Ryman Hospitality Properties, Inc. Reports Second Quarter 2025 Results
NASHVILLE, Tenn., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE:RHP), a leading lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and six months ended June 30, 2025.
Second Quarter 2025 Highlights and Recent Developments:
The Company reported all-time quarterly record consolidated revenue of $659.5 million, driven by Hospitality segment revenue of $516.2 million and all-time quarterly record Entertainment segment revenue of $143.3 million.
Generated consolidated net income of $75.9 million and consolidated Adjusted EBITDAre of $211.9 million.
Booked over 720,000 same-store Hospitality1 Gross Definite Room Nights for all future periods, at an estimated average daily rate (ADR) of $285.
Completed the acquisition of the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa (the "JW Marriott Desert Ridge") on June 10, 2025, adding a turnkey asset in a top 10 group meetings market2 and creating incremental group customer rotation opportunities.
Completed an underwritten public offering of approximately 3.0 million common shares at a price to the public of $96.20 per share and a private placement of $625 million of 6.500% senior unsecured notes due 2033, the net proceeds of which were used to fund the acquisition of the JW Marriott Desert Ridge.
OEG refinanced its Block 21 CMBS loan with $130 million in incremental borrowings under OEG's existing Term Loan B, simplifying OEG's capital structure.
The Company is revising its full year 2025 outlook to include the acquisition of the JW Marriott Desert Ridge and to account for incremental transient rate risk, primarily for its Nashville-based hotel properties.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "We are pleased to have delivered first-half results in line with our expectations and to have acquired the JW Marriott Desert Ridge, which has long been at the top of our acquisition list. Despite the current uncertain economic environment, we have continued to demonstrate the strength of our business model through strong cost management, aggressive closure of in-the-year-for-the-year group bookings and efficient capital deployment, all with an eye toward long-term portfolio enhancement and customer retention. Group business on the books for 2026 and beyond remains healthy, which, together with favorable competitive supply dynamics, positions our portfolio to benefit from growing group meeting demand in the years to come."
__________________(1) Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.(2) Based on the Cvent Top 50 meeting Destinations in North America, 2025.
Second Quarter 2025 Results (as compared to Second Quarter 2024):
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except per share amounts)
%
%
2025
2024
Change
2025
2024
Change
Total revenue
$
659,515
$
613,290
7.5
%
$
1,246,795
$
1,141,635
9.2
%
Operating income
$
139,425
$
168,071
(17.0
)
%
$
255,546
$
264,452
(3.4
)
%
Operating income margin
21.1
%
27.4
%
(6.3
)
pts
20.5
%
23.2
%
(2.7
)
pts
Net income
$
75,875
$
104,740
(27.6
)
%
$
138,889
$
147,501
(5.8
)
%
Net income margin
11.5
%
17.1
%
(5.6
)
pts
11.1
%
12.9
%
(1.8
)
pts
Net income available to common stockholders
$
71,753
$
100,805
(28.8
)
%
$
134,714
$
143,861
(6.4
)
%
Net income available to common stockholders margin
10.9
%
16.4
%
(5.5
)
pts
10.8
%
12.6
%
(1.8
)
pts
Net income available to common stockholders per diluted share (1)
$
1.12
$
1.65
(32.1
)
%
$
2.13
$
2.31
(7.8
)
%
Adjusted EBITDAre
$
211,856
$
233,195
(9.2
)
%
$
397,358
$
394,260
0.8
%
Adjusted EBITDAre margin
32.1
%
38.0
%
(5.9
)
pts
31.9
%
34.5
%
(2.6
)
pts
Adjusted EBITDAre, excluding noncontrolling interest
$
200,561
$
222,473
(9.8
)
%
$
380,437
$
378,876
0.4
%
Adjusted EBITDAre, excluding noncontrolling interest margin
30.4
%
36.3
%
(5.9
)
pts
30.5
%
33.2
%
(2.7
)
pts
Funds From Operations (FFO) available to common stockholders and unit holders
$
137,145
$
157,647
(13.0
)
%
$
260,047
$
256,120
1.5
%
FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.14
$
2.57
(16.7
)
%
$
4.13
$
4.12
0.2
%
Adjusted FFO available to common stockholders and unit holders
$
148,845
$
173,432
(14.2
)
%
$
278,668
$
276,126
0.9
%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)
$
2.35
$
2.83
(17.0
)
%
$
4.44
$
4.45
(0.2
)
%
__________________1 Diluted weighted average common shares for the three and six months ended June 30, 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2025 and 2024 include 4.2 million and 3.1 million, respectively, and for the six months ended June 30, 2025 and 2024 include 3.7 million and 3.3 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: Consolidated results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.
