Ryman Hospitality Properties’ entertainment segment should “flourish as a standalone, separate entity,” said CEO Colin Reed.
Ryman Hospitality Properties’ country-focused entertainment business, Opry Entertainment Group, saw its revenue grow 57.3% to $77.2 million in the third quarter, the company reported Monday . Through the first nine months of 2022, the entertainment segment grew 86.2% to $183.6 million.
Excluding acquisitions and investments over the last three years, Opry Entertainment Group revenue and EBITDA were 19% and 21% higher than over the same period in 2019, said CEO. Among its properties are Grand Ole Opry, the Ryman Auditorium and Wild Horse venues, as well as the media network Circle, a three-year-old joint venture with Gray Television.
“This is the same type of growth we saw pre-pandemic,” said Reed. However, the company lowered the top end of its guidance range for full-year entertainment adjusted EBITDAre from $80 million to $76 million . Opry Entertainment Group is benefitting from increasingly strong tourist interest in Nashville. Outgoing CEO Reed said Nashville International Airport had a record 1.83 million travelers in June, up 9% from the same month in 2019.
Ultimately, Ryman wants Opry Entertainment Group to “flourish as a standalone, separate entity,” said Reed. To that end, in the second quarter, Ryman sold 30% of Opry Entertainment Group to investment firm Atairos Group and media giant NBCUniversal for a combined $300 million in a deal that closed in the second quarter.
Bringing aboard new investors should help Opry Entertainment Group’s efforts to capitalize on the popularity of country music and culture. Ole Red, a chain of multi-level bar/music venues the company created in partnership with country star
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