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GlobeSt.com UPDATE: Gaylord Palms Opens Doors Ahead of Schedule

ORLANDO-The 1,406-room resort and 400,000-sf convention center is welcoming paying guests today even though the formal grand opening of the $450 million enterprise isn't until Feb. 2. The hotel has set a local industry record by booking one million room nights through 2011.

By Alex Finkelstein | Updated on January 08, 2002

ORLANDO-Nashville, TN-based Gaylord Entertainment Corp., headed by two former Las Vegas casino executives, is rolling the dice this week as it opens the 1,406-room Gaylord Palms Resort and 400,000-sf convention center to paying guests, ahead of its formal Feb. 2 grand opening.

Colin V. Reed, Gaylord’s president/CEO and Michael Rose, company chairman, couldn’t be reached by GlobeSt.com at publication deadline for comment on their strategy. But hospitality industry brokers, familiar with the executives’ plans, tell GlobeSt.com on condition of anonymity that Reed and Rose are betting heavily their Orlando operation will help pull the company out of the red and possibly save their jobs as well.

Largely due to non-hospitality acquisitions in the last two years, Gaylord Entertainment lost $237.3 million in the first nine months of 2001. In 2001, the Tennessee company lost $153.5 million on revenue of $514.4 million. In 1999, Gaylord showed a profit of $349.8 million.

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