Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : You guys provided an update last week with some recent occupancy and operating trends. Maybe we could just rehash some of those and kind of what you've seen over the last couple weeks and months as we progress through the pandemic?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Awesome. And you alluded to it earlier, but the Gaylord National is the only major hotel here that's closed. Can you give an update as to what you would expect or what would need to happen for that hotel to open, whether it be on the operating side or the (inaudible) side?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Okay. Awesome. That's helpful. And obviously, a lot of the demand and a lot of the recovery has been driven by that drive to leisure guests. What are the different levers that have worked and didn't work in capturing that shorter lead time leisure guest? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 14, 2020 / 6:10PM, RHP.N - Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Conference (Virtual)

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Maybe if we pivot a little bit to the group business and talk about cancellation trends, how would you describe the evolution of the forward cancellations to date? How far in advance are these events being canceled? And we've generally seen a 2021 cancellations focused on the first part of the year, maybe the first quarter or so. With your recent update, 11% of cancellations were for 2021, which is a bit more than it was in July. Is this still the case? Is it still, kind of, restricted to that first part of the year?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Got it. And I think you were touching on this a little bit in terms of the propensity to travel and that still being there. Does that differ by segments, whether it be corporate planners, wedding, planners, associations, large group?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Got it. Awesome. That's super helpful color and I appreciate it. So if we, kind of, look at your business and we think about the drive-to and the fly-to markets. Historically, what percent of your stays do you think were fly-in business versus drive-to? And then which of your resorts -- we touched on Gaylord National earlier being more of a fly-to market, are best and worst positioned to, kind of, address that in the near to medium term?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : On the pricing front, how competitive are you and how competitive is the market there on the pricing? Obviously, everybody is looking to increase occupancy of these in fairly low levels, but how competitive has it been on that rate front? And how much of that has kind of translated into forward contracts when you talk about rebooking these large groups into future areas?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : So generally, across your 5 major hotels, you need 30% to 40% occupancy to breakeven on EBITDA, 50% on free cash flow. How does this -- so obviously, we touched about rate, but how does this kind of assume rate in terms of channel mix, presumably, if you're leaning more on that leisure customer, given that dynamic that you discussed about the out of room spend. How does your reliance on the leisure customer, kind of, impact that breakeven math?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : And a little bit early to go to the queue, but there is one question that's relevant to this topic, and it's -- how will hybrid events impact the profitability of your hotels? If you can walk us through what it means for volumes, pricing and margins?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : I presume just events that kind of overlap the 3 segments, right, whether it be association group and may be the leisure front?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : The question is, how will hybrid events impact the profitability of your hotels? If you can walk us through what that means for volumes, pricing and margins?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Yes, we can circle back offline and maybe get back to that one.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : No. No worries. If we, kind of, shift and we focus on the corporate cost structure, how much of your fixed cost do you think you're able to permanently remove? And how helpful is Marriott been in streamlining those other system costs?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Great. Definitely. And maybe one last question as we touch on the entertainment business. Where are you in regard to Nashville's 4-stage reopening plan? And how have you, over the past couple of months and while these venues have been closed, been able to keep that business relevant from a content perspective?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Awesome. Well, that brings us to 2:50, the end of our 40-minute session. Colin, Mark, I appreciate you taking the time.