EXHIBIT 99.2
Gaylord Entertainment Co.
Analyst Conference
February 19-20, 2002
Gaylord Palms Resort & Convention Center
[GAYLORD
ENTERTAINMENT
LOGO]
Slide 1
The information contained in this slide presentation is summary information that
is intended to be considered in the context of Gaylord Entertainment's SEC
filings and other public announcements it makes, by press release or otherwise,
from time to time. The Company undertakes no duty or obligation to publicly
update or revise the information contained in this slide presentation, although
it may do so from time to time as management believes is warranted. Any such
updating may be made through the filing of reports or documents with the SEC,
through press releases or through other public disclosure.
This slide presentation 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 economic conditions
affecting the hospitality business generally, the timing of the opening of new
hotel facilities, costs associated with developing new hotel facilities,
business levels at the Company's hotels, the ability to successfully complete
potential divestitures, and the ability to consummate the 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. 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.
[GAYLORD
ENTERTAINMENT
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Slide 2
Collapsed Divisional Overhead
- - Divisional structure was removed
- - Reorganized Hotels, Attractions and MM&E units to create one strategy group
- - Initial annual cost savings of approximately $8 M
July August September October November December January February
2001 2001 2001 2001 2001 2001 2002 2002
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Slide 3
New Corporate HR Policies
- - Conducted market research leading to:
- Health & welfare improvements
- 401k improvements
- - Implemented consistent grading and titles
- - Tied bonus to Company profitability
- - Developed long term compensation program
July August September October November December January February
2001 2001 2001 2001 2001 2001 2002 2002
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Slide 4
Compensation Philosophy
- - Externally competitive and internally equitable
- - Short-term incentive compensation will be tied to individual and
organizational performance with increased rewards for outstanding
individual performance
- - Long-term compensation will provide substantial earnings opportunities for
achieving long-term goals
- - The combination of long-term and annual compensation should result in total
compensation that is above average for the industry provided superior
long-term performance is achieved
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Slide 5
New Corporate Finance Policies
- - Signature authorization
- - Capital policy
- 12% return target on all new investments
July August September October November December January February
2001 2001 2001 2001 2001 2001 2002 2002
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Slide 6
Non-core Assets Identified
[NASHVILLE PREDATORS LOGO]
[OPRY MILLS LOGO]
[GET MANAGEMENT LOGO]
[BASS PRO SHOPS LOGO]
[COUNTRY MUSIC TELEVISION INTERNATIONAL LOGO]
[WORLD ENTERTAINMENT LOGO]
[GAYLORD
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Slide 7
Non-Core Assets
DISPOSED
- Gaylord Digital
- Word
- CMTI
- Pandora Films
- Z Music
- Gaylord Studios
- GET Event TV
- Sports Group
- GET Productions
- GET Management
- MM&E Admin
TO BE DISPOSED
- Minority interest in Predators
- Minority interest in Opry Mills Collectively,
- OKC Redhawks these four are
- Real Estate $300 - $400M
in Value
TO BE DETERMINED
- Acuff-Rose
- Minority interest in Bass Pro Shops
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Slide 8
Remaining Non-Core Assets
- - Acuff-Rose
- Music publishing business
- Catalogue of 55,000 songs
- Including Hank Williams Sr., Roy Orbison, and Patsy Cline
- Staff of 22 writers
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Slide 9
Remaining Non-Core Assets
- - Bass Pro Shops
- Category killer in sporting goods and outdoor recreation
- Strong growth trajectory
- Solid same store sales
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Slide 10
Re-branding of Hotels
- - Extensive research told us ...
