Gaylord Entertainment Co. reported its financial results for the second quarter of 2009. The company reported that consolidated revenue decreased 15.5 percent to $218.3 million in the second quarter of 2009 from $258.3 million in the same period last year. Hospitality segment total revenue decreased 14.2 percent to $200.5 million in the second quarter of 2009 compared to $233.6 million in the prior-year quarter. Gaylord Hotels’ revenue per available room (RevPAR) decreased 13.1 percent and total revenue per available room decreased 14.3 percent in the second quarter of 2009 compared to the second quarter of 2008. Total RevPAR for 2009 includes attrition and cancellation fees of approximately $8.2 million collected during the quarter compared to $3.6 million in fees for the prior-year quarter.

Income from continuing operations was $10.1 million, or $0.25 per share, in the second quarter of 2009 compared to $8.5 million, or $0.21 per share, in the prior-year quarter. Income from continuing operations in the second quarter of 2009 included an $8.2 million pre-tax gain on the repurchase of $28.3 million in aggregate principal amount of the company’s outstanding Senior Notes, a $3.6 million gain related to a payment received in connection with a tax increment financing (TIF) arrangement related to the Ryman Auditorium, and $2.8 million in special expense related to severance costs associated with the company’s cost-containment initiatives. Income from continuing operations in the second quarter of 2008 included $3.2 million in pre-opening expenses. Adjusted EBITDA was $49 million in the second quarter of 2009 compared to $57.9 million in the prior-year quarter.

Gaylord Hotels gross advance group bookings in the second quarter of 2009 for all future years was 498,247 room nights, a decrease of 9.8 percent when compared to the same period last year. Net of attrition and cancellation, advance bookings in the second quarter for all future years were 171,712 room nights, a decrease of 59.9 percent when compared to the same period last year. “Our group-centric business model delivered a solid performance this quarter, despite what remains a challenging climate for the hospitality sector.

Furthermore, we were delighted to book nearly 500,000 new group room nights in this challenging environment,” said Colin Reed, chairman and chief executive officer of Gaylord Entertainment. “Our commitment to customer service, a continued focus on cost controls, and our aggressive collection of attrition and cancellation fees enabled us to maintain strong levels of operating income.”

At the property level, Gaylord Opryland generated revenue of $55.3 million in the second quarter of 2009, compared to $73.5 million for the same period a year ago. Second quarter RevPAR decreased 22.4 percent to $96.67 compared to $124.54 in the same period last year, driven by a 13.9 percentage point decline in occupancy resulting from group cancellations and attrition. Total RevPAR decreased 24.8 percent to $211.14 in the second quarter of 2009 compared to $280.68 in the prior-year quarter. CCF decreased 41.2 percent to $13.6 million for the second quarter, versus $23.1 million in the year-ago quarter due to the decline in room revenue and a drop in food and beverage spending, and resulted in a CCF margin performance in the second quarter of 24.5 percent. CCF includes special expense of approximately $0.1 million related to severance costs in the second quarter of 2009.

Gaylord Palms posted revenue of $39.2 million in the second quarter of 2009, a 17.9 percent decrease compared to $47.8 million in the prior-year quarter. Occupancy for the quarter was down 10.9 percentage points compared to the prior-year quarter due to group cancellations and attrition. Second quarter RevPAR decreased 15 percent to $129.95 compared to $152.89 in the same quarter last year, largely driven by the decline in occupancy and a decrease in transient ADR. Total RevPAR decreased 17.9 percent to $306.56, due largely to decreased occupancy and food and beverage revenue. CCF at the property was $11.9 million compared to $16 million in the prior-year quarter, resulting in a CCF margin of 30.4 percent. CCF at the property includes approximately $0.1 million of special expense related to severance costs in the second quarter of 2009.

Gaylord Texan revenue was $41.5 million in the second quarter of 2009, a decrease of 13.4 percent from $48 million in the prior-year quarter, largely driven by a 10 percentage point decline in occupancy. RevPAR in the second quarter decreased 19.9 percent to $106.13 due to the decline in occupancy. Total RevPAR decreased 13.4 percent to $302.28 compared to $348.95 in the prior-year quarter. CCF decreased 17.9 percent to $13 million in the second quarter of 2009, compared to $15.9 million in the prior-year quarter, resulting in a 31.4 percent CCF margin. CCF at the property includes approximately $0.2 million in special expense related to severance costs in the second quarter of 2009.

Gaylord National generated revenue of $62.5 million in the second quarter of 2009, an increase of 1 percent from $61.8 million in the prior-year quarter. RevPAR in the second quarter increased 6.1 percent to $145.25 compared to $136.85 in the prior-year quarter. Total RevPAR increased 0.3 percent to $343.99 in the second quarter compared to $343.12 in the prior-year quarter. CCF increased 46.7 percent to $20.6 million in the second quarter of 2009 compared to $14.1 million in the prior-year quarter, resulting in a 33.0 percent CCF margin. CCF at the property includes approximately $0.2 million in special expense related to severance costs in the second quarter of 2009.

Gaylord Entertainment’s planned resort and convention hotel in Mesa, Ariz., is still in the very early stages of planning and specific details of the property and budget have not yet been determined. In the current economic environment, Gaylord remains focused on conserving capital, and the company anticipates that any expenditure associated with the project will not have a material financial impact in the near term.

Opry and Attractions segment revenue decreased 27.6 percent to $17.7 million in the second quarter of 2009, compared to $24.5 million in the year-ago quarter. The segment’s CCF increased to $7.3 million in the second quarter of 2009 compared to $4.6 million in the prior-year quarter, primarily due to a $3.6 million gain recorded from the TIF payment related to the Ryman Auditorium. CCF for the second quarter of 2009 includes approximately $0.1 million in special expense related to severance costs. For more information, visit www.GaylordEntertainment.com.

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