Note: For the Company's definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see "Non-GAAP Financial Measures," "EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition," "Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition" "FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition" and "Supplemental Financial Results" below.
Hospitality Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Hospitality revenue
$
516,211
$
519,087
(0.6
)
%
$
1,013,941
$
980,557
3.4
%
Same-store Hospitality revenue (1)
$
510,862
$
519,087
(1.6
)
%
$
1,008,592
$
980,557
2.9
%
Hospitality operating income
$
126,920
$
151,885
(16.4
)
%
$
243,729
$
254,070
(4.1
)
%
Hospitality operating income margin
24.6
%
29.3
%
(4.7
)
pts
24.0
%
25.9
%
(1.9
)
pts
Hospitality Adjusted EBITDAre
$
186,435
$
204,615
(8.9
)
%
$
359,409
$
359,208
0.1
%
Hospitality Adjusted EBITDAre margin
36.1
%
39.4
%
(3.3
)
pts
35.4
%
36.6
%
(1.2
)
pts
Same-store Hospitality operating income (1)
$
129,503
$
151,885
(14.7
)
%
$
246,312
$
254,070
(3.1
)
%
Same-store Hospitality operating income margin (1)
25.3
%
29.3
%
(4.0
)
pts
24.4
%
25.9
%
(1.5
)
pts
Same-store Hospitality Adjusted EBITDAre (1)
$
187,017
$
204,615
(8.6
)
%
$
359,991
$
359,208
0.2
%
Same-store Hospitality Adjusted EBITDAre margin (1)
36.6
%
39.4
%
(2.8
)
pts
35.7
%
36.6
%
(0.9
)
pts
Hospitality performance metrics:
Occupancy
73.3
%
73.7
%
(0.4
)
pts
71.5
%
70.2
%
1.3
pts
Average Daily Rate (ADR)
$
258.88
$
260.76
(0.7
)
%
$
261.53
$
255.87
2.2
%
RevPAR
$
189.77
$
192.07
(1.2
)
%
$
187.03
$
179.62
4.1
%
Total RevPAR
$
487.62
$
499.76
(2.4
)
%
$
486.10
$
472.02
3.0
%
Same-store Hospitality performance metrics: (1)
Occupancy
74.0
%
73.7
%
0.3
pts
71.8
%
70.2
%
1.6
pts
ADR
$
259.19
$
260.76
(0.6
)
%
$
261.71
$
255.87
2.3
%
RevPAR
$
191.70
$
192.07
(0.2
)
%
$
187.97
$
179.62
4.6
%
Total RevPAR
$
491.84
$
499.76
(1.6
)
%
$
488.20
$
472.02
3.4
%
Gross definite room nights booked
720,644
844,170
(14.6
)
%
1,084,548
1,173,865
(7.6
)
%
Net definite room nights booked
539,860
648,434
(16.7
)
%
745,054
838,017
(11.1
)
%
Group attrition (as % of contracted block)
15.2
%
15.1
%
0.1
pts
15.4
%
15.0
%
0.4
pts
Cancellations ITYFTY (2)
17,287
13,987
23.6
%
40,066
27,037
48.2
%
__________________1 Same-store Hospitality includes the JW Marriott Hill Country for all periods presented and excludes the JW Marriott Desert Ridge, which was acquired June 10, 2025.
2 "ITYFTY" represents In The Year For The Year.
Note: Hospitality and same-store Hospitality results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million.
Note: For the Company's definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see "Calculation of RevPAR and Total RevPAR" below. Property-level results and operating metrics for second quarter 2025 are presented in greater detail below and under "Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations and Operating Metrics," which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Second Quarter 2025 Hospitality Segment Highlights
The same-store Hospitality portfolio generated second quarter operating income of $129.5 million and Adjusted EBITDAre of $187.0 million. The timing of the Easter holiday, unusually strong corporate group mix, and one-time franchise tax refunds in the second quarter of 2024 contributed to challenging year-over-year comparisons.
As anticipated, association group room nights traveled in the quarter were approximately 49,000 higher than the prior-year quarter, and corporate group room nights traveled declined by a similar amount. As a result, banquet and AV revenue declined approximately $16 million, driven primarily by the group mix shift.
