 16.4
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Unrecognized actuarial losses included in other comprehensive loss, net of tax	$ 10.3	$ 12.4

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$ 471,421	$ 477,694	$ 591,833
Cash and cash equivalents - restricted	28,759	98,534	108,608
Cash, cash equivalents, and restricted cash, end of year	$ 500,180	$ 576,228	$ 700,441	$ 444,330

Income Taxes - Taxability of Cash Distributions Paid on Common Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Ordinary income	$ 4.21	$ 4.28	$ 3.75
Capital gains	0.07	0.07	0.1
Total	$ 4.28	$ 4.35	$ 3.85

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

12 Months Ended

Dec. 31, 2025

Asset Acquisition [Line Items]

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


		2025			2024			2023
Debt interest paid		$	230,058		$	210,650		$	183,479
Capitalized interest			(4,571)			(7,560)			(2,483)
Cash paid for interest, net of capitalized interest		$	225,487		$	203,090		$	180,996

Summary of Prepaid Expense and Other Assets

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


		2025			2024
Prepaid expenses		$	33,824		$	26,872
Supplemental deferred compensation plan assets			45,034			37,440
Tax rebate receivables			31,678			34,780
Inventories			16,936			16,134
Right-of-use assets for operating leases			41,361			22,079
Deferred financing costs on revolving credit facilities			5,359			6,162
Derivative assets			713			—
Other			21,893			34,624
Total prepaid expenses and other assets		$	196,798		$	178,091

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):


2026	$	18,205
2027		15,699
2028		9,987
2029		9,987
2030		9,747
	$	63,625

Accounts Payable and Accrued Liabilities of Continuing Operations

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


		2025			2024
Trade accounts payable		$	43,408		$	58,366
Property and other taxes payable			99,374			91,941
Deferred revenues			220,604			173,029
Accrued salaries and benefits			51,519			45,780
Interest payable			49,573			48,415
Other accrued liabilities			53,230			49,040
Total accounts payable and accrued liabilities		$	517,708		$	466,571

Other Liabilities

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


		2025			2024
Pension and postretirement benefits liability		$	11,160		$	12,649
Deferred compensation liability			45,034			37,440
Derivative liabilities			—			386
Other			18,057			16,330
Total other liabilities		$	74,251		$	66,805

Revenues Disaggregated by Major Source

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


	2025		2024		2023
Hotel group rooms	$	538,519	$	509,014	$	462,674
Hotel transient rooms		260,787		235,573		238,464
Hotel food and beverage - banquets		680,304		666,525		569,803
Hotel food and beverage - outlets		313,650		274,302		261,993
Hotel other		349,826		311,636		300,544
Entertainment admissions/ticketing		168,143		126,897		124,647
Entertainment food and beverage		152,461		125,862		107,335
Entertainment retail and other		113,371		89,417		92,676
Total revenues	$	2,577,061	$	2,339,226	$	2,158,136

Hospitality Segment Revenues Disaggregated by Location

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


	2025		2024		2023
Gaylord Opryland	$	484,104	$	495,552	$	474,884
Gaylord Palms		316,498		302,371		309,616
Gaylord Texan		349,264		351,151		358,399
Gaylord National		336,257		311,330		307,139
Gaylord Rockies		313,233		290,141		266,737
JW Marriott Hill Country		227,182		220,524		92,813
JW Marriott Desert Ridge		91,583		—		—
AC Hotel		11,492		12,647		11,997
Inn at Opryland and other		13,473		13,334		11,893
Total Hospitality segment revenues	$	2,143,086	$	1,997,050	$	1,833,478

Income Per Share

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


		2025		2024		2023
Numerator:
Net income available to common stockholders	$	243,425	$	271,638	$	311,217
Net income attributable to noncontrolling interest in OEG		4,919		6,760		—
Net income available to common stockholders - if-converted method	$	248,344	$	278,398	$	311,217

Denominator:
Weighted average shares outstanding - basic		61,830		59,859		57,750
Effect of dilutive equity-based compensation		184		281		311
Effect of dilutive put rights		3,943		3,492		—
Weighted average shares outstanding - diluted		65,957		63,632		58,061

