Press Release: Gaylord Entertainment
August 2, 2002
NASHVILLE, TN -- Gaylord Entertainment Company (NYSE: GET) yesterday reported its financial results for the second
quarter ended June 30, 2002.
For the quarter, consolidated revenues from continuing operations were $98.3 million, an increase of 40.2% from
$70.1 million in the same period last year. Consolidated operating income for second quarter 2002 was $7.6 million
compared to a loss of $16.9 million in the second quarter 2001. The company had net income for the quarter of $18.1
million, or $0.54 per diluted share. This compares to a net loss of $3.6 million, or $0.11 per diluted share, for
the second quarter 2001. EBITDA was $12.5 million in the latest quarter compared to $4.7 million in the same quarter
of 2001. EBITDA is calculated as operating income from continuing operations plus depreciation, amortization, non-cash
lease and naming rights agreement expenses, and other non-cash items associated with accounting changes and/or
pension plans, impairment and other charges, restructuring charges, gain on Opry Mills, and excluding hotel pre-opening
costs (see supplemental financial results).
Year-to-date, consolidated revenues from continuing operations were $199.5 million, an increase of 32.7% from $150.3
million in the same period last year. Consolidated operating losses for the first six months of 2002 were $9.1
million compared to $19.0 million in the first six months of 2001. The company had net income in the six-month
period of 2002 of $9.8 million, or $0.29 per diluted share. This compares to net income of $20.6 million, or $0.61
per diluted share, in the first six months of 2001. For the first six months, EBITDA, as defined above, was $22.3
million compared to $14.3 million in the same period of 2001.
In early July 2002, the Company agreed to sell its Acuff-Rose Music Publishing catalog and associated assets for
$157 million in cash. In late June, the Company sold its stake in the Opry Mills Shopping Center for $30.8 million
and received a tax refund of $64.6 million from the U.S. Department of Treasury. Upon completion of the Acuff-Rose
sale, the Company will have received an aggregate of approximately $250 million in cash to pay down debt and expand
its hospitality offerings, including the Gaylord Opryland Texas Resort & Convention Center that is slated to
be completed in April 2004.
Commenting on the Company's progress, Colin Reed, president and chief executive officer of Gaylord Entertainment,
said, "Our management team is determined to unlock the value of the company. Over the last year, we have maintained
an intense focus on streamlining our business, reducing costs, divesting non-core assets and investing in those
businesses where we believe Gaylord has a competitive advantage. In this process, we have transformed the company
to one that is financially and strategically well positioned for future success."
Mr. Reed continued, "We successfully divested non-core assets at attractive multiples despite a difficult
market environment. In doing so, we have strengthened our balance sheet - injecting liquidity and decreasing leverage
- to help grow our core hospitality operations.
"We fully anticipate Gaylord Entertainment will continue to grow and achieve success in the hospitality industry.
We are also working diligently to capitalize on our strong entertainment brands such as the Grand Ole Opry."
Segment Operating Results
Hospitality
Hospitality revenues were $80.5 million in the second quarter of 2002, an increase of $28.8 million over the second
quarter of 2001. This increase of 55.8% is primarily due to revenue from the opening of the Gaylord Palms property
in Kissimmee, Fla. Hospitality operating income was $4.9 million in the quarter compared to operating income of
$4.0 million for the second quarter of 2001. Hospitality EBITDA was $17.3 million in the latest quarter, an increase
of $4.5 million over the same period last year. Pre-opening expenses were $0.7 million and $2.4 million for the
second quarter 2002 and 2001, respectively. Due to the effect of GAAP straight-line lease payment recognition on
our Gaylord Palms ground lease, non-cash lease expense was $1.7 million for the second quarter of 2002.
While operating in a difficult environment, the Company saw improvements in the quarter at its Gaylord Opryland
Resort & Convention Center in Nashville as operational changes and customer service initiatives have begun
to take effect. RevPAR for the second quarter was $94.21 versus $92.25 during the year-earlier period, and booking
rates for future periods continue to strengthen. The Company's Gaylord Palms property in the Orlando area continues
to mature, performing well in a difficult market.
