Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP

Ryman Hospitality Properties, Inc. (reit) — Ryman Hospitality Properties — Investor Day (January 2024)

175 slides from Ryman Hospitality Properties, Inc. (reit)'s investor day presentation, Jan 30, 2024

1. Slide 1: Ryman Hospitality Properties Investor Day

   RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR DAY JANUARY 30, 2024 1

2. Slide 2: Today's Agenda

   TODAY’S AGENDA Welcome Sarah Martin, VP, Investor Relations Building great brands Colin Reed, Executive Chairman Delivering superior growth Mark Fioravanti, President & CEO Creating value in the Hospitality business Patrick Chaffin, EVP & COO Michael McBride, SVP, Asset Management Scaling Opry Enter

3. Slide 3: Cautionary Note Regarding Forward-Looking Statements & Other Disclaimers

   CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS & OTHER DISCLAIMERS This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (“Ryman” or the “Company”) as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by t

4. Slide 4: Building Great Brands

   BUILDING GREAT BRANDS 4

5. Slide 5: Management team with more than 200 years of collective experience

   IT STARTS WITH OUR MANAGEMENT TEAM, WHO BRING MORE THAN 200 YEARS OF COLLECTIVE EXPERIENCE IN THE BUSINESS COLIN REED MARK FIORAVANTI JENNIFER HUTCHESON SCOTT LYNN Executive Chairman President & CEO EVP & CFO EVP & General Counsel 22 years with GET/RHP 21 years with GET/RHP 19 years with GET/RHP 20

6. Slide 6: We build leading customer-focused businesses serving unique segments: Hospitality

   WE BUILD LEADING CUSTOMER-FOCUSED BUSINESSES SERVING UNIQUE SEGMENTS Our purpose-built core Hospitality portfolio serves the large group meetings segment and regional leisure transient customer GAYLORD OPRYLAND GAYLORD PALMS GAYLORD TEXAN GAYLORD NATIONAL GAYLORD ROCKIES JW HILL COUNTRY NASHVILLE OR

7. Slide 7: We build leading customer-focused businesses serving unique segments: Entertainment

   WE BUILD LEADING CUSTOMER-FOCUSED BUSINESSES SERVING UNIQUE SEGMENTS Our iconic Entertainment brands captivate and connect the global country music and country lifestyle communities ACL LIVE GRAND OLE OPRY RYMAN AUDITORIUM OLE RED CATEGORY 10 NASHVILLE COMING 2024 7

8. Slide 8: Consistent strategy and business model prevailed through multiple cycles

   OUR CONSISTENT STRATEGY & SUSTAINABLE BUSINESS MODEL HAS PREVAILED THROUGH MULTIPLE CYCLES 2020 – 2023 Pandemic & recovery  Full ownership of Gaylord 2012 – 2019 Rockies  Strategic investment in OEG REIT conversion by Atairos & NBCUniversal (“NBCU”) as a step toward  Hotel management rights sold

9. Slide 9: We built Gaylord Hotels around the large group meetings customer

   WE BUILT THE GAYLORD HOTELS BRAND AROUND THE LARGE GROUP MEETINGS CUSTOMER… In 2003, group business accounted for approximately 80% of Industry research1 total room nights, and the largest meetings accounted for more than 60% of group business 24,000 GAYLORD HOTELS ROOM GAYLORD HOTELS GROUP ANNUAL M

10. Slide 10: Strategic objective to drive customer loyalty

    …WITH THE STRATEGIC OBJECTIVE TO DRIVE CUSTOMER LOYALTY Satisfaction = Loyalty = Retention = Rotation = Growth 100% 80% RETENTION 60% 40% 20% Zone of indifference Advocate - Highly Dissatisfied Satisfied Highly dissatisfied satisfied CUSTOMER SATISFACTION 10

11. Slide 11: Gaylord Hotels brand value proposition

    GAYLORD HOTELS BRAND VALUE PROPOSITION Purpose-built assets & Superior entertaining environments experiences create loyalty Premium service model Superior knowledge & relationships 11

12. Slide 12: Our service model continues to be our differentiator

    OUR SERVICE MODEL CONTINUES TO BE OUR DIFFERENTIATOR Premium service model: Service Profit Chain 1 Employees  Empowerment drives satisfaction, Superior loyalty & productivity experiences create 2 Guests loyalty  Satisfied & productive employees create value for guests, which drives guest satisfact

13. Slide 13: Result: focused, purpose-built portfolio and superior value proposition

    RESULT: FOCUSED, PURPOSE-BUILT PORTFOLIO & SUPERIOR VALUE PROPOSITION… Portfolio attributes Attractive meetings markets: 6 of 15 TOP MEETINGS DESTINATIONS1 Rotational capabilities: ~29% OF NEW PRODUCTION ROTATES2 Extensive meeting space: Gaylord Hotels >2x MEETING SPACE-TO-ROOMS RATIO VS. PEERS3 JW

14. Slide 14: Unrivaled customer loyalty: Total RevPAR Index

    …WITH UNRIVALED CUSTOMER LOYALTY Our Total RevPAR Index has increased nearly 30 points in 10 years! GAYLORD HOTELS TOTAL REVPAR INDEX TO LARGE GROUP HOTELS1 +29 PERCENTAGE 160% POINTS SINCE 2013 135% 131% 2013 2018 TTM October 2023 1. Total RevPAR Index is calculated by STR relative to a large group

15. Slide 15: Country lifestyle encompasses a broader consumer base

    COUNTRY LIFESTYLE ENCOMPASSES A BROADER CONSUMER BASE… TOTAL ADDRESSABLE MARKET 200M+ Global country lifestyle1 175M+ Global country music2 150M U.S. country music3 1. Internal estimate based on a cross-section of lifestyle categories. Refer to the next slide for lifestyle datapoints & sources. 2. S

16. Slide 16: Adjacent lifestyle categories introduce new consumers

    …AND ADJACENT LIFESTYLE CATEGORIES INTRODUCE NEW CONSUMERS TOTAL ADDRESSABLE MARKET ILLUSTRATIVE CROSS-SECTION OF COUNTRY LIFESTYLE CONSUMERS4 200M+ 83M 40M Global country lifestyle1 PRO BULL FISHING RIDING FANS ENTHUSIASTS 175M+ Global country music2 40M 20M PRO RODEO WYOMING & FANS MONTANA TOURIST

17. Slide 17: Future growth opportunities organized into core verticals

    FUTURE GROWTH OPPORTUNITIES ARE ORGANIZED INTO CORE VERTICALS Venues & Live Artist Partnerships Direct-to-Consumer Experiences & Ventures & Content Iconic venues & experiences Unique relationships with Country lifestyle content & in key markets country artists omnichannel distribution 17

18. Slide 18: This strategy has delivered superior value for shareholders

    THIS STRATEGY HAS DELIVERED SUPERIOR VALUE FOR OUR SHAREHOLDERS Total annualized shareholder return1 $9.7B TOTAL ENTERPRISE VALUE3 +1,650 +1,200 +1,140 +1,300 BASIS POINTS BASIS POINTS BASIS POINTS BASIS POINTS 2013 – 2023E: VS. FTSE INDEX VS. FTSE INDEX VS. FTSE INDEX VS. FTSE INDEX 40.4% 8.5% REVE

19. Slide 19: GET/RHP total shareholder return since May 2001

    THIS STRATEGY HAS DELIVERED SUPERIOR VALUE FOR OUR SHAREHOLDERS GET/RHP total shareholder return since May 2001 indexed to $1001,2 $686 12/31/2023 $430 12/31/2023 $100 5/1/2001 1/2001 5/1/2001 5/1/2003 5/1/2005 5/1/2007 5/1/2009 5/1/2011 5/1/2013 5/1/2015 5/1/2017 5/1/2019 5/1/2021 5/1/2023 Stock pr

20. Slide 20: Delivering Superior Growth

    DELIVERING SUPERIOR GROWTH  20

21. Slide 21: Unique model drives growth through customer loyalty and disciplined capital deployment

    UNIQUE MODEL DRIVES SUPERIOR GROWTH & VALUE THROUGH CUSTOMER LOYALTY & DISCIPLINED CAPITAL DEPLOYMENT Disciplined capital Group deployment Purpose-built asset base Leading financial Customer satisfaction Customer results & retention 21

22. Slide 22: Focus on the large group customer

    FOCUS ON THE LARGE GROUP CUSTOMER Large group customer focus  Peer-leading group exposure  Longer lease model  Earnings stability  Industry tailwinds 22

23. Slide 23: Large group customer creates a longer lease model

    FOCUS ON THE LARGE GROUP CUSTOMER CREATES A “LONGER LEASE” MODEL WITH SUPERIOR VISIBILITY… Group business accounts for approximately 74% of …and has an average booking window of total room nights… approximately 3 years GAYLORD HOTELS BRAND GAYLORD HOTELS BRAND AVERAGE BOOKING ROOM NIGHT SEGMENTATION

