Ryman's Dual Bet: What to Watch in its Hospitality & Music Earnings

NASHVILLE, TN – December 10, 2025 – Ryman Hospitality Properties, Inc. (NYSE: RHP) has officially circled the date for its moment of truth, announcing its fourth-quarter 2025 earnings will be released after the market closes on February 23, 2026, with a management conference call to follow the next morning. While such announcements are routine, this one carries particular weight for investors. The call will serve as a crucial barometer for Ryman’s unique dual-engine strategy, which pairs massive, upscale convention center resorts with an increasingly powerful portfolio of country music entertainment assets.

As the market seeks clarity on the trajectory of business travel and consumer spending, Ryman’s performance offers a unique lens into two distinct but interconnected sectors. The company’s results will provide vital insights not just into its own financial health, but into the broader recovery of the group travel industry and the sustained boom in the experience economy. For investors, the question is how effectively these two powerful segments are working in concert to navigate a complex economic landscape.

The Convention Conundrum: Gauging the Group Travel Rebound

The cornerstone of Ryman’s portfolio remains its Hospitality segment, dominated by the sprawling Gaylord resorts—five of the largest non-gaming convention hotels in the nation. This segment’s performance is a direct reflection of the health of the corporate meeting and events industry. Recent data paints a nuanced picture of this recovery. While the Global Business Travel Association projects spending to have returned to pre-pandemic levels in 2025, the nature of that travel has fundamentally shifted. Companies are embracing fewer, but more impactful, trips focused on high-value networking and team-building, a trend that plays directly to the strengths of Ryman's all-in-one convention destinations.

This strategic positioning may provide a valuable buffer against the broader, more tepid forecasts for the U.S. lodging sector. While some analysts, like PwC, have predicted muted, below-inflation RevPAR (Revenue Per Available Room) growth for the industry in 2025, Ryman’s focus on the group segment tells a different story. In its third-quarter results, the company reported a record-setting booking of over 667,000 same-store gross definite room nights for future periods. More importantly, management noted that group rooms revenue on the books for 2026 was pacing nearly 8% ahead of 2025, signaling robust and durable demand.

However, this strength comes with scrutiny. Investors on the February call will be listening intently for commentary on operating margins. Ryman is in the midst of significant capital projects, including renovations at the Gaylord Texan and ongoing work at the flagship Gaylord Opryland. While these investments are critical for maintaining a competitive edge and driving long-term value, they created a drag on net income in the third quarter. A key focus will be management’s outlook on when these construction-related impacts will subside and the full financial benefit of the upgraded properties will be realized.

The Entertainment Engine: Beyond the Hotel Room

What truly sets Ryman apart from any other lodging REIT is its controlling interest in Opry Entertainment Group (OEG), a dynamic collection of assets including the Grand Ole Opry, Ryman Auditorium, and the rapidly expanding Ole Red brand. This segment is not an ancillary business; it is a core pillar of the company’s growth strategy, tapping directly into the resilient consumer demand for live entertainment.

Recent strategic moves underscore the ambition for this division. In a significant expansion of its operating model, OEG announced in early 2025 its acquisition of a majority interest in Southern Entertainment, a producer of major country music festivals. This move strategically catapults Ryman into the lucrative and growing festival circuit, diversifying its entertainment revenue beyond its fixed-venue assets in Nashville and other locations. It provides a new platform to engage a wider audience and integrate its artist development programs, creating a powerful synergistic loop within the country music ecosystem.

Furthermore, OEG is extending its brand reach into major tourist hubs. The planned 2026 opening of a second Category 10 venue with country superstar Luke Combs, this time at the Flamingo in Las Vegas, demonstrates a clear intent to capture entertainment dollars far beyond its Tennessee home base. These initiatives are a direct response to a market where, despite economic pressures, consumers continue to prioritize spending on unique, high-quality live experiences. While the broader live music industry has seen some contraction at the club level, the premium end of the market—where OEG’s iconic brands and large-scale festival partnerships reside—continues to show remarkable strength.

A Tale of Two Segments: Synergy and Scrutiny

The upcoming earnings call will be an examination of how these two segments—hospitality and entertainment—are performing not just individually, but as a cohesive whole. The synergy is most apparent in Nashville, where the Gaylord Opryland, Grand Ole Opry, and Ryman Auditorium create a powerful tourism magnet. The challenge and opportunity for management is to articulate how this synergy is being replicated and expanded upon with its newer ventures.

Investors will be looking for a clear and confident 2026 outlook that goes beyond top-line numbers. Key discussion points will undoubtedly include the integration plan for Southern Entertainment and its expected financial contribution, the performance of the newer Ole Red locations, and the company's strategy for managing costs across both capital-intensive hotels and a growing entertainment operation. The company's consistent dividend, recently declared at $1.20 per share for the fourth quarter, provides a foundation of shareholder confidence, but this will be tested against the forward-looking guidance.

Ultimately, Ryman Hospitality’s February report will offer more than just a snapshot of a single quarter. It will provide a detailed progress report on a bold corporate strategy that wagers on the enduring appeal of both large-scale human connection and live entertainment. The results and subsequent discussion will signal how well the company is positioned to capitalize on these trends as it heads further into 2026.