Basic income per share available to common stockholders	$	3.94	$	4.54	$	5.39
Diluted income per share available to common stockholders	$	3.77	$	4.38	$	5.36

JW Marriott Hill Country

Asset Acquisition [Line Items]

Summary of Net Assets Acquired


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

JW Marriott Desert Ridge

Asset Acquisition [Line Items]

Summary of Net Assets Acquired


Property and equipment	$	747,377
Cash and cash equivalents - unrestricted		5,891
Cash and cash equivalents - restricted		1,661
Trade receivables		14,426
Prepaid expenses and other assets		3,547
Intangible assets		114,875
Total assets acquired		887,777
Accounts payable and accrued liabilities		(18,267)
Total liabilities assumed		(18,267)
Net assets acquired	$	869,510

Subsequent Event (Details) - Line of Credit [Member] - USD ($) $ in Millions	Jan. 28, 2026	Jan. 27, 2026	Dec. 31, 2025
$80M OEG Revolver
Subsequent Events
Maximum borrowing capacity			$ 80.0
Revolving Credit Facility [Member] \| $80M OEG Revolver
Subsequent Events
Maximum borrowing capacity			80.0
Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Subsequent Events
Maximum borrowing capacity			$ 700.0
Subsequent Event \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Subsequent Events
Maximum borrowing capacity	$ 850.0	$ 700.0

Notes Receivable - General Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2008	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values		$ 53,503	$ 57,801
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
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values		$ 53,500	57,800
Credit loss reserve		$ 38,000	$ 38,000

Income Taxes - Income Taxes Paid (Net of Refunds Received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal: Income taxes paid (net of refunds received)	$ (1,535)	$ 340	$ 1,020
Income taxes paid (net of refunds received)	1,840	3,019	6,490
TEXAS
Income Tax Paid, by Individual Jurisdiction [Line Items]
State: Income taxes paid (net of refunds received)	3,350	2,731	1,789
TENNESSEE
Income Tax Paid, by Individual Jurisdiction [Line Items]
State: Income taxes paid (net of refunds received)			3,299
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State: Income taxes paid (net of refunds received)	$ 25	$ (52)	$ 382

Description of the Business and Summary of Significant Accounting Policies - Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income (loss)	$ 243,425	$ 271,638	$ 311,217
Net income attributable to noncontrolling interest in OEG	4,919	6,760
Net income available to common shareholders - if-converted method	$ 248,344	$ 278,398	$ 311,217
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - basic (in shares)	61,830	59,859	57,750
Effect of dilutive equity-based compensation (in shares)	184	281	311
Effect of dilutive put rights (in shares)	3,943	3,492
Weighted average shares outstanding - diluted (in shares)	65,957	63,632	58,061
Earnings Per Share, Diluted [Abstract]
Net income, per share (in dollars per share)	$ 3.94	$ 4.54	$ 5.39
Net income, per share - assuming dilution (in dollars per share)	$ 3.77	$ 4.38	$ 5.36
Put rights
Earnings Per Share, Diluted [Abstract]
Anti-dilutive securities excluded from EPS computation	4,200

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

11. Commitments and Contingencies

On April 9, 2024, the Company received service of process in a lawsuit naming the Company and a subsidiary as co-defendants with Marriott, as the manager, and multiple contractors in a personal injury lawsuit filed by the individual plaintiffs in Colorado state court. The lawsuit relates to a May 2023 incident at the Gaylord Rockies indoor pool amenity involving the collapse of HVAC equipment. The complaint requests an unspecified amount of damages related to alleged injuries to two guests. The discovery phase of the litigation is ongoing at this time. The Company cannot predict its likely outcome or estimate the range of possible loss but does not believe that the outcome will have a material impact on the Company’s financial position. The Company intends to vigorously defend the lawsuit and believes it has strong defenses.

As of January 1, 2022, the Company is 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 and employee medical benefits 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.