"We are pleased with the improving results at Gaylord Opryland and the strong launch from our Gaylord Palms
team," Mr. Reed said. "In Nashville, our customer service initiatives are taking hold, with future bookings
increasing the last three quarters. Despite the economic environment, we are seeing some operational improvements
and are working to establish positive long-term sales trends at both our resorts.
"We believe Gaylord is well positioned to withstand the challenging macroeconomic environment given our strong
brand name, outstanding properties and attractions, and focus on the relatively stable group business."
Attractions
Attractions revenues were $14.9 million in the second quarter of 2002, a decline of $1.0 million compared to the
second quarter of 2001. Operating income in the Attractions segment was $2.1 million in the second quarter compared
to operating losses of $0.3 million in the second quarter of 2001. Attractions EBITDA increased to $3.3 million
in the latest quarter from $1.3 million in the same period last year, an increase of 161.4%. Year-to-date, Attractions
EBITDA has risen 217.6% from the comparable period in 2001.
The Grand Ole Opry continues to draw top country music acts, such as Brooks & Dunn, Kenny Chesney and Willie
Nelson, who performed during the quarter. The success of the Opry underscores the popularity of its brand and format,
driving attendance increases of 9.7 percent from last year's second quarter. Gaylord is currently working to amplify
this success through national broadcast syndication, a near-term goal. In addition, Corporate Magic, the company's
corporate event production business, continued to grow its cash flow due to new and effective cost controls implemented
in late 2001.
"We continue to be pleased with the drawing power and market response to our Attractions Segment," Reed
said. "As we stated in the first quarter, we will remain steadfast in managing this business to increase overall
margins and to explore additional opportunities to extend the Opry's lifestyle brand across other distribution
channels."
Media
The Media Segment is now composed solely of Gaylord's three radio stations due to the announced sale of Acuff-Rose
Music Publishing and its subsequent reclassification into discontinued operations. As a result, the consolidated
historical financials have been restated to reflect this change. Media revenues from continuing operations were
$2.8 million in the second quarter of 2002, an increase of 15.3% over $2.4 million for the same time period in
2001. Media operating losses of $0.2 million in the quarter were basically unchanged compared to last year's comparable
quarter. Media EBITDA from continuing operations was negative $57,000 in the latest quarter, compared to a negative
$43,000 during the same period in 2001. The decline in operating margins in the Media segment year-over-year is
a result of investment in advertising and promotion necessary to reposition the Company's radio stations.
Corporate and Other
Operating losses in the Corporate and Other segment totaled $9.7 million for the second quarter of 2002, a 14.4%
improvement from a loss of $11.3 million in the year-earlier period. Corporate expenses in the quarter include
$0.9 million in non-recurring charges related to employee severance, advisory services and consulting fees related
to Gaylord's receipt of a $64.6 million tax refund related to the Job Creation and Worker Assistance Act of 2002.
Asset Dispositions and Recent Events
As discussed earlier, the Company sold its interest in the Opry Mills Shopping Center for $30.8 million and is
working to finalize its pending sale of its Acuff-Rose Music Publishing assets for $157 million in cash. Consistent
with its previously announced plans, Gaylord management continues to evaluate all assets in its portfolio and is
in the process of divesting certain non-core assets, including its investments in the Nashville Predators NHL hockey
franchise, miscellaneous real estate and its majority ownership interest in the Oklahoma Redhawks, the AAA affiliate
of the Texas Rangers. These assets have been classified as discontinued operations, and consolidated historical
financials have been amended to reflect this change. In early July, Gaylord exercised its right to put its ownership
interest in the Nashville Predators back to The Nashville Hockey Club L.P. The result of this put exercise will
be the return of Gaylord's invested capital through three equal annual installments, in addition to preferred return
payments through the last principal installment.
Like other companies in the hospitality industry, the Company was notified by the insurers providing its property
and casualty insurance that policies issued upon renewal would no longer include coverage for terrorist acts. As
a result, the servicer for the Company's credit facility secured by its Nashville property gave notice to the Company
in May of 2002 it believed the lack of insurance covering terrorist acts did constitute a default under that credit
facility. Although coverage for terrorist acts was never specifically required as part of the required property
and casualty coverage, the Company determined to resolve this issue by obtaining coverage for terrorist acts. The
Company has obtained coverage in an amount equal to the outstanding balance of the credit facility. The Company
has received a notice from the servicer that any previous existing default is cured and coverage in an amount equal
to the outstanding balance of the loan will satisfy the requirements of the credit facility unless the servicer
determines there is a change in circumstances that would cause it to impose some additional requirement.