24. Slide 24: And stability through the cycle

    …AND STABILITY THROUGH THE CYCLE Attrition & cancellation fees reduce volatility through the cycle ATTRITION & CANCELLATION FEES, SAME-STORE HOSPITALITY PORTFOLIO1 (DOLLARS IN MILLIONS) GFC2 COVID-19 pandemic 78% 75% 76% 75% 76% $57 73% 73% 74% 72% 72% 71% 72% 71% 66% $48 66% $43 $33 $28 40% $18 $15

25. Slide 25: Group segment has rapidly recovered from pandemic lows

    THE GROUP SEGMENT HAS RAPIDLY RECOVERED FROM PANDEMIC LOWS… October 2023 marked the highest monthly group demand in 5 years TOTAL GROUP DEMAND, UPPER UPSCALE & LUXURY1 (GROUP ROOM NIGHTS IN MILLIONS) October 2019: October 2023: 10 9.31M room nights 9.34M room nights 9 8 7 6 5 4 3 2 1 - May 19 Jul 19

26. Slide 26: Led by the largest meetings, our sweet spot

    …LED BY THE LARGEST MEETINGS, OUR SWEET SPOT Industry wide, the largest meetings have driven growth… …and over the same period, Gaylord Hotels has grown its RevPAR Index 15 points INDUSTRY GROUP GAYLORD HOTELS GROUP GAYLORD HOTELS AVERAGE SEGMENTATION BY SIZE1 SEGMENTATION BY SIZE2 REVPAR INDEX3 20%

27. Slide 27: Portfolio of premier destination assets

    PORTFOLIO OF PREMIER DESTINATION ASSETS Purpose-built asset base  Attractive markets  Meeting space-to- rooms leaders  Resort amenities  Proprietary holiday programming 27

28. Slide 28: All under one roof asset base

    “ALL UNDER ONE ROOF” ASSET BASE CREATES UNIQUE DESTINATIONS FOR GROUP & LEISURE GUESTS… Gaylord Gaylord Gaylord Gaylord Gaylord JW Marriott Property Opryland Palms Texan National Rockies Hill Country Location Nashville Orlando Dallas Washington, D.C. Denver San Antonio Rooms 2,888 1,718 1,814 1,996

29. Slide 29: Attractive top meetings and leisure markets

    …IN ATTRACTIVE TOP MEETINGS & LEISURE MARKETS POISED FOR CONTINUED GROWTH TOP MARKETS: Concentration in markets with strong population growth, 1 Orlando accelerating economics and ample & expanding airlift 2 Nashville 3 San Diego 4 Las Vegas 5 Chicago 6 Atlanta 7 Dallas 8 Austin 9 Phoenix 10 Denver

30. Slide 30: Extensive meeting space drives industry-leading group capacity

    EXTENSIVE MEETING SPACE DRIVES INDUSTRY-LEADING GROUP CAPACITY… Gaylord Hotels account for 5 of the top 10 non-gaming hotels by meeting space1 Meeting space Meeting space Property Location Rooms (S.F.) per room (S.F.) 1 Gaylord Opryland Nashville 2,888 640,000 222 2 Gaylord National Washington, D.C.

31. Slide 31: More than 2x our lodging REIT peers

    …MORE THAN 2X OUR LODGING REIT PEERS Group capacity meaningfully exceeds that of our lodging REIT peers MEETING SPACE TO ROOMS RATIO (S.F.) FOR HOTELS WITH 1,000+ ROOMS OR 150,000+ S.F. OF MEETING SPACE1 254 195 Lodging REIT peer group ex. RHP = 122 S.F. per room 122 114 59 RHP SHO HST PK DRH PEB XH

32. Slide 32: Resort amenities and holiday programming induce leisure demand

    RESORT AMENITIES & PROPRIETARY HOLIDAY PROGRAMMING INDUCE LEISURE DEMAND DURING GROUP NEED PERIODS Complementary transient business sustains full year occupancy in excess of 75% GAYLORD HOTELS PRE-PANDEMIC DEMAND BY SEGMENT (2017-2019 AVERAGE) (ROOM NIGHTS IN 000’s; GROUP NEED PERIODS SHADED)1 Sprin

33. Slide 33: Competitive supply is structurally limited

    …AND COMPETITIVE SUPPLY IS STRUCTURALLY LIMITED Only 8 large group hotels have opened in the last 20 years, & The state of “big box” we own 4 of them; only 3 such hotels currently in development development NON-GAMING HOTELS WITH >150,000 S.F. OF MEETING SPACE  Limited developer base (asset-light C

34. Slide 34: Portfolio operating model drives satisfaction and retention

    PORTFOLIO OPERATING MODEL DRIVES SATISFACTION & RETENTION Customer satisfaction & retention  Single-manager model  Meaningful recurring revenue base 34

35. Slide 35: Single-manager model increases group customer retention

    SINGLE-MANAGER OPERATING MODEL ALIGNS ECONOMIC INCENTIVES, INCREASING GROUP CUSTOMER RETENTION… Multiyear agreements comprise 55% of new Nearly 70% of new production has traveled production; 29% rotates within the portfolio within the brand during the last 2 years NEW GROUP ROOM NIGHT PRODUCTION, 20

36. Slide 36: Meaningful recurring business

    …AND, TOGETHER WITH REPEAT LEISURE STAYS, DRIVING MEANINGFUL RECURRING BUSINESS RECURRING REVENUE BASE (% OF TOTAL REVENUE) Model assumes:  Recurring group business generates ~70% of group rooms revenue  Recurring leisure business generates ~16% of leisure rooms revenue ~49% RECURRING  ~$1.50 out

37. Slide 37: Peer-leading results

    PEER-LEADING RESULTS Leading financial results  Leading RevPAR & Total RevPAR Index  Superior profitability to peers  Strong production 37

38. Slide 38: Industry-leading Total RevPAR and profitability

    THESE FOUNDATIONAL STRENGTHS DRIVE INDUSTRY-LEADING TOTAL REVPAR & PROFITABILITY… Out-of-room spend drives RHP Total RevPAR …and a superior profitability profile penetration to peers of >140%... TOTAL REVPAR COMPARISON HOTEL ADJUSTED EBITDA PER ROOM1 $453 TTM$453 Q3 2023 34.2% 30.8% 28.6% $278 $322

39. Slide 39: 2023E operating results

    ...WHICH WE ARE SEEING IN OUR 2023E OPERATING RESULTS… YOY SAME-STORE REVPAR & HOSPITALITY SAME-STORE HOSPITALITY TOTAL REVPAR GROWTH1 PROFTABILITY1,2 PROFITABILITY2 (DOLLARS IN MILLIONS) (DOLLARS IN MILLIONS) 34.0% +11.6% 34.2% 33.3% 33.3% $623 $595 SAME-STORE REVPAR 23.4% 23.0% $513 $513 20.2% 20.

40. Slide 40: Record new hotel bookings production

    …AND RECORD NEW HOTEL BOOKINGS PRODUCTION RESULTS… SAME-STORE NEW DEFINITE ROOMS SAME-STORE NEW DEFINITE ADR REVENUE PRODUCTION FOR ALL FUTURE YEARS1 PRODUCTION FOR ALL FUTURE YEARS1 (DOLLARS IN MILLIONS) ALL-TIME ALL-TIME RECORD RECORD +35% +26% VS. 2019 $705 VS. 2019 $268 $592 $247 $524 $488 $220

41. Slide 41: Strong on-the-books business

    …RESULTING IN STRONG ON-THE-BOOKS BUSINESS As of year-end 2023, we have $1.9 billion rooms revenue on the books for all future years SAME-STORE ROOMS REVENUE ON THE BOOKS1 +11% (DOLLARS IN MILLIONS) VS. PRE-PANDEMIC +18% $454 VS. PRE-PANDEMIC +17% $410 $420 VS. PRE-PANDEMIC +15% $382 VS. PRE-PANDEMI

42. Slide 42: Recent investments position us for future growth

    OUR RECENT INVESTMENTS POSITION US WELL TO CONTINUE TO DRIVE GROWTH IN THE FUTURE We have deployed more than $2 billion since 2018 into growth-oriented investments SELECTED CAPITAL DEPLOYMENT, 2018-2024E1 (DOLLARS IN MILLIONS) $800M JW Hill Country $45M Ole Red Las Vegas (estimated) $845 $235M Gaylo

43. Slide 43: Disciplined capital investment drives growth and value creation

    DISCIPLINED CAPITAL INVESTMENT DRIVES GROWTH & VALUE CREATION Disciplined capital deployment  Enhancements & expansions  New unit growth  Long-term value creation through OEG 43