- Opryland has great recognition with customers that have experienced it
- Non-users are not compelled to visit
- Gaylord name better aligned with hotel's image
- Upscale
- High quality
- Destination within a destination
July August September October November December January February
2001 2001 2001 2001 2001 2001 2002 2002
[GAYLORD
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Slide 11
Re-branding of Hotels
[GAYLORD OPRYLAND (TM) LOGO]
------
RESORT & CONVENTION CENTER
NASHVILLE
[GAYLORD PALMS(TM) LOGO]
-----
RESORT & CONVENTION CENTER
Florida
[GAYLORD OPRYLAND(TM) LOGO]
------
RESORT & CONVENTION CENTER
Texas
Slide 12
Gaylord Texas
- - Project slowed post 9/11
- - Slowdown gave us opportunity to
- Review design
- Re-bid contracts
- Evaluate financing opportunities
- - $55M spend in 2002
- - $240M spend in 2003
- - Open by June 2004
July August September October November December January February
2001 2001 2001 2001 2001 2001 2002 2002
Slide 13
The Future Gaylord
- - Hospitality
- Be the premier brand in the resort convention center sector
- - Opry/WSM Enterprises
- Extend Opry brand and WSM distribution to provide premier country
music content and entertainment
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Slide 14
Core of Hospitality Strategy
- - Loyalty
- Build loyalty among meeting planners
- - Service
- Provide exceptional service
- Offer value added services such as CorporateMagic
- - Distribution and Product
- Create convention & exhibition oriented chain
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Slide 15
Hospitality Strategy
Segment Convention &
Exhibition
Meeting Planners Loyalty
Their Customers Service
Transient Leisure
Gaylord Gaylord Palms Gaylord Other Distribution
Nashville Florida Texas Development
Attractions
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Slide 16
Loyalty
- - Strategy is to build Meeting Planner relationships through ...
- Events: PCMA
- Understanding Needs
- Focus Groups
- Database Tracking
- VIP Marketing Strategy
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Slide 17
Product
- - "Under One Roof"
- - Unsurpassed meeting, convention & exhibition space
- - Innovative regional dining options
- - World class golf & spa facilities
- - Exciting on-site entertainment venues
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Slide 18
Media Content Strategy
WSM(AM) Opry Hee Haw Library
Satellite Radio Terrestrial Radio Internet Retail/Wholesale Exportation Television
TV
Production
-----------
WSM Cable
Radio Network
Opry --------- Opry -----------
Syndication Opry Tour Lifestyle
----------- Broadcast Product Channel
Opry WSM --------- Licensing --------- -----------
---- Radio Customer --------- WSM Syndication
WSM (limited) Database Internet Festivals Deal
- -----------------------------------------------------------------------------------------------------------------------------------
Sources - Fee - Ads - Retail - Toys - Sponsorship - Ads
of Revenues - Ads - Sponsorship - Banner ads - Apparel - Concert - Retail
- Other Promotion
- Attendance to
fairs
- -----------------------------------------------------------------------------------------------------------------------------------
Impediments - Programming need - Programming - None - None - Type of
- Financial deal format production
- Review viability - Investment
of partner required
- Network strategy
</Table>
Slide 19
Gaylord Hotels - Group Focus
Customer Breakdown
[CHART]
Transient
18%
Group
82%
Group Customer Breakdown
[CHART]
SMERF
15%
Association
33%
Corporate
52%
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Slide 20
Large Groups Drive Occupancy
Year 2000
Comparison of Group Size to Hotel Occupancy
[CHART]
800+ 200-800 10-200
% of Rooms 66% 23% 11%
# of Groups 71 104 671
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Slide 21
Occupancy - Known and Predictable
- - Assume occupancy = 75% in a given year
- 50% pre-booked before the year begins
- 10% group booked in the year for the year
- 15% transient
- - High visibility on occupancy
- - Opportunity to manage yield
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Slide 22
The Group Meeting Market
Convention/Meeting/Exhibition Market
[CHART]
Association Corporate Incentive
Meetings Meetings Travel
----------- --------- ---------
54% 38% 8%
- Total market size estimated at $122 billion
Source: Successful Meetings - State of the Industry 2001 Report
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Slide 23
Corporate and Association Meetings
Corporate & Association Meetings Statistics
[CHART]
Other Conference Convention
Facilities Centers Centers Hotels
---------- ---------- ---------- ------
15% 8% 38% 39%
- Gaylord Hotels product is designed to attract business that goes
to Hotels & Convention Centers, an $86 Billion market.
Source: Successful Meetings - State of the Industry 2001 Report
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Slide 24
GET CONSOLIDATED
NET REVENUE(*)
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Gaylord Media 6.2 6.4 6.5 6.8
Gaylord Attractions 63.2 65.9 66.7 79.9
Gaylord Hotels 237.3 228.7 361.9 397.4
26% CAGR
$334.6 $324.1 479.7 $523.6
(*) From continuing operations In millions ($000,000)
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Slide 25
GET Consolidated
EBITDA*
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Gaylord Media (21.9) 4.2 3.5 4.1
Gaylord Corporate (29.2) (31.1) (29.4) (28.3)
Gaylord Attractions (1.6) 3.4 6.1 8.8
Gaylord Hotels 74.9 59.6 93.5 112
63% CAGR
$21.1 $36.1 $73.6 $96.4
In Millions ($000,000)
*From continuing operations. EBITDA is before pre-opening & non-cash expenses.
