Ryman Hospitality Offers Updates on Events at Its Properties

Ryman Hospitality Properties, Inc.’s RHP meeting-focused resorts are likely to be relieved with the new government-mandated increase in group capacities for events and conventions in Nashville.

Specifically, as part of Nashville’s phase 3 of the COVID-19 reopening plan, conventions and other group events are allowed to expand to a capacity of up to 500 people, with approval from the Nashville Health Department, beginning Oct 1. Nonetheless, the local-mask mandate and other social-distancing directives remain in effect.

This will facilitate the company’s resorts to host a higher number of convention and group customers. Moreover, it noted that such patrons have indicated their interest to resume in-person meeting again.

In fact, at Gaylord Opryland and Gaylord Rockies, the company will be able to organize group events of up to 500 and 100 people, respectively. Moreover, at Gaylord Texan, such events can be hosted at 50% of stated capacity and at Gaylord Palms it can arrange events of any capacity.

Moreover, the city’s new Phase 3 reopening will allow the company to organize Opry performances, with a capacity of 500 people at the Grand Ole Opry House, concerts at Ryman Auditorium and entertain a higher number of patrons at Ole Red Nashville.

Notably, the rampant coronavirus outbreak is weakening travel demand, while the restriction on travel is resulting in a sharp decline in group, business and leisure travel. Moreover, delays or cancellation of conventions and conferences, and other large public gatherings, which are demand drivers at the company’s properties, have been affecting its performance.

Notably, its projected average monthly cash burn rate for the third quarter amounts to $25 million and the same for the December-end quarter is estimated to be $22-$24 million. This is expected to impact the company’s near-term performance.

It carries a Zacks Rank of 5 (Strong Sell) at present. Shares of the company have lost 57.4% compared with the industry’s decline of 13.4% over the past year.



Stocks to Consider

Alpine Income Property Trust, Inc.’s PINE funds from operations (FFO) per share estimates for 2020 have been revised 4.4% upward to $1.18 over the past month. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Duke Realty Corporation’s DRE Zacks Consensus Estimate for 2020 FFO per share has been revised 3.5% upward to $1.49 over the past two months. The company currently carries a Zacks Rank of 2.

Sabra Healthcare REIT, Inc.’s SBRA FFO per share estimates for the ongoing year have been revised 1.2% upward to $1.74 over the past month. The company currently carries a Zacks Rank of 2.

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>

Click to get this free report

Duke Realty Corporation (DRE): Free Stock Analysis Report

Ryman Hospitality Properties, Inc. (RHP): Free Stock Analysis Report

Sabra Healthcare REIT, Inc. (SBRA): Free Stock Analysis Report

Alpine Income Property Trust, Inc. (PINE): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article