The Company's independent accountants have advised the Company they believe, based on the applicable accounting
standard, because the letter received from the servicer does not provide assurance to the Company the servicer
would not impose some additional requirement during a period that is at least one year and one day from the date
of the June 30, 2002 balance sheet, the Company may be required to classify its outstanding indebtedness as a current
liability (rather than long-term debt), to reflect the possibility that the servicer may impose some additional
requirement that the Company could not satisfy and that failure might result in a default under the Company's credit
facility. The Company believes the imposition of any additional requirement relating to terrorism insurance that
would result in a default that might permit the loan to be called is highly unlikely, especially since the Company
has obtained coverage for terrorist acts in an amount equal to the outstanding balance of the loan. The Company
remains in compliance with all the financial covenants related to its credit facilities and anticipates, if required,
the classification of amounts under its credit facilities as short-term indebtedness would be temporary until the
Company can reach an agreement with its lenders that satisfies its independent accountants.
"We believe this is merely a technical issue. We are satisfied with the outcome from a business and legal
perspective, and are continuing to work with our independent accountants and our servicer to obtain waiver language
satisfactory to both parties. We believe this issue will be resolved in the near future, probably by the end of
the third quarter," said David Kloeppel, chief financial officer of Gaylord Entertainment. "Fundamentally,
our balance sheet will be in much better condition as a result of our pending asset sales. In the second quarter,
we reduced our Nashville hotel's principal debt obligations, both senior and mezzanine, and also lowered the outstanding
principal balance of our debt on our Florida hotel. Furthermore, we anticipate additional debt reduction upon completion
of our sale of Acuff-Rose. We are directing capital toward the completion of our resort and convention center in
Texas by April 2004, two months earlier than previously announced."
"Our management team has done an excellent job realizing strong valuations through non-core asset sales,"
Mr. Reed said. "For example, the announced sale of Acuff-Rose Music Publishing is at a very attractive multiple
of net publisher's share for a country music catalog. We continue to explore opportunities to divest the balance
of our non-core assets in similar fashion. We are also firm in our belief these efforts will unlock value for our
shareholders and allow us to redirect capital and energy into our core hospitality and entertainment businesses
to generate compelling returns for our shareholders in the long term."
Outlook
The following information is based on current information as of Aug. 1, 2002. The Company does not expect to update
guidance until next quarter's earnings release; however, the Company may update its full business outlook or any
portion thereof at any time for any reason.
Gaylord expects total Hospitality Segment RevPAR for the third-quarter 2002 to be between $98.50 and $99.50, and
to be between $100 and $102 for full-year 2002. The Hospitality Segment includes the Company's three hotel properties
- Gaylord Opryland, Gaylord Palms and the Radisson Nashville. Gaylord Palms RevPAR is expected to be between $106
and $108 for the third-quarter 2002 and between $110 and $112 for full-year 2002, while Gaylord Opryland RevPAR
is expected to be up 5 to 7 percent for the third-quarter 2002 from third-quarter 2001, and basically flat for
full-year 2002 against full-year 2001.
Looking forward, Mr. Reed said, "As we complete the first half of the year, we are pleased with our progress.
Our continued evolution to a more focused business model is supported by strategic growth and financial discipline.
We continue to streamline the company, expand our hospitality offerings and seek new ways to cross-market our brands."
Gaylord Entertainment will hold a conference call to discuss this release today at 10:00 a.m. EST. Investors will
have the opportunity to listen to the conference call over the Internet at www.gaylordentertainment.com. To listen
to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary
audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the
call through the end of business on Aug. 8, 2002.
About Gaylord Entertainment
Gaylord Entertainment, a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates
Gaylord Hotels(TM) branded properties, including the Gaylord Opryland Resort & Convention Center in Nashville,
and the Gaylord Palms Resort & Convention Center in Kissimmee, Fla. The company's entertainment brands include
the Grand Ole Opry, the Ryman Auditorium, the General Jackson Showboat and WSM Radio. Gaylord Entertainment's stock
is traded on the New York Stock Exchange under the symbol GET. For more information about the company, visit www.gaylordentertainment.com.
