Exhibit 99.1

GAYLORD ENTERTAINMENT COMPANY REPORTS FIRST QUARTER 2012 RESULTS

–   First quarter delivers record CCF performance for Gaylord Hotels brand with 24.3 percent increase over first quarter 2011 –

–   Gaylord Hotels revenue increased 8.0 percent –

–   Net Advance Bookings increased 11.6 percent –

NASHVILLE, Tenn. (May 8, 2012) – Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the first quarter of 2012. Highlights include:

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Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment, stated, “We were pleased with our performance in the first quarter, as increases in ADR and outside-the-room spending contributed to Gaylord Hotels revenue growth of 8.0 percent. This translated into a solid profitability performance, as the operational efficiency initiatives we have put in place over the past three years helped us drive a record-setting Gaylord Hotels quarterly CCF performance with growth of 24.3 percent and a CCF Margin improvement of 410 basis points. Additionally, our business performed particularly well in March, as we recorded our highest brand CCF month, highest brand CCF Margin month, and second highest brand revenue month on record. Gaylord Palms and Gaylord Opryland led this improvement, with both properties delivering CCF Margin performances for the month that were among their best ever.

“We booked over 306,000 net room nights in the first quarter, an increase of approximately 11.6 percent from the same period last year. Additionally, our preliminary sales results indicate that we contracted over 120,000 future group room nights during the month of April. This compares favorably to the 53,000 room nights we booked in April of last year – a clear indication that group bookings are continuing to strengthen. We are also optimistic that the first full year of the “DreamWorks Experience” at each of our properties as well as the first full year in operation of the resort pool attractions at Gaylord Texan and Gaylord Palms will help drive strong transient and leisure business as we progress through 2012.

“Over the course of the past few months we have been engaged in the process of exploring opportunities for our company to unlock shareholder value. As a result, our first quarter results include approximately $3 million of expense incurred as part of this effort. While it is premature to announce anything, our efforts are ongoing and we will provide an update when appropriate. In the meantime, our goal is to deliver solid results like those achieved this past quarter.”

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Segment Operating Results

Hospitality

Key components of the Company’s hospitality segment performance in the first quarter of 2012 include:

At the property level, Gaylord Opryland generated revenue of $70.7 million in the first quarter of 2012, a 17.2 percent increase compared to the prior-year quarter of $60.3 million. Occupancy for the first quarter of 2012 was down 0.6 percentage points to 68.0 percent compared to the prior-year quarter. Average Daily Rate (“ADR”) increased 12.0 percent to $153.67, compared to $137.26 in the prior-year quarter, driven by an increase in higher-rated association groups primarily in February and March. RevPAR in the first quarter of 2012 increased 11.0 percent to $104.56 compared to $94.19 in the prior-year quarter, driven by the increase in ADR. Total RevPAR increased 15.8 percent for the first quarter of 2012 to $269.46 compared to $232.76 in the prior-year quarter. CCF was $22.7 million for the first quarter of 2012, a 63.8 percent increase compared to $13.9 million in the prior-year quarter. CCF Margin was 32.2 percent, a 920 basis point increase over the prior-year quarter.

Gaylord Palms posted revenue of $51.5 million in the first quarter of 2012, a 13.3 percent increase compared to $45.5 million in the prior-year quarter. The increase was driven by the growth in occupancy, ADR, and outside-the-room spending, with contribution from the new Wreckers Sports Bar which opened on February 2, 2012. Occupancy for the first quarter increased 4.8 percentage points over the prior-year quarter to 83.0 percent, as occupied group room nights increased by approximately 4,600 room nights. ADR for the first quarter of 2012 increased 8.7 percent to $180.45, compared to $166.07 in the prior-year quarter. First quarter 2012 RevPAR increased 15.3 percent to $149.84 compared to $129.93 in the prior-

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year quarter, driven by the increase in occupancy and ADR. Total RevPAR in the first quarter of 2012 increased 12.3 percent to $403.85 compared to $359.51 in the prior-year quarter driven by the increase in group spending outside-the-room. CCF in the first quarter of 2012 increased 32.2 percent to $20.1 million compared to $15.2 million in the prior-year quarter. This resulted in a CCF Margin for the first quarter of 2012 of 39.0 percent, a 560 basis point increase compared to 33.4 percent in the prior-year quarter.

