NASHVILLE, Tenn., May 24, 2010 (BUSINESS WIRE) --Gaylord Entertainment Co. (NYSE: GET) announced today that it will hold a conference call on Wednesday, June 2, 2010 at 3:00 PM ET to update shareholders and other constituents on the Company's restoration efforts following the flood damage experienced at the Gaylord Opryland Resort and the Company's other Nashville-based facilities on May 3, 2010. Gaylord will also provide updated information on the Company's efforts to relocate customers with events scheduled at the Opryland in the next 180 days to additional Gaylord properties.
"We continue to make good progress as we work to assess, repair and rebuild the damage inflicted by the historic flooding. Our Nashville-based assets have been stabilized and we have a large group of contracting and remediation experts working to get us back to business as soon as possible," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment.
"Assessment of the majority of the public spaces and guest rooms at the hotel are largely complete and restoration plans are underway. However, the mechanical, electrical, information technology, and power generating systems are much more complex and are taking longer to evaluate. While it has been our goal to be expeditious in our communications to all constituents, the nature of flood damage has required us to carefully and systemically assess these elements of our operations to fully understand what needs to be repaired and replaced, how long it will take, and how much it will cost. We believe we will be in a position on June 2nd to offer an accurate estimate of projected costs and timelines, understanding fully that this is a fluid process and that particulars may change over time. We look forward to updating everyone at that time."
On May 19, 2010 Gaylord received a waiver from its lenders related to its Second Amended and Restated Credit Agreement, dated as of July 25, 2008. The waiver addresses the cessation of operations at Opryland. The waiver will expire on December 31, 2010 if the Company has not substantially completed the restoration of Gaylord Opryland and re-opened it for business. Additional details regarding the waiver are available in the related Form 8-K Filing.
This call is being web cast by CCBN and can be accessed at Gaylord Entertainment's Investor Relations Web site at http://ir.gaylordentertainment.com.
The web cast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com).
About Gaylord Entertainment:
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (http://www.gaylordhotels.com), its network of upscale, meetings-focused resorts and the Grand Ole Opry (http://www.opry.com), the weekly showcase of country music's finest performers for 80 consecutive years. The Company's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For more information about the company, visit http://www.GaylordEntertainment.com.
This press release contains statements as to the Company's beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the flood damage to the Gaylord Opryland and other Nashville-based Gaylord facilities, economic conditions affecting the hospitality business generally, rising labor and benefits costs, the timing of any new development projects, increased costs and other risks associated with building and developing new hotel facilities, the geographic concentration of our hotel properties, business levels at the Company's hotels, our ability to successfully operate our hotels and our ability to obtain financing for new developments. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the Securities and Exchange Commission and include the risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.