Ryman Hospitality Properties, Inc. (RHP): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Ryman Hospitality Properties, Inc. (RHP) makes its money, right? After two decades analyzing complex real estate and leisure plays, I can tell you RHP isn't just a hotel company; it's a powerful hybrid. They anchor their model on operating massive, group-focused convention resorts-think over 12,364 rooms-while layering on the unique, high-margin appeal of iconic entertainment assets like the Ryman Auditorium through their Opry Entertainment Group. This dual engine, supported by strong forward booking visibility, is what drives their resilient revenue streams, which hit $500.9 million in hospitality revenue alone in Q3 2025. Dive into the full Business Model Canvas below to see the specific partnerships and cost drivers behind this unique structure.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances Ryman Hospitality Properties, Inc. (RHP) relies on to drive performance across its Hospitality and Entertainment segments. These aren't just vendor relationships; they are structural components of the business model.

Hotel Management and Global Sales Alliance with Marriott International

Ryman Hospitality Properties, Inc. depends heavily on Marriott International for the management and global sales force supporting its premier hotel assets. This partnership is foundational for the Hospitality segment's group business success. As of the third quarter of 2025, RHP's hotel portfolio, managed by Marriott, included a combined total of 11,414 rooms and more than 3 million square feet of total indoor and outdoor meeting space across key destinations.

The reliance extends to financial reporting, where Ryman Hospitality Properties, Inc. relies on the information provided by Marriott to accurately report on the hotel properties' performance.

Strategic Joint Venture with Luke Combs for Category 10

The Opry Entertainment Group (OEG), a subsidiary of Ryman Hospitality Properties, Inc., has a brand partnership with Luke Combs for the Category 10 bar concept. The first location opened in November 2024. Subsequent to the third quarter of 2025, the joint development of a second Category 10 location in the Flamingo Las Vegas Hotel & Casino complex was announced, expected to open in late 2026.

Majority Interest in Southern Entertainment for Festival Platform

Ryman Hospitality Properties, Inc., through OEG, solidified a major strategic move by acquiring a majority and controlling equity interest in Southern Entertainment, a national music festival and events production company, effective as of January 3, 2025. Ryman Hospitality Properties, Inc. consolidates this business, owning a 70% controlling ownership interest in OEG, which in turn owns Southern Entertainment.

The Entertainment segment, which includes Southern Entertainment, delivered record revenue of $143 million and adjusted EBITDAre of $34 million for the fourth quarter of 2024 (reported in February 2025). For the three months ended September 30, 2025 (Q3 2025), the Entertainment segment reported revenue of $91.6 million.

Financing Partnerships for Growth and Acquisitions

Ryman Hospitality Properties, Inc. actively partners with financial institutions to secure capital for major investments. In June 2025, the company completed the private placement of $625 million aggregate principal amount of 6.500% senior notes due 2033. The aggregate net proceeds from this issuance were expected to be approximately $614 million.

These funds, combined with proceeds from a common stock offering, were intended to fund a portion of the approximately $865 million purchase price for the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa, which closed on June 10, 2025. This debt issuance resulted in an immediate credit ratings upgrade from S&P from B+ to BB-.

The structure of these debt obligations involves guarantees from Ryman Hospitality Properties, Inc. and its subsidiaries, which also guarantee existing notes, including 4.750% senior unsecured notes due 2027, 7.250% senior unsecured notes due 2028, 4.500% senior unsecured notes due 2029, and 6.500% senior unsecured notes due 2032.

Capital Investment with General Contractors for Property Expansion

Significant capital expenditure programs rely on partnerships with general contractors. Ryman Hospitality Properties, Inc. announced a $131 million expansion at its flagship Gaylord Opryland Resort & Convention Center in Nashville, expected to be finished by Spring 2027. This project adds approximately 108,000 square feet of premium, carpeted meeting space.

