According to The Wall Street Journal, Gaylord Entertainment Co. said for the next two weeks it will cease booking reservations for between now and the next six months at its Nashville-based Gaylord Opryland Resort that was damaged in the flash floods that swept through the southern U.S.
That’s “not an indication of how long,” the resort will be closed for repairs, said Colin Reed, Chairman and Chief Executive Officer of Gaylord Entertainment to the Journal. He said they were going to assess the damage for the next 14 days and believe the hotel will reopen for business by the end of the year.
Gaylord Entertainment, which also operates the iconic music venue the Grand Ole Opry, earlier this month withdrew its 2010 earnings guidance for its Nashville operations because of flooding damage and said its financial results for Opryland and the company will affected for the next two quarters. Reed said that although its $50 million in flood insurance may not cover all the restoration costs and business interruption losses, “we do not expect any liquidity issues given our insurance proceeds, cash on hand, cash flow from our other operations, and available borrowing capacity.”
Reed said about two feet of water flooded the Grand Ole Opry stage.