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13516Gaylord/Folder Cover 2000 ANNUAL REPORT Hospitality Music, Media Other & Attractions & Entertainment Interests General Jackson Showboat Acuff-Rose Music Publishing Bass Pro Shops Grand Ole Opry Tours BellSouth Acuff Theatre Nashville Predators Music City Queen Corporate Magic Opry Mills Opryland Hotel Nashville Gaylord Cable Networks Opryland Hotel Florida Gaylord Program Services Opryland Hotel Texas GET Management Opryland River Taxis Grand Ole Opry Radisson Hotel at Opryland Oklahoma RedHawks Springhouse Golf Club Ryman Auditorium Wildhorse Saloon Word Entertainment WSM-AM, Nashville WSM-FM, Nashville WWTN-FM, Nashville About the company Gaylord Entertainment (NYSE:GET) is a diversified entertainment company operating in two business groups: Hospitality & Attractions, and Music, Media & Entertainment. Among its properties are the Grand Ole Opry, the longest-running live radio show in the world; the Opryland Hotel Nashville, the world’s largest combined hotel and convention center under one roof; radio stations WSM-AM, WSM-FM, and WWTN-FM; Acuff-Rose Music Publishing; and Word Entertainment. The Opryland Hotel Florida is scheduled to open in February, 2002, and the Opryland Hotel Texas is targeted to open in 2003. Corporate Data GAYLORD ENTERTAINMENT COMPANY Financial Highlights Board of Directors Management Form 10-K Edward L. Gaylord E.K. Gaylord II* A copy the company’s annual report to the (In thousands, except per share data) 2000 1999 % change Chairman Emeritus, Chairman of the Board Securities and Exchange Commission on Form 10-K may be obtained without charge by writing Revenues Gaylord Entertainment Company Dennis J. Sullivan, Jr.* to the company’s offices, Attn: J. Russell Worsham, Vice President, Investor and Financial Relations. Hospitality and attractions $ 256,722 $ 257,709 (0.4) Chairman and Chief Executive Officer, President and Chief Executive Officer** The Oklahoma Publishing Company Annual Meeting Music, media and entertainment 257,594 269,637 (4.5) The annual meeting of stockholders will be E.K. Gaylord II Hospitality & Attractions on May 3, 2001, at 10 a.m. at the Corporate and other 64 5,294 (98.8) Chairman of the Board, David B. Jones* Opryland Hotel, 2800 Opryland Drive, Total revenues $ 514,380 $ 532,640 (3.4) Gaylord Entertainment Company President, Opryland Hospitality Group Nashville, Tennessee. Market Information Operating cash flow (a) President and Director, Glenn R. Malone Hospitality and attractions $ 70,202 $ 63,785 10.1 The Oklahoma Publishing Company The Common Stock of Gaylord Entertainment is Senior Vice President–Operations and CFO listed on the New York Stock Exchange under Music, media and entertainment (49,826) 3,348 - Martin C. Dickinson Opryland Hospitality Group the symbol GET. The approximate number of record holders of the company’s Common Stock Senior Vice President (retired), Corporate and other (29,282) (19,223) (52.3) C. Raymond Waters on March 12, 2001, was 2,878. Scripps Bank Total operating cash flow $ (8,906) $ 47,910 - Senior Vice President and General Manager, Stock Price and Dividend Information Christine Gaylord Everest Opryland Hotel and Attractions The table below sets forth the high and low sales Operating income (loss) Vice President and Director, prices for the company’s Common Stock and the amount of cash dividends paid per share of Hospitality and attractions $ 43,053 $ 38,270 12.5 The Oklahoma Publishing Company Music, Media & Entertainment Common Stock for each quarter in 1999. In Music, media and entertainment (75,295) (16,962) (343.9) Carl W. Kornmeyer* February 2000, the Board of Directors voted to Craig L. Leipold discontinue the payment of dividends. Corporate and other (35,119) (25,972) (35.2) Chairman and Governor, President, Nonrecurring items (127,734) (13,562) - Music, Media & Entertainment Nashville Predators (NHL) 1999 High Low Dividend Total operating income (loss) $ (195,095) $ (18,226) - Ambassador Joe M. Rodgers Jerry O. Bradley 1st Quarter $31.13 $24.25 $0.20 Chairman, President, Acuff-Rose Music Publishing 2nd Quarter 33.00 23.38 0.20 The JMR Group Stephen G. Buchanan 3rd Quarter 31.44 28.31 0.20 Net income (loss) $ (153,470) $ 349,792 - Mary Agnes Wilderotter President, Grand Ole Opry Group 4th Quarter 33.06 28.25 0.20 Net income (loss) per share, assuming dilution $ (4.60) $ 10.53 - President and Chief Executive Officer, Mark A. Floyd Average shares outstanding, assuming dilution 33,389 33,213 0.5 2000 High Low Wink Communications Senior Vice President and COO/CFO, 1st Quarter $30.44 $24.50 Howard L. Wood Music, Media & Entertainment 2nd Quarter 27.38 20.25 Balance sheet data Co-Founder and Director, Malcolm L. Mimms, Jr. 3rd Quarter 28.00 19.50 Total assets $ 1,939,553 $ 1,732,384 12.0 Charter Communications President, Word Entertainment 4th Quarter 25.50 19.31 Total debt 197,429 310,123 (36.3) Cynthia H. Wilson Executive Offices Secured forward exchange contract 613,054 - - President, Gaylord Cable Networks Independent Accountants One Gaylord Drive Total stockholders' equity 727,865 961,159 (24.3) Arthur Andersen LLP Nashville, Tennessee 37214 Corporate Nashville, Tennessee 615.316.6000 Roderick F. Connor, Jr.