This major expansion is part of a multi-phase capital improvement plan at Gaylord Opryland, which includes other significant projects with associated costs:

Project Component	Estimated Cost	Expected Completion
$131 Million Meeting Space Expansion (New Ballroom, Breakout, Pre-function)	$131 million	Spring 2027
New 550-seat Sports Bar, Event Lawn, and Pavilion	$40 million	Late 2025
Presidential Ballroom Renovation and Reconfiguration	$36 million	Mid-2025
Governor's Ballroom Transformation	$17 million	End of January 2025

The company expects to fund the $131 million Gaylord Opryland expansion and other projects through cash on hand and availability under its revolving credit facility.

The existing hotel portfolio under Marriott management, prior to the new expansion, already featured more than 3 million square feet of total indoor and outdoor meeting space.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Key Activities

You're looking at the core engine of Ryman Hospitality Properties, Inc. (RHP) as of late 2025, which is all about managing massive, experience-driven real estate assets and locking in future group business. This is where the money is made, day in and day out.

Operating large-scale, group-focused convention resorts

Ryman Hospitality Properties, Inc. focuses on owning and operating large-scale, group-oriented destination hotels, which form the bulk of its financial activity. For the trailing twelve months ending September 30, 2025, Ryman Hospitality Properties generated a total revenue of $2.487B, with the Hospitality segment contributing $500.9 million in revenue just for the third quarter of 2025. The company owns five of the 10 largest non-gaming convention resorts in the country. The overall consolidated revenue for the third quarter of 2025 was $592.5 million, with a consolidated net income of $34.0 million.

Here's a quick look at the segment revenue for the third quarter of 2025:

Metric	Amount (USD)
Consolidated Revenue	592.5 million
Hospitality Segment Revenue	500.9 million
Entertainment Segment Revenue	91.6 million

Managing iconic country music venues (Grand Ole Opry, Ryman Auditorium)

The Entertainment segment, which includes Opry Entertainment Group (OEG), is a key activity supporting the overall brand and driving ancillary revenue. For the third quarter of 2025, this segment brought in $91.6 million in revenue. It's important to note that Ryman Hospitality Properties has a plan to separate this business from the REIT structure to create a separate public company, aiming to enhance shareholder value.

Executing major capital improvement projects and renovations

Ryman Hospitality Properties, Inc. is actively deploying capital to maintain and enhance its assets. The company expects to spend approximately $350 million to $450 million on capital expenditures for the full year 2025, mostly directed toward the Hospitality business. This is part of a larger, multi-year capital program, which the company previously stated involved about a $1 billion investment over four years.

Recent and ongoing execution includes:

• Continuation of the sports bar, pavilion, and event lawn development at Gaylord Opryland, expected completion in the first quarter of 2026.
• Continuation of the meeting space expansion at Gaylord Opryland, expected completion in 2027. This expansion adds approximately 108,000 square feet of premium meeting space.
• Rooms renovation at the Gaylord Texan, which started in July 2025 and is expected to finish by mid-year 2026.
• Completion of meeting space renovations at the JW Marriott Desert Ridge. The Presidential meeting space renovation at Gaylord Opryland was completed in Q2 2025.

Group sales and forward booking management for high occupancy

Securing group business well in advance is a critical activity that drives revenue stability. For all future periods as of the third quarter of 2025, Ryman Hospitality Properties booked over 667,000 same-store Hospitality Gross Definite Room Nights. The estimated average daily rate (ADR) for these future bookings reached an all-time quarterly record of $291. For comparison, in the second quarter of 2025, the company had booked over 720,000 same-store Hospitality Gross Definite Room Nights with an estimated ADR of $285. The JW Marriott Desert Ridge, acquired in June 2025, booked nearly 50,000 Gross Definite Room Nights for all future periods at an estimated ADR of $372.