44. Slide 44: Disciplined capital investment drives future growth

    DISCIPLINED CAPITAL INVESTMENT DRIVES FUTURE GROWTH & VALUE CREATION 1 2 3 Organic Growth New Unit Growth OEG Value Creation Enhancements & Expansions Acquisitions & Development Scale & Standalone Valuation High-return investments that are replicable Platform expansions : OEG growth & scale: across

45. Slide 45: Gaylord Texan case study

    OUR ENHANCEMENTS & EXPANSIONS ARE REPLICABLE, HIGH-RETURN PROJECTS GAYLORD TEXAN CASE STUDY GAYLORD TEXAN HISTORICAL PROFITABILITY & REINVESTMENT1 (DOLLARS IN MILLIONS) Reinvestment Spend Original development (2004) $478 $135 Parking expansion (2005) 11 $112 Glass Cactus entertainment venue (2006) 1

46. Slide 46: JW Hill Country opportunity

    ACQUISITIONS EXPAND THE PHYSICAL GROWTH PLATFORM BASE JW HILL COUNTRY OPPORTUNITY STRATEGIC ALIGNMENT; “CHECKS ALL THE BOXES”  1,002-room hotel with 268,000 S.F. of meeting space and 60/40 group/transient segmentation  Rapidly-growing San Antonio ranked as #15 meetings market by Cvent  Golf & wat

47. Slide 47: Key Takeaways

    KEY TAKEAWAYS  Strategy built on long-term customer relationships  Industry-leading growth & forward visibility  Recurring revenue model reduces risk & volatility  Tangible path to sustained organic growth  Long-term value creation opportunity in the OEG business 47

48. Slide 48: Creating Value in the Hospitality Business

    CREATING VALUE IN THE HOSPITALITY BUSINESS  48

49. Slide 49: Portfolio approach

    Hotel Destination convention resorts in compelling assets markets that are similar in scale and offering Serving multi-year rotational group customers & leisure Customers: group & travelers seeking unique staycation experiences, there is leisure tremendous uniformity in our customer base Portfolio a

50. Slide 50: Pure-play strategy enables us to approach business differently

    OUR PURE-PLAY STRATEGY ENABLES US TO APPROACH THE BUSINESS DIFFERENTLY This inimitable approach sustains our competitive advantage: Better than Unique to RHP competition Portfolio-based team deployment Customer knowledge Manager engagement Investment strategy 50

51. Slide 51: Portfolio-based team deployment: do more with less

    OUR INIMITABLE APPROACH BEGINS WITH A PORTFOLIO-BASED TEAM DEPLOYMENT… ENABLING US TO DO MORE WITH LESS  Our peers in the Lodging-REIT space COO typically have a much larger organization1 Asset Mgmt Design  Teams are normally siloed by function & Investments & Construction  Asset management teams

52. Slide 52: Asset management and design and construction scale

    Scale Scale Expedited Efficiency knowledge-building Expedited Portfolio-based knowledge-building decision making Drives Drives synergies portfolio consistency across portfolio Talent development Relative performance & retention highlights opportunities Asset Design & Management Construction 52

53. Slide 53: Unrivaled collaboration and shared accountability

    …AND FOSTERS UNRIVALED COLLABORATION & SHARED ACCOUNTABILITY Greater project collaboration Minimized construction disruption Shared ROI accountability More efficient resource allocation Streamlined replication of strong investments Asset Gained Design & Management Synergies Construction 53

54. Slide 54: The RHP Way

    WITHIN THIS UNIQUE STRUCTURE, WE’VE DEVELOPED A PROVEN WAY FOR DRIVING GROWTH: THE RHP WAY Portfolio-based team deployment enables: 1 Customer knowledge 2 Manager engagement 3 Investment strategy 54

55. Slide 55: The RHP Way

    WITHIN THIS UNIQUE STRUCTURE, WE’VE DEVELOPED A PROVEN WAY FOR DRIVING GROWTH: THE RHP WAY Portfolio-based team deployment enables: 1 Customer knowledge 2 Manager engagement 3 Investment strategy 55

56. Slide 56: Multi-dimensional understanding of customer needs

    THE RHP WAY BEGINS WITH A MULTI-DIMENSIONAL UNDERSTANDING OF CUSTOMER NEEDS We invest significantly in both research and customer relationship building Primary Research  Relationship-building events =  Industry-focused validation of findings  Portfolio-focused  We analyze customer feedback to id

57. Slide 57: Industry research is the foundation of customer knowledge

    INDUSTRY RESEARCH IS THE FOUNDATION OF OUR CUSTOMER KNOWLEDGE Example: Our pre- & post-COVID research projects growing industry strength:1 % OF MEETING PLANNERS WITH “HIGHER” OR “MUCH HIGHER” EXPECTATIONS OVER THE NEXT 3-5 YEARS 60% 50% 45% 46% 43% 41% 39% 34% 34% 28% 25% 19% Average Average Average

58. Slide 58: Portfolio research refines our strategic roadmap

    PORTFOLIO RESEARCH GIVES US CRITICAL DATA TO REFINE OUR STRATEGIC ROADMAP Example: Portfolio research in 2019/2022 identified key focus areas:1 Space elements  Quality breakout and ballroom space are paramount Property amenities  Expanded F&B options, on and off property, are essential  Elevated

59. Slide 59: Property research determines market preferences

    PROPERTY RESEARCH HELPS DETERMINE MARKET PREFERENCES Example: JW Hill Country customer research on customer preferences Food & Beverage  Remix current products; enhance favorites; add new offerings Function space  Create unique indoor & outdoor reception spaces Size  Add guestrooms & meeting spac

60. Slide 60: Strong customer relationships provide real-time feedback

    …AND OUR STRONG CUSTOMER RELATIONSHIPS PROVIDE REAL-TIME FEEDBACK AND RESEARCH VALIDATION Unique among our lodging REIT peers, we create multiple customer events… where we listen & gain valuable customer insights1 GARTH BROOKS PRIVATE CONCERT COUNTRY MUSIC AWARD SHOW 3FORKS RANCH RETREAT ~$180M NEW

61. Slide 61: Knowing where to engage

    KNOWING WHERE TO ENGAGE IS THE SECOND COMPONENT OF THE RHP WAY Portfolio-based team deployment enables: 1 Customer knowledge 2 Manager engagement 3 Investment strategy 61

62. Slide 62: Customer knowledge drives where we engage

    THE CUSTOMER KNOWLEDGE WE GAIN, COUPLED WITH OUR ANALYSIS, DRIVES WHERE WE ENGAGE 2 Manager engagement Key examples:  COVID rebooking thesis: Maintaining & honoring relationships  Gaylord Palms expansion: Industry will come back  Gaylord National F&B repositioning: Refining the operating model 

63. Slide 63: COVID rebooking of group room nights

    AS COVID BEGAN, WE RECOGNIZED THE LONG-TERM CRITICALITY OF MAINTAINING OUR CUSTOMER RELATIONSHIPS GAYLORD HOTELS COVID-19 REBOOKED GROUP ROOM NIGHTS (IN 000’s) Accordingly, our manager retained & expanded our sales team to preserve those 355 2.1M+ relationships & acquire top industry talent; 333 ROO

64. Slide 64: Gaylord Palms expansion during COVID

    …AND WE KNEW OUR CUSTOMERS NEEDED TO MEET… SO WE NEVER DOUBTED A GROUP RECOVERY Accordingly, we had the confidence to proceed with the Gaylord Palms expansion… JANUARY 23, 2020 JULY 14, 2020 EXPANSION OPEN JULY 2021 64

65. Slide 65: Gaylord Palms investment paid off

    THE INVESTMENT PAID OFF; GAYLORD PALMS 2022 ADJUSTED EBITDAre EXCEEDED OUR 2022 EXPANSION UNDERWRITING EXPECTATIONS BY 19%1 1. Gaylord Palms operating income in 2022 was $64 million. Adjusted EBITDAre is a non-GAAP measure. An explanation for this non-GAAP measure and a reconciliation to its most di

66. Slide 66: Retooling Gaylord National F&B

    WE DIDN’T STOP THERE; WE USED THE COVID CRISIS TO RETOOL GAYLORD NATIONAL’S F&B AND DRIVE PROFITABILITY +380 +600 BASIS POINTS BASIS POINTS F&B MARGIN GUEST SATISFACTION 2023E vs. 2019 2023 VS. 2019 NEW GAYLORD NATIONAL: NEW GAYLORD NATIONAL: POTOMAC DISTRICT CAFÉ & MARKET HARBOR SOCIAL 66

67. Slide 67: Incremental transient pricing power

    AS COVID FADED, WE REINFORCED THE NEED TO PURSUE ANOTHER OPPORTUNITY… INCREMENTAL TRANSIENT PRICING POWER GAYLORD HOTELS AVERAGE INDEX TO COMP SET, 20191 Transient customers recognized the uniqueness of our assets & were willing 159% to pay higher room rates  2019 RevPAR Index was strong; we knew 1