This press release contains statements as to the company's beliefs and expectations of the outcome of future events
that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that could cause actual results to differ materially from the
statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality
business generally, the timing of the opening of new hotel facilities, costs associated with developing new hotel
facilities, business levels at the company's hotels, the ability to complete potential divestitures successfully
and the ability to consummate financing for new developments. Other factors that could cause operating and financial
results to differ are described in the filings made from time to time by Gaylord Entertainment with the Securities
and Exchange Commission.
Gaylord Entertainment does not undertake any obligation to release publicly any revisions to forward-looking statements
made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated
events.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL RESULTS
Unaudited
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ---------------------
2002 2001 2002 2001
-------------------- ---------------------
Revenues $ 98,289 $ 70,105 $ 199,544 $ 150,338
Operating expenses
Operating costs 61,957 47,205 131,079 100,789
Selling, general
and administrative (a) 25,786 18,509 53,689 35,865
Preopening costs 650 2,413 6,356 4,308
Gain on sale
of Opry Mills (b) (10,567) - (10,567) -
Impairment and
other charges - 11,388 - 11,388
Restructuring charges,
net (c) 70 (2,304) 70 (2,304)
Depreciation 11,996 8,757 26,322 17,445
Amortization 802 996 1,739 1,884
-------------------- ---------------------
Operating income (loss) 7,595 (16,859) (9,144) (19,037)
--------------------- ---------------------
Interest expense (12,749) (12,121) (24,350) (20,918)
Interest income 550 2,177 1,077 3,208
Unrealized gain (loss)
on Viacom stock, net (44,012) 85,603 2,421 84,405
Unrealized gain (loss)
on derivatives, net 49,835 (66,020) 20,138 (27,081)
Other gains and losses 260 5,570 462 6,456
-------------------- ---------------------
Income (loss) before provision
(benfefit) for income taxes,
discontinued operations, and
cumulative effect of
accounting change 1,479 (1,650) (9,396) 27,033
-------------------- ---------------------
Provision (benefit) for
income taxes (d) (15,227) (195) (19,414) 9,049
-------------------- ---------------------
Income (loss) from
continuing operations
before discontinued
operations and cumulative
effect of accounting
change 16,706 (1,455) 10,018 17,984
Income (loss) from
discontinued operations,
net of taxes 1,403 (2,103) 2,404 (9,327)
Cumulative effect of
accounting change,
net of taxes (e) - - (2,595) 11,909
-------------------- ---------------------
Net income (loss) $ 18,109 $ (3,558) $ 9,827 $ 20,566
===================== =====================
Basic net income
(loss) per share:
Income (loss) from
continuing operations $ 0.50 $ (0.05) $ 0.30 $ 0.54
Income (loss) from
discontinued operations,
net of taxes 0.04 (0.06) 0.07 (0.29)
Cumulative effect of
accounting change,
net of taxes - - (0.08) 0.36
-------------------- ---------------------
Consolidated EPS $ 0.54 $ (0.11) $ 0.29 $ 0.61
===================== =====================
Fully diluted net income
(loss) per share:
Income (loss) from
continuing operations $ 0.50 $ (0.05) $ 0.30 $ 0.54
Income (loss) from
discontinued operations,
net of taxes 0.04 (0.06) 0.07 (0.29)
Cumulative effect of
accounting change,
net of taxes - - (0.08) 0.36
-------------------- ---------------------
Consolidated diluted EPS $0.54 $ (0.11) $ 0.29 $ 0.61
===================== =====================
(a) Includes non-cash lease expense of $1,686 and $3,647 for the
three months and six months ended June 30, 2002, respectively, related
to the effect of recognizing the Gaylord Palms ground lease expense on
a straight-line basis. Also includes a net charge of $3,346 for
non-cash pension and post-retirement adjustments recorded in the first
quarter, 2002. And includes non-cash expense of $282 and $309 for the
three months ended June 30, 2002 and 2001, respectively, and $564 and
$618 for the six months ended June 30, 2002 and 2001, respectively,
related to the Naming Rights Agreement for the Gaylord Entertainment
Center on a straight-line basis.