Same-store gross group room nights booked in the second quarter for the current year were up 3% compared to last year, despite lower ITYFTY lead volumes. For the six-month period, ITYFTY same-store gross group room nights booked were flat compared to last year, and ADR on those bookings increased mid-single digits.
Second quarter attrition and cancellation revenue was approximately $9.5 million, a decrease of $0.3 million compared to the prior-year period.
In June 2025, the Company completed the renovation of the Presidential ballroom and meeting space at Gaylord Opryland.
Gaylord Opryland
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
116,465
$
130,352
(10.7
)
%
$
226,643
$
234,187
(3.2
)
%
Operating income
$
35,144
$
50,642
(30.6
)
%
$
65,242
$
75,467
(13.5
)
%
Operating income margin
30.2
%
38.9
%
(8.7
)
pts
28.8
%
32.2
%
(3.4
)
pts
Adjusted EBITDAre
$
43,710
$
58,830
(25.7
)
%
$
81,858
$
91,777
(10.8
)
%
Adjusted EBITDAre margin
37.5
%
45.1
%
(7.6
)
pts
36.1
%
39.2
%
(3.1
)
pts
Performance metrics:
Occupancy
75.2
%
75.4
%
(0.2
)
pts
70.1
%
70.2
%
(0.1
)
pts
ADR
$
246.17
$
260.98
(5.7
)
%
$
253.72
$
253.71
0.0
%
RevPAR
$
185.19
$
196.85
(5.9
)
%
$
177.88
$
178.23
(0.2
)
%
Total RevPAR
$
443.16
$
496.00
(10.7
)
%
$
433.58
$
445.55
(2.7
)
%
Note: Gaylord Opryland results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.
Gaylord Palms
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
73,113
$
68,799
6.3
%
$
161,506
$
154,262
4.7
%
Operating income
$
13,671
$
13,479
1.4
%
$
37,453
$
38,485
(2.7
)
%
Operating income margin
18.7
%
19.6
%
(0.9
)
pts
23.2
%
24.9
%
(1.7
)
pts
Adjusted EBITDAre
$
23,236
$
20,361
14.1
%
$
56,183
$
52,232
7.6
%
Adjusted EBITDAre margin
31.8
%
29.6
%
2.2
pts
34.8
%
33.9
%
0.9
pts
Performance metrics:
Occupancy
78.9
%
62.5
%
16.4
pts
77.4
%
68.5
%
8.9
pts
ADR
$
243.35
$
235.54
3.3
%
$
259.34
$
253.19
2.4
%
RevPAR
$
192.00
$
147.22
30.4
%
$
200.80
$
173.55
15.7
%
Total RevPAR
$
467.66
$
440.07
6.3
%
$
519.38
$
493.36
5.3
%
Gaylord Texan
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
82,494
$
83,897
(1.7
)
%
$
168,871
$
168,799
0.0
%
Operating income
$
25,002
$
26,314
(5.0
)
%
$
52,697
$
52,346
0.7
%
Operating income margin
30.3
%
31.4
%
(1.1
)
pts
31.2
%
31.0
%
0.2
pts
Adjusted EBITDAre
$
31,159
$
32,058
(2.8
)
%
$
64,783
$
63,981
1.3
%
Adjusted EBITDAre margin
37.8
%
38.2
%
(0.4
)
pts
38.4
%
37.9
%
0.5
pts
Performance metrics:
Occupancy
72.0
%
78.8
%
(6.8
)
pts
72.5
%
76.0
%
(3.5
)
pts
ADR
$
253.06
$
252.61
0.2
%
$
255.16
$
246.43
3.5
%
RevPAR
$
182.32
$
199.18
(8.5
)
%
$
185.04
$
187.36
(1.2
)
%
Total RevPAR
$
499.74
$
508.24
(1.7
)
%
$
514.33
$
511.28
0.6
%
Gaylord National
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
83,413
$
88,369
(5.6
)
%
$
164,242
$
156,643
4.9
%
Operating income
$
15,818
$
22,321
(29.1
)
%
$
25,292
$
27,544
(8.2
)
%
Operating income margin
19.0
%
25.3
%
(6.3
)
pts
15.4
%
17.6
%
(2.2
)
pts
Adjusted EBITDAre
$
25,420
$
31,921
(20.4
)
%
$
44,451
$
46,740
(4.9
)
%
Adjusted EBITDAre margin
30.5
%
36.1
%
(5.6
)
pts
27.1
%
29.8
%
(2.7
)
pts
Performance metrics:
Occupancy
67.8
%
70.8
%
(3.0
)
pts
70.1