Developing new entertainment concepts like Category 10

Developing new entertainment concepts is a growth driver, particularly within the OEG business. Subsequent to the third quarter of 2025, Ryman Hospitality Properties and Luke Combs jointly announced the planned development of a second Category 10 location at the Flamingo Las Vegas Hotel & Casino complex, slated to open in late 2026. The Entertainment segment's Q2 2025 revenue of $143.3 million was driven by recent events and investments in Category 10, Block 21, and Southern Entertainment.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Key Resources

Portfolio of large-scale convention resorts

• Five Gaylord Hotels properties: Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center.
• These five properties rank among the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space.

Asset Category	Count/Metric	Detail/Status
Gaylord Hotels Properties	5	Core convention center resorts
Total Rooms (Hospitality Portfolio)	11,414 rooms	Includes Gaylord Hotels and two ancillary hotels as of early 2025.
Total Meeting Space	More than 3 million square feet	Total indoor and outdoor meeting space across the portfolio.

Ryman Hospitality Properties, Inc. also owns the JW Marriott San Antonio Hill Country Resort & Spa and the JW Marriott Phoenix Desert Ridge Resort & Spa as of June 2025. The entire hotel portfolio is managed by Marriott International.

Opry Entertainment Group (OEG) iconic brand assets

Ryman Hospitality Properties, Inc. holds an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG).

• Grand Ole Opry
• Ryman Auditorium
• WSM 650 AM radio station
• Ole Red (live music venue and restaurant/bar chain)
• Category 10 (live music venue concept)
• Block 21 complex in Austin, Texas (includes W Austin Hotel and ACL Live at the Moody Theater)
• Majority interest in Southern Entertainment (festival and events business)

The Entertainment segment reported revenue of $89.6 million for the first quarter of 2025, up 33.9% year-over-year.

Strong liquidity position

Management emphasized a liquidity position of approximately $1.2 billion in available funds as of the first quarter of 2025.

Dedicated Marriott sales teams for group bookings

The management structure for the Hospitality segment involves Marriott International handling the sales and operations for the Gaylord Hotels properties.

For the first quarter of 2025, the Hospitality segment saw 363,000 Gross Definite Room Nights booked for all future years.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Ryman Hospitality Properties, Inc. (RHP) captures market share. The value proposition centers on scale, integration, and long-term revenue visibility.

All-in-one destination resorts for large-scale conventions and events

Ryman Hospitality Properties, Inc. (RHP) offers massive, self-contained convention destinations. The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the United States, based on total indoor meeting space. This scale is a major draw for large corporate and association groups.

Premium, large-format meeting space, the largest non-gaming hotel space in the U.S.

The commitment to scale is evident in ongoing projects. For example, the expansion at Gaylord Opryland Resort & Convention Center is set to bring its total exhibit and meeting space to approximately 756,000 square feet, solidifying its position as the largest non-gaming hotel in the U.S. by this metric. This physical capacity is a primary value driver.

High forward booking visibility, with 2026/2027 group rooms revenue up 9% and 10%

The group business provides significant revenue certainty well into the future. As of mid-2025, Ryman Hospitality Properties projected better rooms revenue on the books for future years, specifically showing increases of 9% and 13% compared to the same time last year for those periods. More recently, as of the third quarter of 2025, estimated same-store group rooms revenue on the books for 2026 was pacing up nearly 8 percent compared to 2025 levels at the same time last year. This forward visibility helps smooth out operating results.

Unique blend of hospitality and iconic country music entertainment

RHP integrates large-scale lodging with unique, high-demand entertainment assets. The company holds an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG). This segment includes iconic venues like the Grand Ole Opry and the Ryman Auditorium, creating a dual-asset appeal for both business and leisure travelers.

Resilient, recurring revenue model from group business

The group segment underpins the recurring revenue stream. For the twelve months ending September 30, 2025, Ryman Hospitality Properties, Inc. reported total revenue of $2.487 Billion USD. The Hospitality segment alone generated revenue of $500.9 million for the third quarter of 2025. Furthermore, the company booked over 667,000 same-store Hospitality Gross Definite Room Nights for all future periods as of the third quarter of 2025, achieving an estimated Average Daily Rate (ADR) of $291 on those future bookings. That's a lot of future revenue locked in.