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Marketing and Advertising Expense [Abstract]
Advertising costs	$ 78.5	$ 71.4	$ 65.0
Asset Impairment Charges [Abstract]
Impairment losses	0.0	$ 0.0	$ 0.0
Interest Expense [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclassification from AOCI to interest expense	$ 0.5

- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Provision for Income Taxes from Continuing Operations

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


		2025			2024			2023
CURRENT:
Federal		$	(1,147)		$	(359)		$	797
State			(3,747)			(3,281)			(2,920)
Total current provision			(4,894)			(3,640)			(2,123)
DEFERRED:
Federal			(3,071)			(9,233)			79,710
State			641			(963)			16,115
Total deferred (provision) benefit			(2,430)			(10,196)			95,825
Total (provision) benefit for income taxes		$	(7,324)		$	(13,836)		$	93,702

Summary of Taxability of Cash Distributions Paid on Common Shares

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


		2025			2024			2023
Ordinary income		$	4.21		$	4.28		$	3.75
Capital gains			0.07			0.07			0.10
Return of capital			—			—			—
		$	4.28		$	4.35		$	3.85

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


		2025				2024				2023
			$	%			$	%			$	%
US statutory federal income tax provision		$	(53,474)	21.0%		$	(61,746)	21.0%		$	(52,101)	21.0%
Non-taxable or non-deductible items:
Adjustment for nontaxable income of the REIT			49,378	(19.4)%			49,043	(16.7)%			44,968	(18.1)%
Other			(543)	0.2%			2,129	(0.7)%			(496)	0.2%
Change in valuation allowance			—	0.0%			—	0.0%			87,329	(35.2)%
State and local taxes, net (1)(2)			(3,106)	1.2%			(4,244)	1.4%			13,195	(5.3)%
Tax credits			902	(0.4)%			748	(0.3)%			585	(0.2)%
Other adjustments			(481)	0.2%			234	(0.1)%			222	(0.1)%
		$	(7,324)	2.9%		$	(13,836)	4.7%		$	93,702	(37.8)%

(1)

The state that contributes to the majority (greater than 50 percent) of the tax effect in this category for 2025 and 2024 is Texas and for 2023 is Tennessee.

(2)

State and local taxes in 2023 include an income tax benefit of $25.2 million related to the release of state valuation allowance.

Income taxes paid (net of refunds received)

Income taxes paid (net of refunds received) consist of the following (in thousands):


		2025			2024			2023
Federal		$	(1,535)		$	340		$	1,020
State:
Texas			3,350			2,731			1,789
Tennessee			—			—			3,299
Other			25			(52)			382
		$	1,840		$	3,019		$	6,490

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):


		2025			2024
DEFERRED TAX ASSETS:
Accounting reserves and accruals		$	27,380		$	21,023
Pension plans			2,520			3,091
Deferred management rights proceeds			38,909			39,763
Federal and State net operating loss carryforwards			137,064			125,692
Tax credits and other carryforwards			17,494			17,181
Other assets			5,294			3,993
Total deferred tax assets			228,661			210,743
Valuation allowance			(5,584)			(5,595)
Total deferred tax assets, net of valuation allowance			223,077			205,148
DEFERRED TAX LIABILITIES:
Property and equipment, net			142,913			125,025
Other liabilities			12,495			9,612
Total deferred tax liabilities			155,408			134,637
Net deferred tax assets		$	67,669		$	70,511

Notes Receivable - Interest Income and Payment Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 20,299	$ 27,977	$ 21,423
Payment received relating to notes receivable	4,385	4,060	5,903
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	4,300	4,600	4,900
Payment received relating to notes receivable	$ 8,800	$ 8,800	$ 11,000

Debt - Term Loan B (Details) - USD ($) $ in Thousands			12 Months Ended
Debt - Term Loan B (Details) - USD ($) $ in Thousands	Dec. 19, 2024	Apr. 12, 2024	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
$500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
$500 Million Term Loan B [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)			2.75%
$500 Million Term Loan B [Member] \| Base Rate Member
Debt Instrument [Line Items]
Spread rate (as a percent)			1.75%
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			May 18, 2030
Spread rate (as a percent)			1.75%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR) [Member]
Percentage of amortization of original principal balance (as a percent)			1.00%
Secured debt	$ 293,500		$ 289,856	$ 292,791
Secured Debt [Member] \| $500 Million Term Loan B [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument [Line Items]
Floor interest rate			0.00%
Secured Debt [Member] \| First Incremental Tranche B Term Loan [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)		2.25%
Secured Debt [Member] \| First Incremental Tranche B Term Loan [Member] \| Base Rate Member
Debt Instrument [Line Items]
Spread rate (as a percent)		1.25%
Secured Debt [Member] \| Second Incremental Tranche B Term Loan [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.00%
Interest rate margin reduced (as a percent)	0.25%
Secured Debt [Member] \| Second Incremental Tranche B Term Loan [Member] \| Base Rate Member
Debt Instrument [Line Items]
Spread rate (as a percent)	1.00%