%
67.6
%
2.5
pts
ADR
$
263.97
$
263.88
0.0
%
$
256.29
$
250.67
2.2
%
RevPAR
$
178.85
$
186.90
(4.3
)
%
$
179.59
$
169.54
5.9
%
Total RevPAR
$
459.23
$
486.52
(5.6
)
%
$
454.62
$
431.20
5.4
%
Gaylord Rockies
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
81,722
$
76,836
6.4
%
$
152,670
$
140,658
8.5
%
Operating income
$
21,798
$
21,436
1.7
%
$
36,621
$
33,433
9.5
%
Operating income margin
26.7
%
27.9
%
(1.2
)
pts
24.0
%
23.8
%
0.2
pts
Adjusted EBITDAre
$
36,695
$
35,574
3.2
%
$
66,370
$
61,412
8.1
%
Adjusted EBITDAre margin
44.9
%
46.3
%
(1.4
)
pts
43.5
%
43.7
%
(0.2
)
pts
Performance metrics:
Occupancy
80.3
%
80.4
%
(0.1
)
pts
76.3
%
72.4
%
3.9
pts
ADR
$
259.78
$
255.44
1.7
%
$
258.52
$
249.55
3.6
%
RevPAR
$
208.62
$
205.25
1.6
%
$
197.21
$
180.77
9.1
%
Total RevPAR
$
598.29
$
562.53
6.4
%
$
561.94
$
514.89
9.1
%
JW Marriott Hill Country
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
66,573
$
62,850
5.9
%
$
121,849
$
112,791
8.0
%
Operating income
$
17,250
$
15,438
11.7
%
$
28,099
$
24,572
14.4
%
Operating income margin
25.9
%
24.6
%
1.3
pts
23.1
%
21.8
%
1.3
pts
Adjusted EBITDAre
$
25,169
$
22,909
9.9
%
$
43,849
$
39,440
11.2
%
Adjusted EBITDAre margin
37.8
%
36.5
%
1.3
pts
36.0
%
35.0
%
1.0
pts
Performance metrics:
Occupancy
75.6
%
79.0
%
(3.4
)
pts
71.8
%
71.3
%
0.5
pts
ADR
$
342.79
$
324.18
5.7
%
$
332.79
$
318.83
4.4
%
RevPAR
$
259.31
$
256.23
1.2
%
$
238.96
$
227.31
5.1
%
Total RevPAR
$
730.11
$
689.28
5.9
%
$
671.85
$
618.50
8.6
%
JW Marriott Desert Ridge1
Period Ended
June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2025
Revenue
$
5,349
Operating loss
$
(2,583
)
Operating loss margin
(48.3
)
%
Adjusted EBITDAre
$
(582
)
Adjusted EBITDAre margin
(10.9
)
%
Performance metrics:
Occupancy
39.3
%
ADR
$
228.50
RevPAR
$
89.76
Total RevPAR
$
268.11
__________________(1) The JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.
Entertainment Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands)
%
%
2025
2024
Change
2025
2024
Change
Revenue
$
143,304
$
94,203
52.1
%
$
232,854
$
161,078
44.6
%
Operating income
$
23,495
$
25,822
(9.0
)
%
$
33,811
$
31,934
5.9
%
Operating income margin
16.4
%
27.4
%
(11.0
)
pts
14.5
%
19.8
%
(5.3
)
pts
Adjusted EBITDAre
$
33,908
$
35,744
(5.1
)
%
$
54,847
$
51,283
6.9
%
Adjusted EBITDAre margin
23.7
%
37.9
%
(14.2
)
pts
23.6
%
31.8
%
(8.2
)
pts
Note: Entertainment results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.
Fioravanti continued, "Our Entertainment segment delivered all-time record revenue, driven by continued momentum from our recent investments, including Category 10, Block 21 and Southern Entertainment. As anticipated, our investment in Southern Entertainment, together with the one-time franchise tax refunds received in the prior-year quarter, contributed to a lower Adjusted EBITDAre margin. The festivals business is seasonally weighted to the second quarter, and this year was impacted by some unfavorable weather conditions. We continue to see healthy demand and consumer enthusiasm for live experiences, highlighting the strength of the industry and our portfolio of iconic brands and venues."