(b) During the second quarter of 2002, the Company sold its
partnership interest in Opry Mills and received approximately $30,800
in cash proceeds upon the disposition. The Company has deferred
approximately $20,000 of the gain representing the present value of
the continuing land lease interest between the Company and the Opry
Mills partnership. The Company will recognize the $20,000 deferred
gain ratably over the 70 year term of the land lease. The Company
recognized the remainder of the proceeds, net of certain transaction
costs as a gain of approximately $10,567 during the second quarter of
2002.
(c) Includes a restructuring charge of $1,149 for the three months
ended June 30,2002, offset by a reversal of prior years' restructuring
charges of $1,079 primarily related to entering into sub-lease
agreements reducing the Company's future expected payments.
(d) During the second quarter of 2002, the Company recognized a
$15,500 benefit as a reduction in income tax expense resulting from
the settlement of certain federal income tax issues with the Internal
Revenue Service. The Company will not receive any cash proceeds in
connection with this benefit.
(e) For the six months ended June 30, 2002, the cumulative effect
of accounting change relates to the impairment of the goodwill
associated with the Radisson Hotel at Opryland in relation to adopting
SFAS No. 142. The goodwill impairment was $4,221, net of taxes of
$1,626. In accordance with SFAS No. 142, the cumulative effect was
retroactively recorded to January 1, 2002.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2002 and 2001
(Amounts in thousands)
Audited
2002 2001 12/31/01
----- ----- ---------
ASSETS
Current assets:
Cash - unrestricted $ 73,208 $ 97,927 $ 9,194
Cash - restricted 17,083 31,265 64,993
Trade receivables, net 36,899 25,352 15,079
Current assets of
discontinued operations 8,415 56,817 50,530
Other current assets 39,227 39,426 43,514
------- ------- ------
Total current assets 174,832 250,787 183,310
Property and equipment, net of
accumulated depreciation 1,048,844 855,870 993,347
Goodwill 9,630 14,180 13,851
Intangible assets 6,271 1,082 6,299
Investments 561,052 642,634 561,359
Estimated fair value
of derivative assets 159,501 122,869 158,028
Long-term deferred financing costs 119,051 148,809 137,513
Long-term assets of
discontinued operations 29,872 138,679 84,016
Other long-term assets 33,220 36,047 30,099
------- ------- ------
Total assets $2,142,273 $2,210,957 $2,167,822
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of
long-term debt $ 8,004 $ 8,004 88,004
Accounts payable and
accrued liabilities 84,178 83,693 91,218
Current liabilities of
discontinued operations 12,657 28,648 30,836
------- ------- ------
Total current liabilities 104,839 120,345 210,058
Secured forward exchange contract 613,054 613,054 613,054
Long-term debt 395,219 364,995 380,993
Deferred income taxes 210,170 203,464 165,824
Estimated fair value of
derivative liabilities 66,760 131,629 85,424
Other long-term liabilities 80,171 38,801 52,304
Other long-term liabilities
of discontinued operations - 4,827 7
Minority interest of
discontinued operations 1,737 1,703 1,679
Stockholders' equity 670,323 732,139 658,479
-------- -------- -------
Total liabilities and
stockholders' equity $ 2,142,273 $2,210,957 $2,167,822
=========== ========== ==========
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------
2002 2001 2002 2001
------------------- ---------------------
Consolidated adjusted
net income
Net income /
(loss) - GAAP $ 18,109 $ (3,558) $,9,827 $ 20,566
Plus: pre-opening costs,
net of tax 400 1,617 3,909 2,886
Plus: accounting changes,