Pension Plans (Tables)

12 Months Ended

Dec. 31, 2025

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):


		2025			2024
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	52,348		$	57,778
Interest cost			2,521			2,501
Actuarial (gain) loss			958			(2,445)
Benefits paid			(5,774)			(5,486)
Benefit obligation at end of year			50,053			52,348
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year			50,957			52,642
Actual return on plan assets			5,705			3,801
Benefits paid			(5,774)			(5,486)
Fair value of plan assets at end of year			50,888			50,957
Funded status (accrued pension liability)		$	835		$	(1,391)

Pension Plan [Member]

Pension Plans

Expected Future Benefit Payments


2026	$	9,061
2027		5,181
2028		5,623
2029		4,994
2030		4,726
2031 - 2035		16,455

- 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

Equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 548,980
Net other comprehensive income (loss)	2,400	$ 4,215	$ (8,464)
Ending balance	750,152	548,980
AOCI Attributable to Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(15,172)	(19,387)	(10,923)
Gains arising during period	3,358	6,478	5,098
Amounts reclassified from accumulated other comprehensive loss	(546)	(1,345)	(12,276)
Income tax expense	(412)	(918)	(1,286)
Net other comprehensive income (loss)	2,400	4,215	(8,464)
Ending balance	(12,772)	(15,172)	(19,387)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12,120)	(15,187)	(18,021)
Gains arising during period	2,228	4,538	4,428
Amounts reclassified from accumulated other comprehensive loss	(725)	(553)	(308)
Income tax expense	(412)	(918)	(1,286)
Net other comprehensive income (loss)	1,091	3,067	2,834
Ending balance	(11,029)	(12,120)	(15,187)
Accumulated Other-than-Temporary Impairment of Investment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,667)	(2,878)	(3,087)
Amounts reclassified from accumulated other comprehensive loss	211	211	209
Net other comprehensive income (loss)	211	211	209
Ending balance	(2,456)	(2,667)	(2,878)
Interest Rate Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(385)	(1,322)	10,185
Gains arising during period	1,130	1,940	670
Amounts reclassified from accumulated other comprehensive loss	(32)	(1,003)	(12,177)
Net other comprehensive income (loss)	1,098	937	(11,507)
Ending balance	$ 713	$ (385)	$ (1,322)

Debt - 625 Million 6.50 Senior Notes (Details) - USD ($) $ in Millions	Jun. 04, 2025	Jun. 22, 2023	Feb. 17, 2021	Dec. 31, 2025	Jun. 10, 2025	Mar. 28, 2024	Jun. 23, 2023	Mar. 28, 2023	Oct. 31, 2019	Sep. 30, 2019
$625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount					$ 625.0
Stated interest rate (as a percent)					6.50%
$400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)		7.25%
Senior Notes [Member] \| $625 Million 6.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 625.0		$ 625.0	$ 625.0			$ 625.0	$ 625.0		$ 625.0
Stated interest rate (as a percent)	6.50%		6.50%	6.50%			6.50%	6.50%		6.50%
Debt instrument, maturity date	Jun. 15, 2033
Net proceeds from issuance	$ 614.0
Senior Notes [Member] \| One Billion Six Point Five Percent Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 1,000.0	$ 1,000.0		$ 1,000.0		$ 1,000.0				$ 1,000.0
Stated interest rate (as a percent)	6.50%	6.50%		6.50%		6.50%				6.50%
Senior Notes [Member] \| $700 Million 4.75% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 700.0	$ 700.0		$ 700.0		$ 700.0			$ 700.0
Stated interest rate (as a percent)	4.75%	4.75%		4.75%		4.75%			4.75%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600.0	$ 600.0	$ 600.0			$ 600.0				$ 600.0
Stated interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%		4.50%				4.50%
Debt instrument, maturity date			Feb. 15, 2029
Senior Notes [Member] \| $400 Million 7.25% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400.0	$ 400.0		$ 400.0		$ 400.0				$ 400.0
Stated interest rate (as a percent)	7.25%	7.25%		7.25%		7.25%				7.25%
Debt instrument, maturity date		Jul. 15, 2028

