NASHVILLE, TN (CelebrityAccess) — Ryman Hospitality announced the financial results for its third fiscal quarter for 2024, reporting a modest increase in overall revenue and a sharp increase in net revenue for the quarter.
According to Ryman Hospitality, total revenue grew by 4.1% year-over-year to $550 million during the quarter. Net income rose by 48.1%, achieving an 11.0% net income margin.
Adjusted EBITDA was up 2.3%, while Funds From Operations (FFO) available to common stockholders increased by 18.7%. Per share, adjusted FFO rose 6.6% to $1.93.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “Building on our solid second quarter performance, we are pleased with our third quarter results in both of our businesses. We delivered record third quarter consolidated revenue, net income, operating income and Adjusted EBITDA was driven by record third quarter same-store ADR and Total RevPAR. Our outlook for group demand remains strong, evidenced by record projected group rooms revenue for all future years, which gives us the confidence to raise our dividend this quarter.”
At the same time, Ryman’s Entertainment segment saw a slight revenue increase of 0.7% year-over-year, reaching $82.9 million. However, operating income fell by precipitously by 36.4%, reducing the operating margin from 24.9% to 15.7%.
Adjusted EBITDA dropped 12.4% to $22.5 million, though the nine-month adjusted EBITDA rose 6.3%. This mixed performance reflects growth in revenues but increased expenses impacting profitability.
According to Ryman, the segment’s results reflect franchise tax refunds for prior tax periods of 2020 through 2023 totaling approximately $3.4 million, which were recognized in the second quarter of 2024.
“Our major capital investment activity in our Entertainment segment is nearing completion: we opened Category 10 on November 2nd to a positive early reception, and we expect to complete the renovation of the W Austin Hotel at Block 21 by year-end. With the benefit of these investments, together with our exciting plans for “Opry 100,” the year-long centennial celebration of the Grand Ole Opry, we believe OEG is poised to deliver strong results in 2025 and beyond,” Fioravanti added.