net of tax - - 2,595 (11,909)
Plus: discontinued
operations, net of tax (1,403) 2,103 (2,404) 9,327
Plus: SFC deferred finance
charges, net of tax 4,123 4,492 8,200 8,934
Plus: change in FMV of
Viacom stock,
net of tax 27,067 (57,354) (1,489) (56,551)
Plus: change in FMV of
derivatives,
net of tax (30,649) 44,233 (12,385) 18,144
Plus: pension charges,
net of tax - - 2,058 -
Plus: impairment and other
charges, net of tax - 7,630 - 7,630
Less: restructuring charges,
net of tax 43 (1,544) 43 (1,544)
Less: gain on sale
of Opry Mills (6,499) - (6,499) -
Less: other, net of tax (160) (3,732) (284) (4,326)
Less: income
tax benefit (15,500) - (15,500) -
-------------------- --------------------
Net income /
(loss) - adjusted $(4,468) $(6,113) $(11,928) $(6,842)
===================== ====================
Consolidated adjusted EBITDA
Operating income / (loss) $7,595 $(16,859) $(9,144) $(19,037)
Plus: depreciation 11,996 8,757 26,322 17,445
Plus: amortization 802 996 1,739 1,884
Plus: pre-opening costs 650 2,413 6,356 4,308
Plus: pension charges - - 3,346 -
Plus: impairment and
other charges - 11,388 - 11,388
Less: restructuring
charges 70 (2,304) 70 (2,304)
Less: gain on sale
of Opry Mills (10,567) - (10,567) -
Plus: noncash
lease expense 1,686 - 3,647 -
Plus: noncash naming
rights for Gaylord Arena 282 309 564 618
-------------------- --------------------
Consolidated EBITDA $12,514 $ 4,700 $ 22,333 $ 14,302
==================== ====================
Business segments
Revenues:
Hospitality $ 80,472 $ 51,661 $ 160,768 $ 110,152
Attractions 14,948 15,980 33,762 35,417
Media 2,813 2,440 4,902 4,659
Corporate and Other 56 24 112 110
--------------------- ---------------------
Total $ 98,289 $ 70,105 $ 199,544 $ 150,338
===================== =====================
Depreciation and amortization:
Hospitality $ 9,999 $ 6,346 $ 22,328 $ 12,663
Attractions 1,221 1,508 2,595 2,942
Media 155 163 304 330
Corporate and Other 1,423 1,736 2,834 3,394
--------------------- ---------------------
Total $ 12,798 $ 9,753 $ 28,061 $ 19,329
===================== =====================
Operating income / (loss):
Hospitality $ 7,269 $ 6,402 $ 12,096 $ 16,977
Hospitality
preopening costs (650) (2,413) (6,356) (4,308)
Hospitality noncash
lease expense (1,686) - (3,647) -
Attractions 2,057 (254) 1,528 (1,644)
Media (212) (206) (655) (382)
Corporate and Other (9,680) (11,304) (22,607) (20,596)
Gain on sale
of Opry Mills 10,567 - 10,567 -
Impairment and
other charges - (11,388) - (11,388)
Restructuring charges, net (70) 2,304 (70) 2,304
--------------------- ---------------------
Total $ 7,595 $ (16,859) $ (9,144) $ (19,037)
===================== =====================
Hospitality operating metrics
Gaylord Opryland
Occupancy 67.45% 64.44% 66.11% 69.03%
Average daily rate (ADR) $139.68 $ 143.15 $ 139.72 $ 141.28
RevPAR $ 94.21 $ 92.25 $ 92.37 $ 97.52
Total revenue per
available room (1) $175.84 $ 190.67 $ 176.30 $ 205.15
Gaylord Palms
Occupancy 64.80% NM 68.00% NM
Average daily rate (ADR) $ 176.76 NM $ 178.71 NM
RevPAR $ 114.54 NM $ 121.53 NM
Total revenue per
available room (1) $ 254.40 NM $ 267.90 NM
(1) Includes food & beverage and other revenue per room.
-------------------------------------------------------
Contact:
Investor Relations Contacts:
Gaylord Entertainment
David Kloeppel, 615/316-6101
dkloeppel@gaylordentertainment.com
or
Gaylord Entertainment
Key Foster, 615/316-6132
kfoster@gaylordentertainment.com
or
Sloane & Company
Jenny Lee, 212/446-1892
jlee@sloanepr.com
or
Media Contacts:
Gaylord Entertainment
Jim Brown, 615/316-6302
jbrown@gaylordentertainment.com
or
Sloane & Company
Dan O'Connor, 212/446-1865
doconnor@sloanepr.com