Revenues

9 Months Ended

Sep. 30, 2022

Revenues

Revenues

4. REVENUES:

Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales, and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle is eliminated for the portion of Circle that the Company owns. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase but are not included in revenue. The Company records a liability upon collection of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

The Company’s revenues disaggregated by major source are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Hotel group rooms	$	100,417	$	58,358	$	273,359	$	82,949
Hotel transient rooms		54,523		54,834		144,680		120,442
Hotel food and beverage - banquets		129,449		61,669		332,783		83,889
Hotel food and beverage - outlets		56,739		44,134		153,604		85,708
Hotel other		49,474		38,858		149,089		90,355
Entertainment admissions/ticketing		30,805		21,207		73,087		37,022
Entertainment food and beverage		25,075		16,513		63,472		33,469
Entertainment produced content		1,372		1,552		3,931		4,843
Entertainment retail and other		19,901		9,781		43,089		23,265
Total revenues	$	467,755	$	306,906	$	1,237,094	$	561,942

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Gaylord Opryland	$	106,819	$	75,483	$	285,835	$	142,244
Gaylord Palms		60,516		34,476		188,653		82,295
Gaylord Texan		70,734		56,041		205,035		108,468
Gaylord National		68,925		36,008		173,735		39,576
Gaylord Rockies		77,346		51,209		182,888		81,517
AC Hotel		2,932		1,846		7,800		4,110
Inn at Opryland		3,330		2,790		9,569		5,133
Total Hospitality segment revenues	$	390,602	$	257,853	$	1,053,515	$	463,343

The majority of the Company’s Entertainment segment revenues are concentrated in Nashville, Tennessee and Austin, Texas.

The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms and advanced ticketing at its OEG venues. At September 30, 2022 and December 31, 2021, the Company had $153.7 million and $116.8 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2021, approximately $43.4 million was recognized in revenue during the nine months ended September 30, 2022.