The economic incentive package approved by the City includes grants to be made to Gaylord over the next 20 years, stemming from the expansion’s significant anticipated hotel occupancy and property tax generation.
With the City’s approval of the economic incentive package, Gaylord is moving forward with the design and pre-construction planning of the expansion project. Construction of the $315 million expansion, which is still subject to approval by the U.S. Corp. of Engineers and the board of directors of Gaylord Entertainment, is expected to commence in 2008 and be completed in 2010.
“Today’s announcement underscores our very strong partnership with the city of Grapevine,” said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. “We are grateful for the ongoing support from local leadership and community members. The expansion will create jobs, contribute to local taxes and other economic opportunities, and allow us to better accommodate the high demand for this property. Most importantly, it will move us further toward our mutual goal and vision of securing Grapevine’s rightful position as a true tourist destination.”
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts and the Grand Ole Opry (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, Wildhorse Saloon, and WSM-AM. For more information about the Company, visit www.GaylordEntertainment.com.
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Investor Relations Contacts:
Rob Tanner, Director Investor Relations
Gaylord Entertainment
(615) 316-6572
rtanner@gaylordentertainment.com
Media Contacts:
Brian Abrahamson, Executive Director of Communications
Gaylord Entertainment
(615) 316-6302
babrahamson@gaylordentertainment.com
~or~
Josh Hochberg
Sloane & Company
(212) 446-1892
jhochberg@sloanepr.com