68. Slide 68: Bold transient pricing strategy continues to pay off

    OUR BOLD TRANSIENT PRICING STRATEGY CONTINUES TO PAY OFF Gaylord Hotels are significantly outperforming the Upper Upscale & Luxury competition in transient ADR growth since 2019 GAYLORD HOTELS VS. UPPER UPSCALE & LUXURY TRANSIENT ADR GROWTH, YTD NOVEMBER 2023 VS. SAME TIME 20191 57.0% 45.9% 44.0% 40

69. Slide 69: Gaylord Opryland transient ADR index share

    AS AN EXAMPLE, GAYLORD OPRYLAND GREW TRANSIENT ADR INDEX SHARE EVEN AS NASHVILLE’S ROOM SUPPLY INCREASED ~30% Our early 2021 rate success in other markets provided confidence to close the rate gap to downtown rates despite Nashville’s new supply GAYLORD OPRYLAND VS. NASHVILLE CBD UPPER UPSCALE & LUX

70. Slide 70: Transient demand less elastic; what about group?

    SINCE TRANSIENT DEMAND HAS BEEN PROVEN TO BE LESS ELASTIC, WHAT ABOUT GROUP? With our ongoing investment in enhancing the value proposition, the drivers of the Brand’s transient rate growth should translate to group We presented this thesis to the Gaylord Hotels sales Transient rate driver Group rat

71. Slide 71: Bolder group pricing strategy unlocked over next few years

    WE ARE ONLY GETTING STARTED…OUR BOLDER GROUP PRICING STRATEGY WILL BE UNLOCKED OVER THE NEXT FEW YEARS… Group production ADR growth accelerated over the past two years; however, the booking window limits real-time validation GAYLORD HOTELS NEW DEFINITE GROUP ADR1 GAYLORD HOTELS AVERAGE INDEX TO COMP

72. Slide 72: Group ADR on the books

    ONLY 19% OF THE GROUP BUSINESS BOOKED POST-FEBRUARY 2022 HAS ACTUALIZED, SO THERE IS MORE GROUP RATE GROWTH COMING We are on pace for the majority of 2025 bookings to reflect a more aggressive pricing strategy SAME-STORE GROUP ADR ON THE BOOKS1 +18% +16% VS. PRE-PANDEMIC +16% VS. PRE-PANDEMIC +16% +

73. Slide 73: Ryman-izing JW Marriott San Antonio Hill Country

    WE ARE BEGINNING TO “RYMAN-IZE” JW MARRIOTT SAN ANTONIO HILL COUNTRY We have been disciplined over the years, searching for the right hotel platform that could be transformed by THE RHP WAY Short-term opportunities:  Portfolio-negotiated vendor contracts  Addition of Holiday programming (i.e., ICE

74. Slide 74: Highly informed investment strategy

    THE THIRD COMPONENT OF THE RHP WAY IS A HIGHLY INFORMED INVESTMENT STRATEGY Portfolio-based team deployment enables: 1 Customer knowledge 2 Manager engagement 3 Investment strategy 74

75. Slide 75: Confidence in where to invest

    THROUGH OUR ITERATIVE APPROACH, WE EMERGE WITH TREMENDOUS CONFIDENCE IN WHERE TO INVEST 3 Investment strategy INVESTMENT OPPORTUNITY = MANAGER ENGAGEMENT, CUSTOMER KNOWLEDGE Customer knowledge Superior customer satisfaction > investment Manager engagement 75

76. Slide 76: High-return projects replicated across the portfolio

    OUR INFORMED INVESTMENT STRATEGY IS BUILT ON HIGH-RETURN PROJECTS THAT CAN BE REPLICATED ACROSS THE PORTFOLIO Replicate Identify the the results opportunity Pursuing higher returns with lower risk Measure Test the the results hypothesis 76

77. Slide 77: SoundWaves hypothesis

    OUR SOUNDWAVES HYPOTHESIS: A UNIQUE LEISURE ASSET THAT COULD INDUCE DEMAND WHERE GROUP COULD NOT…  SoundWaves amplified transient ADR growth, in a competitive Nashville market GAYLORD ROCKIES  Opportunities to replicate at Gaylord Rockies & Gaylord Texan GAYLORD TEXAN 77

78. Slide 78: Identified >$1B of replicable high-return investment opportunities

    WE HAVE IDENTIFIED >$1B OF REPLICABLE, HIGH-RETURN INVESTMENT OPPORTUNITIES; NOW IS THE TIME TO PURSUE THEM 1 Our research shows meeting planners are optimistic on future trends Our assets are in high-quality markets, with 2 limited new large group competitive supply We have several proven projects

79. Slide 79: Prioritizing investment opportunities by property

    WE HAVE PRIORITIZED THE ATTRACTIVENESS OF EACH INVESTMENT OPPORTUNITY BY PROPERTY 1. Which Property? 2. Which Project? Overall Ranking Criteria M Criteria N Criteria G Criteria D Criteria H Criteria A Criteria B Criteria K Criteria C Criteria E Criteria F Criteria L Criteria J Criteria I Nashville 5

80. Slide 80: Potential >$1B investment roadmap

    OUR POTENTIAL INVESTMENT OF >$1B WOULD ENHANCE THE VALUE PROPOSITION FOR OUR CUSTOMERS Over the next 4 years, our investment strategy would follow the roadmap below: Gaylord Gaylord Gaylord JW Hill Gaylord Gaylord Opryland Rockies Texan Country Palms National  NEW sports bar  NEW rooms  NEW Sound

81. Slide 81: Growth opportunities for Gaylord Opryland

    WE SEE SIGNIFICANT GROWTH OPPORTUNITIES FOR GAYLORD OPRYLAND… Already successful, we believe Gaylord Opryland delivers among the highest Adjusted EBITDAre of non-gaming hotels in the U.S.  Nashville continues to grow as a top meetings destination  Our analysis indicates Gaylord Opryland has signif

82. Slide 82: Three main opportunities at Gaylord Opryland

    GAYLORD OPRYLAND TOPS OUR LIST WITH 3 MAIN OPPORTUNITIES FOR GROWTH Additional carpeted meeting Higher F&B outlet seat count to Upgraded existing meeting space space to attract premium address & resolve inadequate to increase corporate mix corporate groups supply CARPETED MEETING SPACE F&B OUTLET RE

83. Slide 83: Transforming the meeting space at Gaylord Opryland

    BEFORE: WE START BY TRANSFORMING GAYLORD OPRYLAND THE MEETING SPACE GOVERNOR’S BALLROOM AT GAYLORD OPRYLAND  Repositioning effort to begin in 2024  Phase 1 will complete transformation of the Governor’s and Presidential meeting spaces: REPRESENTING: 133,000 SQUARE FEET ~40% OF TOTAL CARPETED MEETI

84. Slide 84: Governor's Ballroom first priority

    GAYLORD OPRYLAND’S GOVERNOR’S BALLROOM IS THE FIRST PRIORITY… AFTER: GAYLORD OPRYLAND GOVERNOR’S BALLROOM 84 COMING 2024

85. Slide 85: Presidential pre-function space design

    THE DESIGN OF PRESIDENTIAL PRE-FUNCTION SPACE WILL BE TRANSFORMATIONAL… BEFORE: AFTER: GAYLORD OPRYLAND GAYLORD OPRYLAND PRESIDENTIAL PRE-FUNCTION PRESIDENTIAL PRE-FUNCTION COMING 2025 85

86. Slide 86: Open, modern spaces that drive booking decisions

    …TO OPEN, MODERN & SOPHISTICATED SPACES THAT DRIVE MEETING PLANNER BOOKING DECISIONS AFTER: GAYLORD OPRYLAND PRESIDENTIAL PRE-FUNCTION COMING 2025 86

87. Slide 87: Gaylord Opryland F&B outlet transformation

    GAYLORD OPRYLAND’S F&B OUTLET TRANSFORMATION BEGINS WITH ADDING A PREMIUM SPORTS BAR, EVENT LAWN & EVENT PAVILION… GAYLORD OPRYLAND MAGNOLIA POOL COURTYARD 87 TARGETED OPENING 2026

88. Slide 88: Transforming underutilized space into a selling point

    …WHICH WILL COMPLETELY TRANSFORM UNDERUTILIZED SPACE IN THE RESORT & BECOME A MAJOR SELLING POINT WITH CUSTOMERS Garden Atrium New sports bar features: Delta Atrium ~550 SEATS 12,000 Delta Sports Bar / Event Lawn S.F. EVENT LAWN Ballroom & Event Pavilion 3,000 S.F. EVENT PAVILION Governors President

89. Slide 89: Additional carpeted meeting space

    GAYLORD OPRYLAND IS ALSO DESIGNING ADDITIONAL CARPETED MEETING SPACE TO ATTRACT MORE PREMIUM, CORPORATE GROUPS Garden Atrium Potential expansion features: Delta Atrium ~53,000 NET NEW S.F. CARPETED MEETING SPACE Delta Sports Bar / Event Lawn INCLUDING: Ballroom & Event Pavilion ~21,000 S.F. CARPETED