Here's a quick look at the scale of the Hospitality segment as of Q3 2025:

Metric	Amount/Value
Q3 2025 Hospitality Segment Revenue	$500.9 million
Total Future Gross Definite Room Nights Booked (Q3 2025)	Over 667,000
Estimated ADR on Future Bookings (Q3 2025)	$291
Total TTM Revenue (Ending Sep 30, 2025)	$2.487 Billion USD

Finance: draft 13-week cash view by Friday.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Customer Relationships

You're managing a portfolio of destination hotels that rely heavily on large group bookings, so your customer relationships are everything. Ryman Hospitality Properties, Inc. (RHP) focuses its relationship strategy on securing those high-value, long-term group commitments while also capturing the transient leisure traveler and leveraging massive third-party loyalty networks.

Dedicated group sales and account management via Marriott

Ryman Hospitality Properties, Inc. operates its premier hotel assets, like the Gaylord Hotels, under management agreements with Marriott International. This means your dedicated sales and account management teams are deeply integrated into the Marriott ecosystem, which is crucial for servicing the group business segment that forms the core of the Hospitality segment.

The sheer scale of the managed portfolio is significant, featuring a combined total of 12,364 rooms across top convention and leisure destinations. Furthermore, Ryman Hospitality Properties, Inc. owns five of the top seven largest non-gaming convention center hotels in the United States, based on total indoor meeting space. This physical footprint, coupled with Marriott's global reach, is what drives the group pipeline.

Here are some key metrics showing the success of this group relationship focus as of late 2025:

Metric	Period/Context	Value
Same-Store Gross Definite Room Nights Booked	Q3 2025 (for all future periods)	Over 667,000
Estimated Average Daily Rate (ADR) on Q3 2025 Bookings	Q3 2025 (for all future periods)	$291 (All-time quarterly record)
Estimated Group Rooms Revenue Pacing Increase	2026 vs. 2025 (as of Q3 2025)	Up nearly 8 percent
Total Indoor and Outdoor Meeting Space	Portfolio Total	More than 3 million square feet

High-touch, long-term relationships with association and corporate meeting planners

The business model is explicitly centered on the large group meetings business, which requires deep, high-touch engagement with meeting planners. These relationships are built on securing future dates, often years out, which provides revenue visibility. You're looking for repeat business from these planners who value the destination amenities and the scale of the convention space.

The booking pace data shows planners are committing to future stays, which validates the long-term nature of these relationships. For instance, in the fourth quarter of 2024, nearly 1.3 million same-store Gross Definite Room Nights were booked for all future years. This focus on future bookings is a direct result of strong planner relationships.

The leisure segment, which fills in the gaps when groups aren't traveling, makes up about 30% of the business, used to fill hotels during holiday periods and summertime.

Loyalty programs leveraged through the Marriott ecosystem

Since the hotels are managed by Marriott International, Ryman Hospitality Properties, Inc. benefits significantly from the massive scale of the Marriott Bonvoy loyalty program. This allows RHP to capture revenue from members who are loyal to the broader Marriott brand, even if they are staying at a Gaylord property for the first time.

The broader industry context shows just how powerful this ecosystem is:

• Marriott Bonvoy leads the sector with 228 million members.
• Loyalty members booked 62% of room nights at major chains like Marriott and Hilton.
• Loyalty program members generally contribute between 30% and 60% of room revenue.

This reliance on the ecosystem means RHP benefits from the high engagement rates without bearing the full cost or management burden of a proprietary, standalone program of that size. It's a relationship built on scale and shared customer base.

Direct engagement with entertainment fans at venues and festivals

Ryman Hospitality Properties, Inc. also cultivates direct relationships with entertainment fans through its Opry Entertainment Group (OEG) segment, which owns iconic brands like the Grand Ole Opry and the Ryman Auditorium. This segment provides a direct-to-consumer channel that complements the group business.