Debt - Derivative Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Estimated Fair Value Asset (Liability) Balance	$ 0.7	$ (0.4)

- 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

Financial Reporting By Business Segments - General Information (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of business segments	3

Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,577,061	$ 2,339,226	$ 2,158,136
Occupancy [Member]
Disaggregation of Revenue [Line Items]
Total revenues	799,306	744,587	701,138
Hotel Group Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	538,519	509,014	462,674
Hotel Transient Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	260,787	235,573	238,464
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	993,954	940,827	831,796
Hotel Food And Beverage Banquets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	680,304	666,525	569,803
Hotel Food And Beverage Outlets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	313,650	274,302	261,993
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	349,826	311,636	300,544
Entertainment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	433,975	342,176	324,658
Entertainment Admissions And Ticketing [Member]
Disaggregation of Revenue [Line Items]
Total revenues	168,143	126,897	124,647
Entertainment Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	152,461	125,862	107,335
Entertainment Retail And Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 113,371	$ 89,417	$ 92,676

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of Company's Lease Cost

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


	2025		2024		2023
Operating lease cost	$	21,987	$	19,264	$	18,346
Finance lease cost:
Amortization of right-of-use assets		372		189		163
Interest on lease liabilities		31		2		25
Net lease cost	$	22,390	$	19,455	$	18,534

Summary of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable leases at December 31, 2025 are as follows (in thousands):


		Operating			Finance
		Leases			Leases
Year 1		$	10,800		$	329
Year 2			14,065			226
Year 3			13,578			95
Year 4			12,837			4
Year 5			12,901			—
Years thereafter			619,485			—
Total future minimum lease payments			683,666			654
Less amount representing interest			(524,851)			(58)
Total present value of minimum payments		$	158,815		$	596

Summary of Maturities of Finance Lease Liabilities


		Operating			Finance
		Leases			Leases
Year 1		$	10,800		$	329
Year 2			14,065			226
Year 3			13,578			95
Year 4			12,837			4
Year 5			12,901			—
Years thereafter			619,485			—
Total future minimum lease payments			683,666			654
Less amount representing interest			(524,851)			(58)
Total present value of minimum payments		$	158,815		$	596

Schedule of Remaining Lease Term and Discount Rate of Leases


Weighted-average remaining lease term:
Operating leases	40.2	years
Finance leases	2.2	years
Weighted-average discount rate:
Operating leases	7.2	%
Finance leases	5.9	%

Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country and JW Marriott Desert Ridge Transaction - Net assets acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 10, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Asset Acquisition [Line Items]
Property and equipment	$ 4,970,429		$ 4,124,382
Cash and cash equivalents - unrestricted	471,421		477,694	$ 591,833
Cash and cash equivalents - restricted	28,759		98,534	$ 108,608
Trade receivables	105,903		94,184
Prepaid expenses and other assets	196,798		178,091
Total assets	6,181,183		5,217,573
Accounts payable and accrued liabilities	(517,708)		(466,571)
Total liabilities assumed	$ (4,969,407)		$ (4,282,991)
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
JW Marriott Desert Ridge
Asset Acquisition [Line Items]
Property and equipment		$ 747,377
Cash and cash equivalents - unrestricted		5,891
Cash and cash equivalents - restricted		1,661
Trade receivables		14,426
Prepaid expenses and other assets		3,547
Intangible assets		114,875
Total assets		887,777
Accounts payable and accrued liabilities		(18,267)
Total liabilities assumed		(18,267)
Net assets acquired		$ 869,510