May 3 (Bloomberg) -- Gaylord Entertainment Co., owner of country music’s Grand Ole Opry, fell the most in a year after the worst flooding in a half-century closed the Opryland resort in Tennessee and the company withdrew its 2010 profit forecast.
Gaylord declined $3.82, or 11 percent, to $29.93 at 4 p.m. in New York Stock Exchange composite trading. The shares have risen 52 percent this year.
The home of country’s music’s showcase theater will be closed for months, the Nashville-based company said today in a statement. The resort was flooded this morning after the Cumberland River breached levees. About 1,500 hotel guests and employees were evacuated Sunday. Gaylord said its flood insurance coverage is limited to $50 million. The company gave no estimate of damages.
The company, which is scheduled to report earnings today, withdrew its 2010 earnings forecast, saying financial results will likely be affected in the next two quarters, according to the statement.
--Editors: Rob Golum, James Callan
To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net.
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net
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