Ryman Hospitality Properties, Inc. (NYSE:RHP) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:00 am ET


Ryman Hospitality Properties, Inc. (NYSE:RHP) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to Ryman Hospitality Properties Second Quarter 2020 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Chairman and Chief Executive Officer; Mr. Mark Fioravanti, President and Chief Financial Officer; Mr. Patrick Chaffin, Chief Operating Officer; and Mr. Scott Bailey, President, Opry Entertainment Group.

This call will be available for digital replay. The number is 800-585-8367 and the conference ID number is 4586285. At this time, all participants have been placed on a listen-only mode.

It is now my pleasure to turn the floor over to Mr. Mark Fioravanti. Sir, you may begin.

Mark Fioravanti

Thank you, Maria. Good morning, everyone. Thank you for joining us today. This call may contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of historical fact may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements, which may be affected by many factors, including those listed in the company's SEC filings and in today's release. The company's actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of new information, further events or any other reasons.

We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP financial measure to the most comparable GAAP measure in the exhibit to today's release.

I'll now turn the call over to Colin.

Colin V. Reed

Thank you, Mark, and good morning, everyone. When we last spoke on our first quarter call in May, our Gaylord Hotels and the majority of our entertainment venues were closed, as the nation grappled with flattening the curve during the initial outbreak of COVID-19.

I'm happy that as we meet today, some three months later, four of our five Gaylord hotels are again open, and we've been able to resume some reduced capacity operations across several of our entertainment assets as well. Of course, we still have ways to go to return to pre-pandemic business levels, as the challenges our economy and our country faces are far from over, and frankly, no one knows how long this recovery will take.

However, based on the initial success that some of the early virus epicenters around the country have had in battling back the pandemic and then the rapid progress we're seeing on the therapeutic and vaccine front, in my view, despite some recent case increases in some states, the overall outlook for an eventual resolution has meaningfully improved over the past three months. And as a consequence, I'm firmly of the belief that we will be in a recovery in the foreseeable future.

So, rather than throw up our hands and feel sorry for ourselves over the last three months, our company has been diligently focused on two key areas to ensure we are in the best possible position to benefit from that recovery. These are minimizing