90. Slide 90: Meeting space expansion drives bookings and profitability

    THIS SPACE EXPANSION WOULD DRIVE GROUP BOOKING DECISIONS & PROFITABILITY, AS PROVEN AT GAYLORD PALMS & GAYLORD TEXAN GAYLORD OPRYLAND POTENTIAL MEETING SPACE EXPANSION CONCEPTUAL OPENING 2027 90

91. Slide 91: Key investments at Gaylord Rockies

    WE ARE MAKING KEY INVESTMENTS TO GENERATE SIGNIFICANT RETURNS AT GAYLORD ROCKIES…  Gaylord Rockies had post- construction opportunities, particularly in the Grand Lodge, where customers advocated for more unique areas to gather, eat & drink…  The space in the Grand Lodge is highly valuable space b

92. Slide 92: Unique reception and gathering spaces

    …WHICH DELIVER ON THE CUSTOMERS’ DESIRE FOR UNIQUE RECEPTION & GATHERING SPACES… WHILE DRIVING REVENUE GROWTH GAYLORD ROCKIES GRAND LODGE (BACK VIEW) COMING 2024 92

93. Slide 93: Improved restaurant concepts

    …AND IMPROVED/EXPANDED RESTAURANT CONCEPTS AND OFFERINGS GAYLORD ROCKIES GAYLORD ROCKIES NEW ENGLISH PUB OLD HICKORY BAR PUB COMING 2024 COMING 2024 93

94. Slide 94: Outdoor landscaping enhancements complete

    OUR OUTDOOR LANDSCAPING ENHANCEMENTS ARE COMPLETE GAYLORD ROCKIES GAYLORD ROCKIES OUTDOOR ENHANCEMENTS (SOUTH) OUTDOOR ENHANCEMENTS (NORTH) 94

95. Slide 95: Adding indoor/outdoor space

    …AND WE ARE ADDING SPACE TO TAKE ADVANTAGE OF CUSTOMER DESIRES FOR MORE INDOOR/OUTDOOR OFFERINGS… GAYLORD ROCKIES GROUP PAVILION (EXTERIOR VIEW) COMING 2024 95

96. Slide 96: New indoor/outdoor pavilion underway

    …SO A NEW INDOOR/OUTDOOR PAVILION IS UNDERWAY GAYLORD ROCKIES GROUP PAVILION (INTERIOR VIEW) COMING 2024 96

97. Slide 97: Construction is progressing well

    CONSTRUCTION IS Final formatting tomorrow PROGRESSING WELL Grand Lodge  On track to open before year- end 2024 DECEMBER 2023: GAYLORD ROCKIES GRAND LODGE Group pavilion  On track to open summer 2024 DECEMBER 2023: GAYLORD ROCKIES 97 GROUP PAVILION

98. Slide 98: Replicating high-return projects elsewhere in portfolio

    WE ARE ANALYZING THE OPPORTUNITY TO REPLICATE SEVERAL HIGH-RETURN PROJECTS ELSEWHERE IN THE PORTFOLIO Gaylord Rockies Gaylord Texan JW Hill Country  NEW 450-room expansion  NEW SoundWaves water  NEW rooms expansion amenity  NEW SoundWaves water  NEW meeting space expansion amenity  NEW rooms e

99. Slide 99: Investment strategy builds scale and competitive advantage

    THIS INVESTMENT STRATEGY WILL BUILD SCALE, LEVERAGE OVERHEAD, STRENGTHEN THE PORTFOLIO & GROW COMPETITIVE ADVANTAGE Replicate Identify the the results opportunity Pursuing higher returns with lower risk Measure Test the the results hypothesis 99

100. Slide 100: Key takeaways: our strategy is differentiating

     KEY TAKEAWAYS: OUR STRATEGY IS DIFFERENTIATING Customer-first approach Enhances value proposition Drives incremental demand through capital investment Replicate across portfolio This is THE RHP WAY… Strengthens competitive barrier and it delivers! 100

101. Slide 101: Scaling Opry Entertainment Group

     SCALING OPRY ENTERTAINMENT GROUP  101

102. Slide 102: COVES Hex ry.

     COVES Hex ry. ~ " sf OPRY. $Y ENTERTAINMENT GROUP OPR¥E RYMAN ae @cte a WSM auroum 809 = er ~=— eee OR ADIO < fy o te 4 a are

103. Slide 103: Stable of authentic, market-leading brands

     WE HAVE BUILT A STABLE OF AUTHENTIC, MARKET-LEADING BRANDS… Venues & Live Artist Partnerships Direct-to-Consumer Experiences & Ventures & Content Iconic venues & experiences Unique relationships Country lifestyle content & in key markets with country artists omnichannel distribution 103

104. Slide 104: Track record of growth and profitability

     …GENERATED A CONSISTENT TRACK RECORD OF SUPERLATIVEGROWTH & PROFITABILITY… ENTERTAINMENT SEGMENT REVENUE ENTERTAINMENT SEGMENT PROFITABILITY1 DOLLARS IN MILLIONS DOLLARS IN MILLIONS 17% 22% $325 5-YEAR CAGR 5-YEAR CAGR ADJUSTED EBITDAre2 $268 $100 $183 $74 $76 $147 $153 $58 $60 $44 $38 $29 $2 $20 20

105. Slide 105: Scalable growth platform with footholds in key markets

     …AND ESTABLISHED A SCALABLE GROWTH PLATFORM WITH FOOTHOLDS IN KEY ENTERTAINMENT MARKETS REVENUE BREAKDOWN BY MARKET1 2019 2024 GUIDANCE MIDPOINT Other, Las Vegas & 7% Other, 18% Austin, 22% Nashville, 60% Nashville, 93% 1. Other includes revenue from Ole Red Gatlinburg, Ole Red Tishomingo & Ole Red

106. Slide 106: Growth opportunities organized into core verticals

     FUTURE GROWTH OPPORTUNITIES ARE ORGANIZED INTO CORE VERTICALS 1 Leadership in 2 3 4 Country Music & Venues & Artist Partnerships Direct-to-Consumer Lifestyle Live Experiences & Ventures & Content  Category is reaching new heights  OEG is in the pole position to grow the category & market share 106

107. Slide 107: Popularity of live entertainment and country music at new heights

     POPULARITY OF LIVE ENTERTAINMENT – AND COUNTRY MUSIC – IS REACHING NEW HEIGHTS INDUSTRY IS LARGE IN SCALE… …WITH GROWTH EXPLODING… ….AND A BRIGHT FUTURE $28B +34% 78% LIVE MUSIC INDUSTRY YOY GROWTH IN LIVE MUSIC WOULD SPEND $100+ ON 20231 IN 20232 CONCERT TICKETS IN 20246 $1B +55% 92% TICKET SALES T

108. Slide 108: Country music and western culture influence a broader lifestyle

     COUNTRY MUSIC & WESTERN CULTURE HAS INFLUENCED A BROADER COUNTRY LIFESTYLE PHENOMENON EVERY COUNTRY MUSIC RECORD BROKEN ON THE ALL-GENRE HOT 100 IN 2023 COUNTRY MUSIC’S SUMMER OF STREAMING DOMINATION OFFICIALLY THE MOST-WATCHED SCRIPTED SHOW ON TELEVISION1 WE’RE HAVING A COWBOY MOMENT A CULTURAL MAS

109. Slide 109: Adjacent lifestyle categories introduce new consumers

     ADJACENT LIFESTYLE CATEGORIES INTRODUCE NEW CONSUMERS TOTAL ADDRESSABLE MARKET ILLUSTRATIVE CROSS-SECTION OF COUNTRY LIFESTYLE CONSUMERS4 200M+ 83M 40M Global country lifestyle1 PRO BULL FISHING RIDING FANS ENTHUSIASTS 175M+ Global country music2 40M 20M PRO RODEO WYOMING & FANS MONTANA TOURISTS 150

110. Slide 110: OEG in pole position to grow category and fan reach

     OEG IS IN THE POLE POSITION TO GROW BOTH THE CATEGORY & FAN REACH 2018 2023 PROJECTED LONG TERM 8% FAN REACH 15% FAN REACH 25% FAN REACH 11M 23M 50M+ FANS1 FANS1 FANS1 139M 150M 200M+ TOTAL U.S. COUNTRY U.S. COUNTRY MUSIC FANS2 ADDRESSABLE MUSIC FANS MARKET3 OEG fan reach market share 1. CMA Insight

111. Slide 111: Differentiated portfolio of iconic venues and brands

     DIFFERENTIATED PORTFOLIO OF ICONIC VENUES & BRANDS 2 1 Venues & 3 4 Live Experiences Leadership in Country Music Artist Partnerships Direct-to-Consumer & Lifestyle  Iconic venues & brands & Venues & Content in top music markets  Dual focus on stewardship & operational excellence 111

