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Monday, May 3, 2010

Business Week reports Gaylord stock down 15% on news Opryland Hotel will be shut down several months due to flooding

Business Week reports this morning that

Gaylord Entertainment Co. withdrew its 2010 outlook on Monday, saying flooding in Tennessee will likely affect its results over the next two quarters.

Gaylord's stock dropped $4.79, or 14.2 percent, to $28.96 in midday trading. Over the past year, the shares have traded between $9.52 and $34.55.

The company said the Gaylord Opryland Resort was damaged by flooding as the nearby Cumberland River breached its levees. The resort's approximately 1,500 guests and workers have been evacuated to a nearby shelter.

The complex is anticipated to be closed for several months. The property is covered by insurance up to $50 million, Gaylord said, and will be inspected for damage as soon as possible. The company is currently determining how to handle conventions that are booked over the next few months.

You can read the full article here

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