Gaylord Texan posted revenue of $48.3 million in the first quarter of 2012, a decrease of 4.1 percent from $50.4 million in the prior-year quarter, driven by decreases in occupancy, ADR and outside-the-room spending. These comparisons were impacted by the 2011 Super Bowl in Dallas in February of 2011. Occupancy for the first quarter of 2012 decreased by 2.3 percentage points to 70.0 percent compared to the first quarter of 2011. ADR decreased 7.4 percent to $176.12 in the first quarter of 2012 compared to $190.19 in the prior-year quarter. As a result, RevPAR in the first quarter of 2012 decreased 10.3 percent to $123.35 compared to $137.56 in the prior-year quarter. Total RevPAR decreased 5.3 percent in the first quarter of 2012 to $350.85 from $370.32 in the prior-year quarter, driven primarily by the decrease in occupancy and ADR. CCF in the first quarter of 2012 decreased 8.0 percent to $16.5 million compared to $18.0 million in the prior-year quarter, resulting in a 34.2 percent CCF Margin, a 150 basis point decrease from 35.7 percent in the prior-year quarter.

Gaylord National generated revenue of $53.4 million in the first quarter of 2012, a 2.0 percent increase compared to the prior-year quarter of $52.4 million. Occupancy for the first quarter of 2012 was up 1.3 percentage points to 65.5 percent compared to the prior-year quarter, driven by an increase in group room nights and stronger government group attendance than in the prior-year quarter. ADR increased 0.4 percent in the first quarter of 2012 to $188.58 compared to $187.91 in the prior-year quarter. RevPAR in the first quarter of 2012 increased 2.3 percent to $123.51 compared to $120.70 in the prior-year quarter. Total RevPAR increased 0.9 percent to $294.06 in the first quarter of 2012 compared to $291.44 in the prior-year quarter. CCF increased 7.9 percent to $10.4 million in the first quarter of 2012 compared to $9.7 million in the prior-year quarter. CCF Margin increased 100 basis points to 19.5 percent in the first quarter of 2012 compared to 18.5 percent in the prior-year quarter, driven by margin management initiatives at the property level including favorable food costs and reduced labor costs.

Reed continued, “Our properties performed well this quarter, as local market conditions continued to improve, particularly in Orlando. From a performance perspective, Gaylord Opryland and Gaylord Palms were especially strong, posting CCF Margin increases of 920 and 560 basis points, respectively. These

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properties had particularly good performances in March, with Gaylord Palms posting the second highest CCF Margin month in brand history and Gaylord Opryland posting the fifth highest in history. At Gaylord National we saw modest improvement across nearly all metrics, which along with a strong bookings quarter for the property, supports our belief that the D.C. group market is strengthening. Additionally, our focus on managing costs at Gaylord National helped drive an almost 8 percent increase in CCF and a 100 basis point improvement in CCF Margin. Although the Gaylord Texan did not post growth on par with our other properties this quarter, the comparison to the first quarter of 2011 was difficult given the positive impact of the Super Bowl in February of 2011.”

Opry and Attractions

Opry and Attractions segment revenue increased 12.9 percent to $12.8 million in the first quarter of 2012, compared to $11.4 million in the year-ago quarter. The segment’s CCF increased to $2.1 million in the first quarter of 2012 from $0.7 million in the prior-year quarter.

Corporate and Other

Corporate and Other operating loss totaled $18.6 million in the first quarter of 2012 compared to an operating loss of $14.1 million in the same period last year. Corporate and Other CCF in the first quarter of 2012 was a loss of $15.5 million compared to a loss of $11.2 million in the same period last year. Corporate and Other operating loss and CCF for the first quarter 2012 reflects $3.1 million in non-recurring expenses related to the Company’s exploration of opportunities to unlock shareholder value.

Development Update

On June 21, 2011, the Company announced its plans to develop a resort and convention hotel in Aurora, Colorado, contingent on the approval of tax incentives for the project under the State of Colorado’s Regional Tourism Act, as well as various other contingencies. Gross construction costs for the project before the benefit of public incentives are expected to total approximately $800 million. The project could be funded by Gaylord, potential joint venture partners, and tax incentives that are being provided as a result of an agreement between the Company and the city of Aurora, Colorado. The Company is planning for the resort to be open for business in early 2016.