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Slide 26
GET Consolidated
EPS
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
EPS (4.60) (1.42) (1.37) (0.76)
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Slide 27
GET Consolidated
Cash EPS*
[CHART]
2000 2001 2002 2003
Cash EPS $0.24 $0.52 $1.58 $1.74
* From continuing operations
Cash EPS defined as EBITDA less net cash interest expense
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Slide 28
Income Statement/
Balance Sheet complexity
- - Secured forward exchange contract
- $26.8 million non-cash interest expense annually
- - Capitalized interest
- - Straight-line accounting treatment
- Ground lease payment $6.7 million
- Naming rights agreement $1.0 million
[GAYLORD
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Slide 29
Secured Forward Exchange
Contract ("SAILS")
- - Seven year forward sale of Viacom Class-B stock - maturity May 22, 2007
- - Pre-paid loan secured by Viacom stock; stock value hedged with derivatives
- - 10.9 million shares monetized at $56.0448
- - May settle contract with Viacom stock or cash at maturity
- - At maturity:
VIACOM CLASS-B EFFECT
PRICE
---------------------------------------------------------------------
Below $56.0448 - Gaylord surrenders stock or $613 M cash
- No downside
Between $56.0448 - Gaylord retains upside in stock up to $75.0665
and $75.6605
Above $75.6605 - Same as above except Gaylord retains 25.93%
upside above $75.6605
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Slide 30
SAILS Accounting Treatment
<Table>
<Caption>
BALANCE SHEET INCOME STATEMENT
------------- ----------------
- - Market-to-Market - Gain or loss on Viacom
Viacom Investment stock investment flows
through P/L
- - Market-to-Market put
option asset, call - Gain or loss on
option liability derivatives contracts
flow through P/L
- - $613 million liability =
secured forward - Amortize deferred
exchange contract financing cost through
interest expense $26.8
- - Long-term asset: million per annum
deferred financing cost
* Pre-paid, hedged liability * All non-operating,
non-cash items
</Table>
[GAYLORD
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Slide 31
Pre-Bookings - A Critical Element
2002 2003 2004
---- ---- ----
Gaylord Opryland 49.0% 41.7% 34.0%
Gaylord Palms 55.0% 50.0% 36.1%
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Slide 32
Pre-booking and Projected Occupancy
2002 2003 2004
---- ---- ----
GAYLORD OPRYLAND
Pre-booked Prior to '02 49.0% 41.7% 34.0%
2002 Booking 9.0% 9.5% 10.0%
2003 Booking -- 9.0% 9.5%
2004 Booking -- -- 9.0%
Total Group Occupancy 58.0% 60.2% 62.5%
Transient 13.4% 12.8% 11.5%
Total Occupancy 71.4% 73.0% 74.0%
2002 2003 2004
---- ---- ----
GAYLORD PALMS
Pre-booked Prior to '02 55.0% 50.0% 36.1%
2002 Booking 10.0% 6.0% 15.0%
2003 Booking -- 10.0% 6.0%
2004 Booking -- -- 10.0%
Total Group Occupancy 65.0% 66.0% 67.1%
Transient 9.0% 10.0% 10.9%
Total Occupancy 74.0% 76.0% 78.0%
[GAYLORD
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Slide 33
Key Operating Statistics - Guidelines
1Q 2Q 3Q 4Q 2002 2003
-- -- -- -- ---- ----
Gaylord Opryland
Occupancy 63-65% 66-68% 72-74% 76-78% 69-71% 73%
ADR $ 143 $ 146 $ 140 $ 150 $ 145 $150
RevPAR $ 90-93 $ 96-99 $100-104 $114-117 $100-103 $109
Gaylord Palms
Occupancy 68-70% 72-74% 75-78% 72-74% 72-74% 80%
ADR $ 180 $ 180 $ 160 $ 190 $ 180 $200
RevPAR $122-126 $129-133 $120-125 $136-140 $130-133 $160
[GAYLORD
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Slide 34
Hotel Economics - 2002 E
Gaylord Gaylord
Palms Opryland
------- --------
ADR $ 179.33 $ 146.19
Occupancy 74.2% 71.4%
RevPAR $ 133.06 $ 104.44
Revenues
Rooms 67,247,940 49.4% 110,206,064 50.4%