112. Slide 112: Venues and brands are market leaders in key markets

     OUR VENUES & BRANDS ARE MARKET LEADERS IN KEY ENTERTAINMENT MARKETS, AND CONTINUE TO GENERATE ROBUST GROWTH THE MOTHER CHURCH OF THE SHOW THAT MADE COUNTRY AUSTIN CITY LIMITS – THE LONGEST- COUNTRY MUSIC MUSIC FAMOUS RUNNING MUSIC TV PROGRAM NASHVILLE NASHVILLE AUSTIN 265 VENUE OF 13% 240 THEATER OF

113. Slide 113: The Ryman

     THE RYMAN: WORLD FAMOUS STAGE. MUSIC MUSEUM. MOTHER CHURCH 260+ CONCERTS AND SHOWS EACH YEAR  National Historic Landmark built 1892, second oldest in the U.S. to Carnegie Hall  2,362-seat live-performance venue revered by artists and fans  A coveted under-play, iconic stage has hosted Elvis Presl

114. Slide 114: Grand Ole Opry

     GRAND OLE OPRY: THE SHOW THAT MADE COUNTRY MUSIC FAMOUS 240+ 2,200+ LIVE SHOWS ARTIST & CONCERTS PER YEAR APPEARANCES  #1 live music fan experience in Nashville  3x+ weekly live shows featuring today’s A-list artists and hitmakers, country legends & tomorrow’s stars  World’s longest running live

115. Slide 115: Block 21 extends footprint into Austin

     RECENTLY ACQUIRED BLOCK 21 EXTENDS OUR FOOTPRINT INTO AUSTIN NASHVILLE AUSTIN “MUSIC CITY” BY THE NUMBERS “LIVE MUSIC CAPITAL” BY THE NUMBERS 180+ 250+ LIVE MUSIC LIVE MUSIC VENUES VENUES $9.2B $8.2B TOURIST SPEND1 TOURIST SPEND2 22M 22M AIRPORT TRAVELERS3 AIRPORT TRAVELERS4 +20% +27% AIRPORT TRAVEL

116. Slide 116: ACL Live Moody Theater & Block 21

     ACL LIVE MOODY THEATER & BLOCK 21  The premier destination for all genres of live music in Austin, TX  Permanent home for Austin City Limits, the longest- running acclaimed PBS Television music series  2,750-person capacity performance theater  3TEN, an adjacent, 350-person capacity showcase roo

117. Slide 117: Dual focus on stewardship and operational excellence

     DUAL FOCUS ON STEWARDSHIP & OPERATIONAL EXCELLENCE ENSURES RELEVANCE & CREATES GROWTH OPPORTUNITIES Artist Relationships Marketing OEG VALUE Preservation & CREATION Sponsorship & Development Hospitality Ancillary Ticketing Revenue 117

118. Slide 118: Artist relationships and marketing

     DUAL FOCUS ON STEWARDSHIP & OPERATIONAL EXCELLENCE ENSURES RELEVANCE & CREATES GROWTH OPPORTUNITIES Artist Relationships  Talented lineups  Block booking  Show count OEG VALUE CREATION Marketing  Sell-through  Consumer touchpoints  CRM databases 118

119. Slide 119: Sponsorship, hospitality and ticketing

     DUAL FOCUS ON STEWARDSHIP & OPERATIONAL EXCELLENCE ENSURES RELEVANCE & CREATES GROWTH OPPORTUNITIES Sponsorship & Hospitality  Private events  Suites & VIP  Sponsorships OEG VALUE CREATION Ticketing  Dynamic pricing  Ticketing fees  Secondary sales 119

120. Slide 120: Ancillary revenue and preservation & development

     DUAL FOCUS ON STEWARDSHIP & OPERATIONAL EXCELLENCE ENSURES RELEVANCE & CREATES GROWTH OPPORTUNITIES Ancillary Revenue  F&B  Tour offering  Retail & e-commerce OEG VALUE CREATION Preservation & Development  Venue enhancements  Expansions 120

121. Slide 121: Venue spotlight: Block 21 and ACL Live

     VENUE SPOTLIGHT – DRIVING REVENUE & MARGIN SYNERGIES IN BLOCK 21 & ACL LIVE BLOCK 21 & ACL LIVE OPPORTUNITIES ARTIST RELATIONSHIPS MARKETING  Target show count: +15%  New website  Block booking with Ryman  10x CRM database growth Auditorium TICKETING SPONSORSHIP & HOSPITALITY  Platform integrat

122. Slide 122: Block 21 investments enhance upside

     BLOCK 21 INVESTMENTS WILL FURTHER ENHANCE OUR UPSIDE OPPORTUNITY ACL LIVE ENCLOSED PRIVATE EVENT SPACE ACL LIVE PRIVATE EVENT SPACE STREET VIEW 122

123. Slide 123: Block 21 investments enhance upside

     BLOCK 21 INVESTMENTS WILL FURTHER ENHANCE OUR UPSIDE OPPORTUNITY W AUSTIN HOTEL LOBBY W AUSTIN RESTAURANT 123

124. Slide 124: Artist Partnerships & Ventures vertical

     FUTURE GROWTH OPPORTUNITIES ARE ORGANIZED INTO CORE VERTICALS 3 1 2 Artist Partnerships 4 & Ventures Leadership in Country Music Venues & Direct-to-Consumer & Lifestyle Live Experiences & Content  Unique value proposition for the artist community  Investment in collaborations beyond performance 12

125. Slide 125: Opry membership and iconic venues represent career milestones

     OPRY MEMBERSHIP & PERFORMING AT OUR ICONIC VENUES REPRESENT CAREER MILESTONES Blake Shelton Carrie Underwood Carly Pearce Luke Combs  Opry debut: 2001  Opry debut: 2005  Opry debut: 2015  Opry debut: 2016  Opry membership: 2010  Opry membership: 2008  Opry membership: 2021  Opry membership:

126. Slide 126: Model adds value through artist development

     OUR MODEL ADDS INCREMENTAL VALUE THROUGH DEVELOPMENT OPPORTUNITIES FOR RISING ARTISTS & BRAND BUILDING BEYOND PERFORMANCE Invitation Opry NextStage Membership Opry Debut 72 226 Partnership LIVING OPRY LIFETIME MEMBERS TODAY TOTAL ARTISTS OF TODAY, SUPERSTARS AND LEGENDS LAUREN ALAINA KELSEA BALLERIN

127. Slide 127: Development platform spotlight: rising artists

     DEVELOPMENT PLATFORM SPOTLIGHT – OUR SUPPORT OF RISING ARTISTS EARLY IN THEIR CAREERS ESTABLISHES DEEP LONG-TERM RELATIONSHIPS LAINEY WILSON SPOTIFY LISTENERS MONTHLY (MILLIONS)1 5x CMA Award winner 7M followers “Opry NextStage holds a special place in my heart #1 Billboard because it's all about “N

128. Slide 128: Artist network has loyal following and huge reach

     OUR ARTIST NETWORK HAS A LOYAL FOLLOWING AND HUGE REACH BEYOND JUST OUR FAN BASE 62M 7M DUSTIN LYNCH 75+ OPRY PERFORMANCES 9M DARIUS LUKE COMBS 8M RUCKER OPRY MEMBER SINCE KELSEA 2019 26M BALLERINI CATEGORY 10 BRAND PARTNER DOLLY PARTON 23M 22M CARRIE UNDERWOOD 18M 6M LAINEY WILSON CARLY PEARCE 150+

129. Slide 129: Ole Red brand partnership connects OEG with Blake's fan base

     OLE RED BRAND PARTNERSHIP DIRECTLY CONNECTS OEG WITH BLAKE’S EXTENSIVE FAN BASE… NASHVILLE GATLINBURG, TN  Downtown opened in 2018,  Opened in 2019 BNA opened in 2022  ~16,000 S.F. venue  Multi-level ~26,000 S.F. venue  360-seat capacity in the heart of Music City’s STRATEGIC RATIONALE famed Lo

130. Slide 130: Powerful flywheel

     …AND CREATES A POWERFUL FLYWHEEL BROADER REACH IN COUNTRY & TOURIST MARKETS 2M+ GUESTS PER YEAR INCLUDING LAS VEGAS DISCOVERY OF 500 20M CONTENT FUELS FAN ENGAGEMENT NEW ARTISTS ARTISTS PER YEAR BLAKE SHELTON PLAY OLE RED FOLLOWERS 130

131. Slide 131: Ole Red Las Vegas extends footprint to Las Vegas Strip

     OLE RED LAS VEGAS EXTENDS OUR FOOTPRINT INTO LAS VEGAS STRIP 41M $23B +36% VISITORS PER YEAR HOTEL & GAMING VS. 20191 LTM NOV 20231 SPEND LTM1 1. Source: Las Vegas Convention & Visitors Authority. 131

