NASHVILLE, TN (CelebrityAccess) — Ryman Hospitality Properties, Inc. announced record-breaking revenue for both the fourth quarter of 2024 and the full fiscal year.
For fiscal year 2024, Ryman Hospitality Properties reported revenue of $2.3 billion, an 8.4% year-over-year increase, driven by strong performance in its Hospitality division, which generated $1.96 billion (+8.9%), and its Entertainment division, which posted $342.2 million (+5.4%).
Along with record revenue, RHP recorded net income of $280.2 million and Adjusted EBITDAre (Earnings Before Interest, Taxes, Depreciation, Amortization, and Real Estate-related adjustments) of $757.7 million.
These results include an estimated $39 million in costs related to construction disruptions, largely due to supply chain issues and labor market challenges.
“We experienced more construction disruption in 2024 than we originally anticipated, primarily due to labor shortages in the Orlando market, which increased the average number of days rooms were out of service for renovation. While we had projected the potential to offset some of these delays through targeted efficiencies, increasingly challenging labor conditions limited our progress. Given the market- and property-specific nature of these delays, we do not expect similar issues with our other capital projects underway,” stated Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties.
Entertainment Segment Performance
Ryman Hospitality Properties’ Entertainment segment saw moderate revenue growth in 2024 but experienced a decline in operating income margins.
- Full-year 2024: Revenue increased 5.4% YoY to $342.2 million, while operating income declined 13.0% to $66.2 million.
- Q4 2024: Revenue grew 11.7% YoY to $98.2 million, while operating income rose 3.1% to $21.2 million.
“Our Entertainment segment delivered strong performance, setting quarterly and full-year records in revenue, despite construction disruption from several planned investments. In 2024, we opened our newest Ole Red in Las Vegas, repositioned the Wildhorse Saloon in Nashville as our newest brand, Category 10, and completed a major renovation at Block 21, which includes the W Austin Hotel and ACL Live venue. In January 2025, we made a strategic investment in Southern Entertainment, a leading independent festival and live event operator, which offers exciting growth opportunities in a complementary business serving music fans. With these investments and our production plans for “Opry 100,” the centennial celebration of the Grand Ole Opry, we believe **OEG is well-positioned for continued growth and success in 2025 and beyond,” Fioravanti added.
