Ryman Hospitality Properties Reports Strong Q3 and 9-Month Financial Results with Revenue and Net Income Growth

Ryman Hospitality Properties, Inc. reported a strong financial performance for the third quarter and the first nine months of 2024, with notable increases in revenue and net income compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues reached $549.96 million, a 4.1% increase from $528.51 million in the prior year. For the nine months, revenues totaled $1.69 billion, reflecting a 10.9% increase from $1.53 billion in 2023.

The hospitality segment was a significant driver of this growth, with revenues for the three months ending September 30, 2024, amounting to $467.04 million, up 4.7% from $446.20 million in 2023. The nine-month performance showed a 12.4% increase, with revenues of $1.45 billion compared to $1.29 billion in the previous year. Key contributors included increased room and food and beverage revenues, which rose to $184.15 million and $224.84 million, respectively, for the third quarter.

Net income for the third quarter of 2024 was $60.40 million, a substantial increase of 48.1% from $40.79 million in 2023. For the nine-month period, net income was $207.90 million, up 20.9% from $171.92 million in the prior year. Net income available to common stockholders for the third quarter was $59.01 million, compared to $41.23 million in 2023, while for the nine months, it increased to $202.87 million from $169.09 million.

Operating expenses also rose, with total operating expenses for the third quarter increasing to $444.08 million from $426.59 million in 2023, primarily due to higher costs in the hospitality and entertainment segments. However, the company managed to improve its operating income, which was $105.88 million for the third quarter, up from $101.92 million in the previous year.

Strategically, Ryman Hospitality completed a private placement of $1 billion in senior notes in March 2024, which was used to prepay an $800 million term loan and reduce debt under a senior secured term loan B. The company has also identified over $1 billion in capital investment opportunities across its hotel portfolio through 2027, focusing on enhancing its properties.

As of September 30, 2024, Ryman Hospitality reported total assets of $5.20 billion and total liabilities of $4.28 billion, with stockholders' equity at $551.88 million. The company continues to maintain a strong liquidity position, with $534.93 million in unrestricted cash and $759.70 million available for borrowing under credit facilities.