132. Slide 132: Prime location to attract a large fan base

     PRIME LOCATION & POSITION TO ATTRACT A LARGE FAN BASE Q1-24 ~27,000 686 ~$45M MID-TEENS OPENING SQUARE FEET SEATS TOTAL PROJECT COST PROJECTED IRR AT STABILIZATION OLE RED LAS VEGAS OLE RED LAS VEGAS STREET VIEW FROM LAS VEGAS BLVD SECOND FLOOR ENTRANCE FROM BELLAGIO SKYWALK 132

133. Slide 133: Category 10 brand partnership with Luke Combs

     CATEGORY 10 BRAND PARTNERSHIP CONNECTS OEG WITH SUPERSTAR LUKE COMBS’ EXTENSIVE FAN BASE & REINVIGORATES A WELL-KNOWN NASHVILLE VENUE INVESTMENT UNDERPINNED BY STRONG DEMAND FOR LUKE COMBS STRATEGIC RATIONALE 9x  Expanded fan base: Luke has a massive following CMA and broke records in streaming and

134. Slide 134: Category 10: large and versatile entertainment complex

     CATEGORY 10: A LARGE & VERSATILE ENTERTAINMENT COMPLEX CATEGORY 10 CATEGORY 10 1,500-PERSON CAPACITY TICKETED VENUE FIRST FLOOR HONKY TONK 134

135. Slide 135: Category 10: rooftop and whiskey bar

     CATEGORY 10: A LARGE & VERSATILE ENTERTAINMENT COMPLEX CATEGORY 10 CATEGORY 10 THE EYE, NEW 7,000 S.F. ROOFTOP THE STILL, SINGLE-BARREL WHISKEY & BOURBON BAR 135

136. Slide 136: Direct-to-Consumer & Content

     DIGITAL PLATFORMS & CONTENT BROADEN OUR FAN REACH & ENGAGEMENT 4 1 2 3 Direct-to-Consumer & Content Leadership in Country Music Venues & Artist Partnerships & Lifestyle Live Experiences & Ventures  Asset-light customer acquisition & engagement  Reinforced by Atairos partnership & NBCU relationship

137. Slide 137: Direct-to-consumer and content: targeting profitable growth

     DIRECT-TO-CONSUMER & CONTENT– TARGETING PROFITABLE GROWTH CONTENT & MEDIA DTC PLATFORMS & INVESTMENTS Growing Distribution for Existing Content Expanding Asset-Light DTC Platforms  Prioritizing existing content with strong  In-house capabilities in CRM, Data, Social Media monetization opportunitie

138. Slide 138: Content and media opportunities with NBCU

     INCREMENTAL CONTENT & MEDIA OPPORTUNITIES IN COLLABORATION WITH NBCU 4.3M VIEWERSHIP 4.5M 1.2M 25M VIEWERSHIP VIEWERSHIP CONTENT REACH Distribution on NBC Distribution on NBC Distribution on USA Hosted at the Opry House Hosted at the Opry House Hosted at Ole Red 4M 28M AUDIENCE REACH VIEWERSHIP Laun

139. Slide 139: Upside from inorganic opportunities

     …WITH UPSIDE FROM INORGANIC OPPORTUNITIES Venues & Live Artist Partnerships Direct-to-Consumer Experiences & Ventures & Content Iconic venues & experiences Unique relationships with Country lifestyle content & in key markets country artists omnichannel distribution  Iconic venues or events  New or

140. Slide 140: Key Takeaways

     KEY TAKEAWAYS  Grow fan reach within Country Music & Lifestyle category, which is seeing accelerating demand  Own a portfolio of iconic venues & brands in top music and live entertainment markets  Enhance assets with a differentiated approach to value creation & brand stewardship  Leverage uniqu

141. Slide 141: Driving Superior Financial Returns

     DRIVING SUPERIOR FINANCIAL RETURNS  141

142. Slide 142: Foundational strengths and growth opportunities generate strong financial results

     OUR FOUNDATIONAL STRENGTHS & GROWTH OPPORTUNITIES GENERATE STRONG FINANCIAL RESULTS & REINVESTMENT CAPACITY Strong Financial Financial Flexibility Roadmap for Growth Results Indicative Financial Preliminary 2023 Results Capital Structure Projections Successful execution of our Growth within our port

143. Slide 143: Preliminary 2023 results demonstrate underlying strength

     OUR PRELIMINARY 2023 RESULTS DEMONSTRATE THE UNDERLYING STRENGTH OF OUR BUSINESS Double-Digit Same-Store RevPAR & Total RevPAR …Contributed to Consolidated Total Revenue growth… growth of 20% CONSOLIDATED TOTAL REVENUE1 (DOLLARS IN BILLIONS) +11.6% +11.5 – 13.0% GUIDANCE RANGE $2.2 SAME-STORE REVPAR

144. Slide 144: Same-store room night production set new records in 2023

     SAME-STORE ROOM NIGHT PRODUCTION SET NEW RECORDS IN 2023 Q4 SAME-STORE NEW BOOKINGS PRODUCTION1 FY SAME-STORE NEW BOOKINGS PRODUCTION1 (ROOM NIGHTS IN 000’s) (ROOM NIGHTS IN 000’s) Q4 Records All-Time Records for Room for Room Nights Nights & ADR & ADR $268 $275 $247 $254 2,931 1,236 $224 $213 1,038

145. Slide 145: Preliminary 2023 results: segment growth

     OUR PRELIMINARY 2023 RESULTS DEMONSTRATE THE UNDERLYING STRENGTH OF OUR BUSINESS 35% growth in Hospitality Operating Income and 22% Combined with 26% growth in Entertainment growth in Hospitality Adjusted EBITDAre…1,2 Operating Income and 34% growth in Entertainment Adjusted EBITDAre…1,2 +22% +34% A

146. Slide 146: Preliminary 2023 results: net income, EBITDAre and AFFO

     OUR PRELIMINARY 2023 RESULTS DEMONSTRATE THE UNDERLYING STRENGTH OF OUR BUSINESS … Drives consolidated Net Income growth of 153% and …and Net Income available to common stockholders consolidated Adjusted EBITDAre growth of 24%1,2,3 growth of 143% and AFFO growth of 30%1,2,3 +24% +30% ADJUSTED EBITDA

147. Slide 147: Balance sheet actions resulted in stronger financial position

     RECENT BALANCE SHEET ACTIONS RESULTED IN A STRONGER FINANCIAL POSITION POST COVID… Net Leverage Ratio1 TOTAL AVAILABLE LIQUIDITY BREAKDOWN 3.9x 4.4x (Q4 2023E, DOLLARS IN MILLIONS) $592 PRO FORMA Q4 2023E Q4 2019 UNRESTRICTED CASH Total Available Liquidity2 $1.34B $1.06B Q4 2019 $1.34 $685 Q4 2023E

148. Slide 148: Extended near-term maturities to 2026 and beyond

     …WITH EXTENDED NEAR-TERM MATURITIES TO 2026 AND BEYOND1 MATURITY LADDER (DOLLARS IN MILLIONS) $65 $700 3 $932 $896 $897 4.3 $132 $296 $800 WEIGHTED AVERAGE $700 MATURITY (YEARS)2 $600 $496 $400 2024 2025 2026 2027 2028 2029 2030 Rockies TL Block 21 CMBS RHP Senior Notes OEG TLB RHP TLB RHP RCF OEG R

149. Slide 149: Balance sheet mitigates downside and supports growth

     OUR BALANCE SHEET MITIGATES DOWNSIDE & SUPPORTS OUR GROWTH KEY METRICS 80% FIXED-RATE DEBT1 Q4 2023E 3.3x INTEREST COVERAGE RATIO2 Q4 2023E 3.9x NET LEVERAGE RATIO PRO FORMA Q4 2023E3 1. Fixed includes debt that was fixed with the benefit of swaps. 2. Reflects Adjusted EBITDAre / interest expense; i

150. Slide 150: Consistent capital allocation priorities

     OUR CONSISTENT CAPITAL ALLOCATION PRIORITIES DRIVE OUR GROWTH Dividend  We pay 100% of REIT taxable income to shareholders  We use meeting planner / guest data to inform our investment decisions, Enhancements & which lowers our risk, enhances our investment returns, and drives Expansions accretive

151. Slide 151: Attractive and growing dividend

     SHAREHOLDERS RECEIVE AN ATTRACTIVE & GROWING DIVIDEND FROM RHP HISTORICAL AND PROJECTED DIVIDEND1 DIVIDEND YIELD VS. LODGING REIT PEERS2 +7% 4.0% 2013-2023 CAGR 3.85 3.60 3.40 3.20 3.00 2.5% 2.70 2.20 2.00 0.95 0.00 0.35 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2027 RHP Peer Avera

