Ryman raises FY17 adjusted EBITDA view to $348.0M-$361.0M from $340.0M-$360.0M
The Company has narrowed its guidance range for 2017 RevPAR and Total RevPAR growth and raised the low end and top end of its 2017 consolidated guidance to reflect stronger levels of profitability, as well as increased visibility into expected performance in the second half of 2017. The company added, "The pace of future bookings is progressing as planned, and first-half results were in line with our expectations. Group room nights on the books for 2017 are on track with the plan we had coming into the year, and we continue to believe 2017 will be another strong year for the Company. As we look to the second half of the year, we are now expecting fiscal year 2017 RevPAR growth in the range of 1% - 3% and Total RevPAR growth in the range of 1% - 2%. Our net income guidance range for the full year is $148.5M-$158.2M from our prior guidance of $139.8M-$157.6M. The low end of our Adjusted EBITDA guidance range for the Hospitality segment was raised to reflect a range of $335.0M-$344.0M from prior guidance of $330.0M-$344.0M, which primarily reflects a lower-than-anticipated increase in property tax expense at Gaylord Opryland resulting from a decrease in rate. FY17 adjusted EBITDA view for the Entertainment segment is now $37.0M-$40.0M from prior guidance of $34.0M-$38.0M, and Corporate & Other guidance is now a loss of $24.0M-$23.0M from prior guidance of $24.0M-$22.0M. As a result of these changes, our guidance for 2017 Adjusted EBITDA on a consolidated basis is now $348.0M-$361.0M from prior guidance of $340.0M-$360.0M."