Recent strategic moves show an intent to deepen this direct engagement:

• In Q1 2025, Opry Entertainment Group (OEG) made a strategic investment in Southern Entertainment, a leading festival and live event operator.
• Subsequent to Q1 2025, OEG was announced to be awarded a 10-year contract to operate the 6,800-seat Ascend Amphitheater in Nashville, starting in 2026.

This direct engagement with entertainment consumers supports the overall brand strength and drives ancillary revenue, which is important since the Entertainment segment reported revenue of $91.6 million in Q3 2025. Finance: draft 13-week cash view by Friday.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Channels

You're looking at how Ryman Hospitality Properties, Inc. (RHP) gets its product-premium group lodging and entertainment-to the customer. This is a mix of massive third-party leverage and dedicated in-house sales power.

Marriott International's global sales organization acts as a primary distribution channel for the Hospitality segment. Ryman Hospitality Properties owns a portfolio managed by Marriott International, which includes a combined total of 11,414 rooms and more than 3 million square feet of total indoor and outdoor meeting space across its destination hotels as of May 2025. The company acknowledged the strong execution of its Marriott sales teams in driving results.

The direct channel involves direct booking via Ryman Hospitality Properties and hotel websites. This channel captures leisure demand, which constitutes about 30% of total operations. To manage the base load, Ryman Hospitality Properties enters a year with approximately 50% occupancy already booked, aiming for a sustainable 75% occupancy through leisure and in-the-year group bookings.

The core of the sales effort relies on on-site sales teams for convention and banquet services. These teams drive the group business, which is the foundation of the Hospitality segment revenue of $500.9 million in the third quarter of 2025. The sales pipeline shows significant forward momentum:

• First quarter 2025 bookings for all future years increased over 10% compared to the prior year.
• Second quarter 2025 saw over 720,000 same-store Hospitality Gross Definite Room Nights booked for all future periods.
• Third quarter 2025 saw over 667,000 same-store Hospitality Gross Definite Room Nights booked for all future periods.
• Group rooms revenue on the books for 2026 is pacing up nearly 8% compared to the same time last year for 2025.
• Group rooms revenue on the books for 2027 is up 10% compared to the same time last year for 2026.
• Banquet and AV revenue increased 6.6% year-over-year in the first quarter of 2025.

The physical locations of entertainment venues (Ryman Auditorium, Ole Red) serve as direct-to-consumer channels for the Entertainment segment, which generated revenue of $91.6 million in the third quarter of 2025. The Ryman Auditorium, a National Historic Landmark, has an estimated annual revenue of $17.6M. The Ole Red brand, inspired by Blake Shelton, launched its flagship Nashville venue with a reported initial investment of $20 million. The segment is expanding this channel with the planned development of a second Category 10 location in Las Vegas, expected to open in late 2026.

Here's a look at the forward-looking group booking metrics that these sales channels are driving:

Metric	Period/Date	Value	Context
Same-Store Gross Definite Room Nights Booked	Q2 2025 (Future Periods)	Over 720,000	Hospitality Segment Booking Pace
Same-Store Gross Definite Room Nights Booked	Q3 2025 (Future Periods)	Over 667,000	Hospitality Segment Booking Pace
Estimated ADR for Q3 2025 Bookings	Q3 2025 (Future Periods)	$291	All-time quarterly record for future bookings
JW Marriott Desert Ridge Rooms	Acquisition Date (June 10, 2025)	950 rooms	Added to portfolio, managed by Marriott
Group Rooms Revenue on Books Growth	2026 vs. Same Time Last Year (2025)	Up nearly 8%	Pacing for the following year
Group Rooms Revenue on Books Growth	2027 vs. Same Time Last Year (2026)	Up 10%	Forward-looking pace

The on-site teams are also responsible for ancillary revenue streams, as seen by the 6.6% year-over-year increase in Banquet and AV revenue during the first quarter of 2025. Still, group attrition and cancellation revenue was approximately $6.7 million in that same quarter.