* Senior Vice President and Legal Counsel Transfer Agent (a) Operating income plus depreciation,amortization and nonrecurring items Chief Administrative Officer Sherrard & Roe, PLC SunTrust Bank, Atlanta Nashville, Tennessee 58 Edgewood Avenue, Room 225 Denise Wilder Warren* Thomas J. Sherrard Atlanta, Georgia 30303 Senior Vice President and Secretary, Gaylord Entertainment Company 800.568.3476 Chief Financial Officer Eric A. Westin Senior Vice President, Development * Executive Officers ** On an Interim Basis 8 1 Gaylord Entertainment Company Gaylord Entertainment Company LETTER TO SHAREHOLDERS around the world. MusicCountry, formerly known as Country Chesney, Aaron Tippen, Skip Ewing and Dean Dillon. Music Television International, features a broad range of The company’s ongoing strategic review led to several changes Fellow Shareholders: music genres, programming series, specials and documentaries in the Music, Media & Entertainment Group. In November, oper- 2000 was a challenging year for our company. It was a year of unanticipated and covering the lives and careers of today's celebrated music ations at the Wildhorse Saloon in Orlando were discontinued. extraordinary changes. Those changes led to serious examination of our operations and, stars. MusicCountry is now available to 8 million full-time The Orlando facility had been a part of an earlier strategy to very quickly, to decisive actions. In a trying time, our company responded remarkably. We subscribers from Australia to Argentina to Brazil. develop Wildhorse Saloons in a number of cities. As the compa- emerged with a sharp focus on our core businesses and a multi-year plan for their success. In April 2000, we acquired Corporate Magic Inc., a Dallas- ny witnessed weakness in the themed restaurant industry, the Our core businesses Ð ones such as Acuff-Rose Music Publishing, the Grand Ole Opry Group, based company specializing in the production of creative events decision was made not to implement that strategy, and the most the Opryland Hotels, Word Entertainment and WSM/WTN Radio Ð are well established. They and the development of strategic logical course of action was to dis- give us competitive advantages in their respective fields, and they are the ones that warrant our business content for corporate continue our involvement in this efforts. They are the ones where we believe the prospects for growth are strong. In order to audiences. Corporate Magic unprofitable Orlando venture. concentrate on them, we have streamlined the company by divesting certain assets, reducing our workforce and returning to our roots. enhances our potential to In December, another significant We began 2000 deeply immersed in a development strategy with our Opryland Hotel Florida and Opryland Hotel Texas increase our share of the growing move was to exit our centralized projects. Also, we were deep into the development of an Internet initiative to enhance our Christian music presence. Finally, corporate entertainment market- Internet initiative, Gaylord Digital. we were funding growth projects for our international cable operations under CMT International and funding the development of place, and it represents additional Two major components of this ini- a country music record label. All of these programs were capital intensive and required substantial investments of cash. services that we can provide to tiative, MusicForce.com and However, a number of our investment initiatives, particularly in the Internet world, proved unfruitful. These initiatives, our convention guests at our Lightsource.com, were sold. Like combined with weakness at our Christian music business, led to the year’s poor financial performance. Opryland Hotels. Corporate many other Internet-related Following the unplanned departure of the company’s then president and chief executive officer, your board and senior Magic is regularly honored with investments, Gaylord Digital did management began an in-depth review of each of our businesses and of our strategic direction. That review led to our decision national and international awards not meet its projected growth to dispose of Gaylord Digital (our Internet division), the Wildhorse Saloon Orlando and the Opryland KOA Campground. We also for its corporate events that targets and became a significant placed our plans to develop a country music label on indefinite hold. have included the Coca-Cola
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