Ryman Hospitality Properties, Inc. (NYSE:RHP) Q4 2022 Earnings Call Transcript

Colin Reed: It’s both. In Las Vegas, where that building sits right on The Strip in front of — right across the Bellagio, there’s 120,000 people a day walk by it. So there’s going to be a lot of what we call transit business in there. But this facility is also — we do a lot of corporate buyouts in our Ole Red’s. As an example here in Nashville, we do what about $4.5 million in revenue in corporate buyouts. And in Las Vegas, this is going to be, I think, a big part of that business. And — but you’ve got to step back, we’re doing this — corporate buyout is sort of the icing on the cake. But we’re doing this because we want to capture those country lifestyle consumers that are in that market. And that’s why we’ve put it in that market. And I think it’s going to be extraordinarily successful.

Mark Fioravanti: Smedes, to your question, we’re targeting a November opening in time for the Grand Prix. We already have interest in buyouts as it relates to that event. And then of course, that’s followed quickly by National Rodeo, which is in Las Vegas every December and the Super Bowl is there in February next year. So we’re already fielding calls about those types of opportunities from corporations and other organizations.

Smedes Rose: Great. Thank you.

Operator: Thank you. Our next question will come from Chris Woronka with Deutsche Bank. Your line is open.

Chris Woronka: Good morning, guys. And congratulations on the quarter and also the year. Had a question as to in the year for the year pick up, mostly on the group side, kind of what’s implied in the guidance? And maybe you can give us a refresher on how in the year for the year tracked in ’22? And should we assume that that’s generally going to be the higher rated kind of smaller corporate group meetings? Thanks.

Patrick Chaffin: Chris, the specific figures there, we can follow up with you on that as far as what we booked last year. But yes, most of your end of year for the year is going to be corporate focused type business. Every now and then we get a larger piece of business that is obviously welcome. But usually, there’s not pattern availability for it. But we are very encouraged based on what we saw in ’22 and then our in the year for the year volumes for lead volumes are very, very encouraging. I think we’ve got them right here. They’re up — at the end of the year, they were up 56%. So…

Colin Reed: On ’21. Yes.

Patrick Chaffin: 56% over ’22. So as we look at in the year for the year lead volumes, we’re very encouraged by what we see. And yes, that will usually be smaller groups. But we’ll follow up with you with the specific figures around exactly how much we booked last year and what we’ve built into our guidance for this year.

Chris Woronka: Okay. Thanks Patrick. And then might be a question for Colin. As this entertainment business continues to grow and evolve, I mean, I remember the days that was just a few assets in Nashville, and the Nashville is still very important. But how do we think about the key drivers of the business, Colin? I know you’re involved. There’s also the Circle TV piece that I think a lot of us sometimes struggle to model it, frankly. So can you give us any thoughts on what are the key drivers outside of some of the just purely leisure assets?