Finance: review the Q4 2025 group booking pace against the 2026 projection by end of January 2026.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Customer Segments

You're looking at the core groups Ryman Hospitality Properties, Inc. (RHP) serves, which is heavily weighted toward large-scale events and destination travel.

The primary focus remains on large group business, which is the foundation of the Hospitality segment.

• Large corporate and association groups: This segment drives the majority of the Hospitality segment's room nights.
• The business saw a noted shift in Q2 2025, with a decline in banquet and AV revenue attributed primarily to a group mix shift from corporate to association group room nights.
• As of the third quarter of 2025, Ryman Hospitality Properties had booked over 667,000 same-store Hospitality Gross Definite Room Nights for all future periods.
• The estimated Average Daily Rate (ADR) on those Q3 2025 booked group nights was $291.
• The acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa in June 2025 added a turnkey asset in a top 10 group meetings market, creating incremental group customer rotation opportunities.
• The JW Marriott Desert Ridge booked nearly 50,000 Gross Definite Rooms Nights for all future periods as of September 30, 2025, at an estimated ADR of $372.

Transient and leisure travelers fill in the gaps, especially when group business is lighter, though the company noted specific transient rate risk in Nashville-based properties during 2025 revisions.

• Transient business is essential for filling off-peak periods.
• The company revised its full-year 2025 outlook to account for incremental transient rate risk, primarily for its Nashville-based hotel properties.

Country music fans and concert-goers are the core audience for the Entertainment segment, which includes the Ryman Auditorium and the Opry Entertainment Group (OEG) venues.

• Entertainment segment revenue for the third quarter of 2025 was $91.6 million.
• For the second quarter of 2025, Entertainment segment revenue hit an all-time quarterly record of $143.3 million.
• OEG announced a planned development of a second Category 10 location in the Flamingo Las Vegas Hotel & Casino complex, expected to open in late 2026.

Event promoters and third-party meeting planners are key intermediaries for securing the large group business that Ryman Hospitality Properties targets.

Here's a look at the top-line financial performance for the segments that serve these customers as of late 2025:

Metric (As of September 30, 2025)	Hospitality Segment	Entertainment Segment	Consolidated
Q3 2025 Revenue	$500.9 million	$91.6 million	$592.5 million
Q2 2025 Revenue	$516.2 million	$143.3 million	$659.5 million
Q3 2025 Adjusted EBITDAre	Not Separately Stated	Not Separately Stated	$173.1 million
Total Debt (As of March 31, 2025)	Not Separately Stated	Not Separately Stated	$3.37 billion

The total revenue for Ryman Hospitality Properties, Inc. for the trailing twelve months ending September 30, 2025, was $2.49B.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Ryman Hospitality Properties, Inc. running, which is key to understanding their profitability picture, especially with ongoing capital projects. Here's the quick math on where the money goes.

Property-level operating expenses are a primary cost driver. For the twelve months ending September 30, 2025, Ryman Hospitality Properties reported total operating expenses of $2.022B. For the fiscal quarter ending in September of 2025 specifically, operating expenses were reported at $501.91M. Ryman Hospitality Properties has signaled that property-level operating expenses are expected to rise by 4% in 2025 compared to the previous year. This increase is heavily influenced by labor costs, which analysts noted could see a high single-digit Compound Annual Growth Rate increase due to union contracts.

The company is actively investing in its asset base, making significant capital expenditures for renovations and expansion a major cost component. Ryman Hospitality Properties has identified $1 billion in capital investment opportunities over the next four years. For context on recent spending, in 2024, the company expected to invest between $290 million to $360 million in its Hospitality business and between $70 million to $80 million in its Entertainment business. As of the second quarter of 2025, Ryman Hospitality Properties announced they were nearly halfway through this multi-year capital program, which includes ongoing rooms renovation at the Gaylord Texan and meeting space renovation at the JW Marriott Desert Ridge.

The relationship with Marriott International dictates ongoing management fees paid to Marriott International. For the full year 2023, these fees totaled $66,425 thousand (or $66.425 million). Furthermore, in 2023, same-store incentive management fee expense was $29.1 million for the year.