152. Slide 152: 2024 guidance shows meaningful growth over 2023

     2024 GUIDANCE SHOWS MEANINGFUL GROWTH OVER 20231 Projected same-store RevPAR growth of 4.5% at the …and projected same-store Total RevPAR growth of 4.25% at midpoint2 the midpoint, assuming no major economic slowdown2 … Even with ~215 bps of Same Store RevPAR business disruption from high return cap

153. Slide 153: 2024 guidance: Hospitality and Entertainment

     2024 GUIDANCE SHOWS MEANINGFUL GROWTH OVER 20231 Hospitality Operating Income and Adjusted EBITDAre…2 Entertainment Operating Income and Adjusted EBITDAre…2 2024 Guidance 2024 Guidance $707 $110 $691 $676 $105 $100 $100 $623 $76 $480 $491 $72 $470 $69 $66 $421 2023E 2024 Low 2024 Mid 2024 High 2023E

154. Slide 154: 2024 guidance: net income and AFFO

     2024 GUIDANCE SHOWS MEANINGFUL GROWTH OVER 20231 Consolidated Net Income and Adjusted EBITDAre2,3 Net Income Available to Common Stockholders and AFFO3 2024 Guidance 2024 Guidance $785 $763 $527 $741 $506 $691 $484 $472 $314 $266 $255 $243 $342 $263 $272 $253 2023E 2024 Low 2024 Mid 2024 High 2023E

155. Slide 155: Revisiting our 2018 Investor Day

     REVISITING OUR 2018 INVESTOR DAY Flashback: September 14, 2018 Fast Forward to 2022 2022E ($M) $556M Low Mid High CONSOLIDATED ADJUSTED EBITDARE1 Adjusted EBITDAre 540 560 580 This Assumed This is Despite  The impact of COVID and  No changes to the macroeconomic environment Omicron in Q1 2022, whi

156. Slide 156: Looking ahead beyond 2024

     LOOKING AHEAD BEYOND 2024 If we assume…  Preliminary 2023 financial results as a base year  Assumes no major changes to the macroeconomic environment  No additional hotel or entertainment venue acquisitions  Dividend payout ratio of approximately 50% of AFFO each year And take into account…  Ou

157. Slide 157: Meaningful growth beyond 2027

     WE GENERATE MEANINGFUL GROWTH BEYOND 2027… Preliminary Low Mid High Four-Year 2023E1 2027E 2027E 2027E CAGR (%)2 DOLLARS IN MILLIONS Net Income $342 $383 $404 $424 4.3% Consolidated Adjusted EBITDAre $691 $900 $950 $1,000 8.3% AFFO $472 $650 $700 $750 10.4% Diluted net income available per share $5.

158. Slide 158: Key Takeaways

     KEY TAKEAWAYS  Our foundational strengths and focused strategy have contributed to a sustainable and high-margin business  We delivered strong results in 2023 and are well-positioned for continued sizable growth through 2027  Our strong and flexible balance sheet provides stability and supports o

159. Slide 159: Parting Thoughts

     PARTING THOUGHTS  159

160. Slide 160: We have never been better positioned

     PARTING THOUGHTS: WE HAVE NEVER BEEN BETTER POSITIONED  Different operating model  Proven management that “built the brand”  Favorable supply/demand backdrop  Sustainable organic growth  Value creation opportunity in Opry Entertainment Group 160

161. Slide 161: Q&A

     Q&A  161

162. Slide 162: Appendix

     pay a a im a. a <q

163. Slide 163: Atairos strategic investment in OEG

     ATAIROS STRATEGIC INVESTMENT IN OEG – OVERVIEW AND BACKGROUND  In June 2022, Atairos ($283M) and NBCUniversal ($13M) acquired a 30% equity stake in OEG for $296M Transaction  Valued OEG business at $1.415B, inclusive of Block 21 acquisition Overview  Concurrently with Atairos recapitalization, OE

164. Slide 164: Debt Summary

     DEBT SUMMARY Preliminary Debt Summary as of 12/31/23 (1) in $MM Rate Maturity Date Balance as of 4Q23 Ryman Debt Revolving Credit Facility ($700MM) S + 150 5/18/2027 - Term Loan B S + 275 5/18/2030 496 2028 Senior Notes 7.25% 7/15/2028 400 2029 Senior Notes 4.50% 2/15/2029 600 2027 Senior Notes 4.75

165. Slide 165: Non-GAAP Definitions

     NON-GAAP DEFINITIONS Adjusted EBITDAre The Company calculates EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as Net Income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciatio

166. Slide 166: Non-GAAP Definitions

     NON-GAAP DEFINITIONS FFO and Adjusted FFO The Company calculates FFO, which definition is clarified by NAREIT in its December 2018 white paper, as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt disc

167. Slide 167: Reconciliations: Gaylord Palms, Gaylord Texan and consolidated cash flow

     RECONCILIATIONS: GAYLORD PALMS ADJUSTED EBITDAre & GAYLORD TEXAN ADJUSTED EBITDAre & CONSOLIDATED CASH FLOW Twelve Months Ended Dec. Twelve Months Ended Dec. 31, 31, 2022 2023E (in thousands) $ Margin (in thousands) $ Margin Gaylord Palms Gaylord Texan Revenue $ 279,578 Revenue $ 358,399 Operating i

168. Slide 168: Reconciliations: Historical same-store Hospitality Adjusted EBITDAre

     RECONCILIATIONS: HISTORICAL SAME-STORE HOSPITALITY ADJUSTED EBITDAre1 Twelve Months Ended Twelve Months Ended Dec. 31, 2022 Sep. 30, 2023 (in thousands) $ Margin (in thousands) $ Margin Hospitality segment Same-store Hospitality segment Revenue $ 1,537,974 Revenue $ 1,722,034 Operating income (loss)

169. Slide 169: Reconciliations: Historical Entertainment Adjusted EBITDAre

     RECONCILIATIONS: HISTORICAL ENTERTAINMENT ADJUSTED EBITDAre Twelve Months Ended Dec. 31, 2018 2019 2021 2022 (in thousands) $ Margin $ Margin $ Margin $ Margin Entertainment segment Revenue $ 147,215 $ 183,120 $ 152,790 $ 267,995 Operating income 1,958 1.3% 43,506 23.8% 20,376 13.3% 60,498 22.6% Dep

170. Slide 170: Reconciliations: Historical consolidated Adjusted EBITDAre

     RECONCILIATIONS: HISTORICAL CONSOLIDATED ADJUSTED EBITDAre Twelve Months Ended Dec. 31, 2013 2022 $ Margin $ Margin Consolidated Revenue $ 954,562 $ 1,805,969 Net income 118,352 12.4% 134,948 7.5% (Income) loss from discontinued operations, net of taxes 125 - Interest expense, net 48,649 142,656 Pro

171. Slide 171: Reconciliations: Historical consolidated AFFO

     RECONCILIATIONS: HISTORICAL CONSOLIDATED AFFO Twelve Months Ended Dec. 31, 2022 Consolidated Net income $ 134,948 Noncontrolling interest (5,032) Net income available to common shareholders 129,916 Depreciation & amortization 208,494 Adjustments for noncontrolling interest (3,346) Pro rata adjustmen

172. Slide 172: Reconciliations: 2023E consolidated and segment Adjusted EBITDAre

     RECONCILIATIONS: 2023E CONSOLIDATED & SEGMENT ADJUSTED EBITDAre Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2023 (Preliminary) (Preliminary) Low High Low High Consolidated Net income $ 164 $ 176 $ 336 $ 348 Interest expense, net 54 54 190 190 Benefit for income taxes (1) (9

173. Slide 173: Reconciliations: 2023E consolidated AFFO

     RECONCILIATIONS: 2023E CONSOLIDATED AFFO Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2023 (Preliminary) (Preliminary) Low High Low High Consolidated Net income $ 164 $ 176 $ 336 $ 348 Noncontrolling interest in consolidated joint venture (26) (26) (28) (28) Net income avail

174. Slide 174: Reconciliations: 2024 guidance

     RECONCILIATIONS: 2024 GUIDANCE Full Year 2024 Full Year 2024 Guidance Range Guidance Range Low High Midpoint Low High Midpoint Ryman Hospitality Properties, Inc. Entertainment Segment Net Income $ 253,000 $ 272,000 $ 262,500 Operating Income $ 65,500 $ 71,500 $ 68,500 Provision for income taxes 15,2

175. Slide 175: Reconciliations: 2027 projections

     Full Year 2027 RECONCILIATIONS: 2027 PROJECTIONS Low Projections High Midpoint Ryman Hospitality Properties, Inc. Net Income $ 383,000 $ 424,000 $ 403,500 Provision for income taxes 35,000 45,000 40,000 Interest Expense, net 210,000 225,000 217,500 Depreciation and amortization 245,000 270,250 257,6

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