Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2010. Highlights from the second quarter include:
Consolidated revenue decreased 15.4 percent to $183.9 million in the second quarter of 2010 from $217.4 million in the same period last year, which includes the impact of the temporary closure of Gaylord Opryland and certain of the Company's other Nashville-based assets due to the flood damage suffered on May 3, 2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) increased 4.7 percent to $152.0 million in the second quarter of 2010 compared to $145.2 million in the prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality segment results exclude Gaylord Opryland, but include the Radisson for all periods presented unless specifically noted otherwise. Adjusted Gaylord Hotels revenue per available room1 ("RevPAR") increased 5.1 percent and total revenue per available room2 ("Total RevPAR") increased 4.5 percent in the second quarter of 2010 compared to the second quarter of 2009. Total RevPAR performance in the second quarter of 2010 was impacted by declines in attrition and cancellation fee revenues which were elevated throughout 2009, but have continued to decline in the first six months of 2010 as occupancy levels recover and demand builds. Adjusted Gaylord Hotels Total RevPAR for the second quarter of 2010 includes attrition and cancellation fees of approximately $2.2 million collected during the quarter compared to $6.1 million in fees for the prior-year quarter.
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