Corporate and Other Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
($ in thousands)
%
%
2025
2024
Change
2025
2024
Change
Operating loss
$
(10,990
)
$
(9,636
)
(14.1
)
%
$
(21,994
)
$
(21,552
)
(2.1
)
%
Adjusted EBITDAre
$
(8,487
)
$
(7,164
)
(18.5
)
%
$
(16,898
)
$
(16,231
)
(4.1
)
%
Note: Corporate and Other results for the 2024 periods reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.
Capital Expenditures
In 2025, the Company continues to expect to spend approximately $350 to $450 million on capital expenditures, primarily related to its Hospitality business, which includes approximately $182 million spent in the first half of 2025.
Major Hospitality projects planned for the second half of 2025 include:
Continuation of the sports bar, pavilion and event lawn development at Gaylord Opryland, which is expected to be completed in the first quarter of 2026;
Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027; and
Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026.
Included in the Company's capital expenditure estimates are modest investments planned at the JW Marriott Desert Ridge, including completion of the meeting space renovations currently underway; conversion of approximately 5,000 square feet of vacant office space to additional carpeted breakout space; and event lawn enhancements to support the addition of ICE! programming in 2026.
Disruption
For 2025, the Company affirms its previously-stated expectation that the full year impact of construction-related disruption to its same-store Hospitality segment will be 250 to 350 basis points to RevPAR; 200 to 300 basis points to Total RevPAR; and $30 to $35 million to operating income and Adjusted EBITDAre. For the second half of the year, construction-related disruption is expected to impact results at Gaylord Opryland and Gaylord Texan.
2025 Guidance
The Company is updating its 2025 business performance outlook based on current information as of August 4, 2025. The Company does not expect to update the guidance provided below before next quarter's earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason, including due to economic uncertainty and volatility.
Fioravanti concluded, "We are adjusting our full year 2025 outlook for the acquisition of the JW Marriott Desert Ridge, and we are updating the range of expected outcomes for same-store Hospitality Adjusted EBITDAre to account for incremental transient rate risk for our Nashville-based hotels in the second half of the year. Visitation and tourism trends for Nashville remain robust; however, new hotel supply in the market, particularly at the high end, has impacted transient occupancy levels, and, more recently, room rates. We remain bullish on the long-term trajectory of the markets in which we do business, and our competitive positioning within them."
Guidance Range
Prior Guidance Range
(in millions, except per share figures)
For Full Year 2025 (1)
Full Year 2025
Change
Low
High
Midpoint
Low
High
Midpoint
Midpoint
Same-store Hospitality RevPAR growth (2)
1.25
%
3.75
%
2.50
%
1.25
%
3.75
%
2.50
%
-
%
Same-store Hospitality Total RevPAR growth (2)
0.75
%
3.25
%
2.00
%
0.75
%
3.25
%
2.00
%
-
%
Operating income:
Same-store Hospitality (2)
$
444.0
$
458.0
$
451.0
$
444.0
$
468.0
$
456.0
$
(5.0
)
JW Marriott Desert Ridge
–
2.0
1.0
–
–
–
1.0
Entertainment
65.8
69.8
67.8
65.8
69.8
67.8
-
Corporate and Other
(48.0
)
(47.5
)
(47.8
)
(48.0
)
(47.5
)
(47.8
)
-
Consolidated operating income
$
461.7
$
482.3
$
472.0
$
461.7
$
490.3
$
476.0
$
(4.0
)
Adjusted EBITDAre:
Same-store Hospitality (2)
$
675.0
$
705.0
$
690.0
$
675.0
$
715.0
$
695.0
$
(5.0
)
JW Marriott Desert Ridge
18.0
22.0
20.0
–
–
–
20.0
Entertainment
110.0
120.0
115.0
110.0
120.0
115.0
-
Corporate and Other
(36.0
)
(34.0
)
(35.0
)
(36.0
)
(34.0
)
(35.0
)
-
Consolidated Adjusted EBITDAre
$
767.0
$
813.0
$
790.0
$
749.0
$
801.0
$
775.0
$
15.0
Net income
$
225.8
$
236.8
$
231.3
$
245.3
$
261.0
$
253.1
$
(21.9
)
Net income available to common stockholders
$
216.8
$
228.8
$
222.8
$
237.3
$
255.0
$
246.1
$
(23.4
)
FFO available to common stockholders and unit holders
$
485.9
$
520.3
$
503.1
$
487.4
$
524.5
$
505.9
$
(2.8
)
Adjusted FFO available to common stockholders and unit holders
$
505.0
$
546.5