Financing the portfolio involves substantial interest expense on debt. A key component is the $1.0 billion aggregate principal amount of 6.500% senior notes due 2032, which closed in March 2024. The annual interest obligation on just these notes is $65.0 million (calculated as $1,000,000,000 multiplied by 6.500%). Interest on these notes is scheduled to be paid on June 15 and December 15, beginning on December 15, 2025.

The day-to-day running of the entertainment venues and hotel food/beverage operations results in significant costs of goods sold for food, beverage, and entertainment operations. For the fiscal quarter ending in September of 2025, Ryman Hospitality Properties reported a Cost of Sales figure of $491.2M.

You can see a snapshot of these key cost elements below. What this estimate hides, of course, is the allocation between the Hospitality and Entertainment segments, but these are the big buckets of cash outflow.

Cost Category Detail	Latest Reported/Projected Amount	Period/Context
Total Operating Expenses (TTM)	$2.022B	Twelve Months ending September 30, 2025
Property-Level Operating Expenses (Quarterly)	$501.91M	Fiscal Quarter ending September 2025
Expected Operating Expense Growth	4%	Compared to the previous year (2025 projection)
Planned Capital Investment Total	$1 billion	Over the next four years
Cost of Sales (COGS Proxy)	$491.2M	Fiscal Quarter ending September 2025
Annual Interest on 6.500% Senior Notes	$65.0 million	Based on $1.0B principal amount
2023 Management Fees	$66,425 thousand	Full Year 2023

You should also note the specific costs tied to the Entertainment segment, which is managed separately but consolidated:

• Entertainment Operating Expenses (Q3 2025): $110.376 million
• Entertainment Operating Expenses (Q2 2025): $59.560 million
• Entertainment Adjusted EBITDAre (Q2 2025): $34 million

Finance: draft 13-week cash view by Friday.

Ryman Hospitality Properties, Inc. (RHP) - Canvas Business Model: Revenue Streams

Ryman Hospitality Properties, Inc. generates its top-line revenue from two primary operating segments: Hospitality and Entertainment. For the third quarter of 2025, the company reported consolidated revenue of $592.5 million, which is the sum of these two streams.

The Hospitality segment is the largest contributor to overall revenue. This segment focuses on group-oriented, destination hotel assets, primarily the Gaylord Hotels properties. The Entertainment segment, which includes the Opry Entertainment Group (OEG) assets, provides significant, complementary revenue.

Here is a breakdown of the key revenue components as reported for the third quarter of 2025:

• Hospitality segment revenue: $500.9 million
• Entertainment segment revenue: $91.6 million

The group business within the Hospitality segment is critical, driven by room nights and associated spending. During Q3 2025, Ryman Hospitality Properties booked over 667,000 same-store Hospitality Gross Definite Room Nights for all future periods. This booking pace was achieved at an all-time quarterly record estimated average daily rate (ADR) of $291. To give you a specific property example, the JW Marriott Desert Ridge booked nearly 50,000 Gross Definite Rooms Nights for all future periods at an estimated ADR of $372.

The revenue structure is further detailed by the following performance metrics from the Q3 2025 reporting period:

Revenue Stream Component	Q3 2025 Financial Metric	Amount/Rate
Hospitality Segment Revenue	Reported Revenue	$500.9 million
Entertainment Segment Revenue	Reported Revenue	$91.6 million
Group Room Nights Booked (Future Periods)	Same-Store Gross Definite Room Nights	Over 667,000
Group Room Nights ADR	Estimated Average Daily Rate	$291

Beyond the core room revenue, high-margin outside-the-room spend is a significant driver. This includes food, beverage, and banquet sales generated from the large group and convention business hosted at the resort properties. Also, the Entertainment segment fuels revenue through ticket sales and merchandise from Opry Entertainment Group (OEG) assets, which is definitely a growth area, evidenced by the announced second Category 10 location development in Las Vegas.