Press Release
November 3, 2000
NASHVILLE, TN -- Wildhorse Saloon Entertainment Ventures, Inc., a wholly-owned subsidiary of Gaylord Entertainment
Company (NYSE:GET), will discontinue operation of its Wildhorse Saloon entertainment club near Orlando effective
in mid-November, company officials announced today.
The company has reached an agreement with the WALT DISNEY WORLD® Resort to discontinue operation of the club,
which is located at Downtown Disney®.
``For now, Disney's intent is to continue to operate the club as a Wildhorse Saloon,'' said Steve Buchanan president
of the Grand Ole Opry Group, Gaylord Entertainment's unit that operates the facility. Consequently, some of the
club's physical assets will be sold to Disney, and Disney will have a license to use the Wildhorse Saloon name
and logo.
``When we opened the Wildhorse Saloon restaurant and club at the WALT DISNEY WORLD® Resort in May 1998, we
were considering Wildhorse Saloons in a variety of cities. We made the decision not to pursue that strategy. Therefore
a single, remote Wildhorse Saloon does not fit into our current business plans,'' Buchanan said.
The change in the Orlando club has no impact on the operation of the original Wildhorse Saloon in Nashville, which
opened in 1994. The Nashville Wildhorse Saloon has received ``Club of the Year'' awards from both the Country Music
Association and the Academy of Country Music.
``The Wildhorse Saloon in Nashville performs well and is a valuable asset to Gaylord Entertainment and to the Nashville
entertainment scene,'' Buchanan said.
As a result of the Wildhorse Orlando transaction, Gaylord Entertainment will take a non-cash charge of approximately
$11 million, net of taxes, during the fourth quarter, according to Denise Warren, senior vice president and chief
financial officer.
``Disposition of the Wildhorse in Orlando is part of the company-wide re-evaluation of operations and assets we
announced previously,'' Warren said.
This news release contains certain forward-looking statements regarding, among other things, the anticipated financial
and operating results of the company. In connection with the ``safe harbor'' provisions of the Private Securities
Litigation Reform Act of 1995, the company cautions investors that future financial and operating results may differ
materially from those projected in forward-looking statements made by, or on behalf of, the company.
Gaylord Entertainment Company is a diversified entertainment company operating in three business groups: hospitality
and attractions, creative content and interactive media. Its headquarters are in Nashville, Tenn., and its stock
is traded on the New York Stock Exchange (symbol:GET).
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Contact:
Gaylord Entertainment Company, Nashville
Media Contact:
Tom Adkinson, 615/316-6302
tadkinson@gaylordentertainment.com
or
Investor Contact:
J. Russell Worsham, 615/316-6564
rworsham@gaylordentertainment.com