F&B 47,980,318 35.3% 71,719,777 32.8%
Other 20,852,369 15.3% 36,574,159 16.7%
----------- -----------
Total Revenue 136,080,627 218,500,000
Profit
Rooms 50,013,792 74.4% 85,446,495 77.5%
F&B 14,228,915 29.7% 19,530,534 27.2%
Other 9,223,355 44.2% 10,652,357 29.1%
----------- -----------
73,466,062 54.0% 115,629,386 52.9%
EBITDA 36,500,000 26.8% 55,000,000 25.2%
Target is 30%
[GAYLORD
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Slide 35
Gaylord Hotels Segment
Net Revenue
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Radisson Nashville 6.7 6.6 7.4 8.1
Opryland Texas 0.8 0.2 0 0
Palms Florida 0 0 136.1 151.5
Opryland Nashville 229.9 222 218.5 237.8
EBITDA
(before Pre-opening, & non-cash expenses)
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Radisson Nashville 2.1 2 2.1 2.3
Opryland Texas 0.8 0.2 0 0
Palms Florida 0 0 36.5 51.1
Opryland Nashville 72.6 57.4 55 66.6
EBITDA Margin
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Opryland Nashville 32% 26% 25% 28%
Palms Florida 27% 28%
Radisson Nashville 32% 30% 28% 29%
[GAYLORD
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Slide 36
Gaylord Attractions
Net Revenue
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Other 17.2 10.4 11.8 12.5
Corporate Magic 13.7 23.7 20.5 31
Wildhorse Nashville 8.1 7.5 8.1 8.8
General Jackson 12.2 10.8 11.8 12.2
Grand Ole Opry 12 13.4 14.5 15.4
EBITDA
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Other (2.4) 0.9 0.7 1.1
Corporate Magic (3.2) (1.6) 0.1 1.5
Wildhorse Nashville 0.8 0.7 0.8 0.9
General Jackson 2.6 1.9 2.2 2.5
Grand Ole Opry 0.5 1.6 2.4 2.9
EBITDA Margin
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Grand Ole Opry 4.5% 11.7% 16.5% 18.8%
General Jackson 21.7% 17.9% 18.7% 20.1%
Wildhorse Nashville 10.2% 8.8% 9.7% 10.2%
Corporate Magic (23.4%) (7.0)% 0.0% 5.0%
Other (14.0%) 9.0% 6.0% 9.0%
[GAYLORD
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Slide 37
Media Segment
Revenue
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Radio (WSM and WWTN) 11.8 10.6 12.7 13.7
Acuff-Rose Music 14.1 14.8 16 16.8
EBITDA
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Radio (WSM and WWTN) 1.3 0.3 0 0.2
Acuff-Rose Music 3.6 4 3.6 3.9
EBITDA Margin
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
Acuff-Rose Music 25.7% 27.3% 22.7% 23.2%
Radio (WSM and WWTN) 11.0% 2.8% 0.0% 1.5%
In Millions ($000,000)
[GAYLORD
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Slide 38
GET Consolidated
Capital Expenditures
[CHART]
2001 2002 2003
---- ---- ----
Gaylord Hotels 285.7 135 258.1
Gaylord Attractions 8.9 1.4 2.7
Gaylord Corporate 3.3 12.1 12.1
Gaylord Media 0 0.7 0.7
$276.4 $149.3 $273.6
In Millions ($000,000)
[GAYLORD
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Slide 39
GET Consolidated
Net Debt(*)
[CHART]
2000 2001 2002 2003
---- ---- ---- ----
$148.9 $396.4 $401.3 $596.4
In Millions ($000,000)
(*)Excluding secured forward exchange contract & asset sales
[GAYLORD
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Slide 40
Sensitivity Analysis
Credit Impact
Debt/EBITDA
[CHART]
2002 2003
5.4x 6.2x
EBITDA/Interest
[CHART]
2002 2003
3.3x 2.4x
Pre asset sales
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Slide 41
Sources of Capital
- - Operating cash flow
- - Sell non-core assets
- - Selectively monetize hotel real estate
- - Leverage
[GAYLORD
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Slide 42
In Summary
- - Built a solid platform for future growth
- - Own great, under-exploited brands/assets
- - Understand how to create value
- - Developing the culture to
Be A Shareholder Driven Company
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Slide 43