On January 19, 2012, the Company announced that it had entered into a memorandum of understanding for a 50/50 joint venture with the Dollywood Company to develop a family entertainment zone adjacent to the Gaylord Opryland Resort & Convention Center on land that the Company currently owns. The Dollywood Company will operate the park, and Gaylord will contribute both land and cash to represent

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its 50 percent share of the venture. Phase one of the project is a yet unnamed water and snow park with a total cost to the joint venture of approximately $50 million. An early 2013 groundbreaking date is expected with the park opening slated for summer 2014. The project is contingent upon finalizing agreements with governmental authorities pertaining to the construction of the necessary infrastructure.

Gaylord Entertainment’s planned resort and convention hotel in Mesa, Arizona remains in the early stages of planning, and specific details of the property and budget have not yet been determined. The Company anticipates that any expenditure associated with the project will not have a material financial impact in the near-term.

Liquidity

As of March 31, 2012, the Company had long-term debt outstanding, including current portion, of $1,061.9 million and unrestricted cash of $19.9 million. At March 31, 2012, $340.0 million of borrowings were undrawn under the Company’s $925.0 million credit facility, and the lending banks had issued $8.0 million in letters of credit, which left $332.0 million of availability under the credit facility.

Outlook

The following business performance outlook is based on current information as of May 8, 2012. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Reed concluded, “The profitability performance of our properties and our solid advance group bookings production in the first quarter reinforces our confidence that our business is well positioned as we move through 2012. We continue to believe that the successful initiatives we have put in place to manage costs will help drive solid margin performance, and that the strengthening we have seen in group behavior as it relates to outside-the-room spending will create additional revenue and profitability opportunities for us in 2012. Based on these factors, we are raising several elements of our 2012 guidance. Our guidance for Gaylord Hotels RevPAR remains as an increase of 3 percent to 6 percent, but we are raising our guidance on Total RevPAR from an increase of 2 percent to 5 percent to an increase of 3 percent to 6 percent year-over-year. As a result, we are raising Gaylord Hotels CCF guidance from a range of $265 million to $275 million to a range of $274 million to $286 million. We are raising our expectations for the Opry and Attractions segment from a CCF range of $14 million to $16 million to a range of $15 million to $17 million. As a result of the approximately $3 million of expense we have incurred as part of our effort to

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explore opportunities to unlock shareholder value, we are modifying our Corporate and Other segment expectations from a CCF loss range of $51 million to $48 million to a loss range of $54 million to $51 million. On a consolidated basis, total Company CCF expectations will increase from a range of $228 million to $243 million to a range of $235 million to $252 million in 2012.”

Note: The guidance above assumes 9,529 room nights out of service in 2012 (no impact to Q1) due to the renovation of rooms at Gaylord Palms and a revised room count at Gaylord Opryland of 2,882 for 2012. The guidance above includes approximately $3 million of expense already incurred, but excludes any additional anticipated expenses related to the effort underway to explore opportunities to unlock shareholder value.

Webcast and Replay

Gaylord Entertainment will hold a conference call to discuss this release today at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.gaylordentertainment.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings, and Webcasts) at least 15 minutes prior to the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will run for at least 30 days.

About Gaylord Entertainment

Gaylord Entertainment, 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 more than 80 consecutive years. The Company’s entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf Links,

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Wildhorse Saloon, and WSM-AM. For more information about the Company, visit www.GaylordEntertainment.com.

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current information. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with refinancing the Company’s indebtedness prior to its various maturities, risks associated with development, budgeting, financing and approvals for the Company’s Aurora, Colorado project, economic conditions affecting the hospitality business generally, rising labor and benefits costs, the timing of any new development projects, increased costs and other risks associated with building and developing new hotel facilities and new attractions, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the Company’s ability to successfully operate its hotels and the Company’s ability to obtain financing for new developments. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the Securities and Exchange Commission and include the risk factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

¹The Company calculates revenue per available room (“RevPAR”) for its hotels by dividing room sales by room nights available to guests for the period.

²The Company calculates total revenue per available room (“Total RevPAR”) for its hotels by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period.

³ Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, as well as certain unusual items) is a non-GAAP financial measure which is used herein because we believe it allows for a more complete analysis of operating performance by presenting an analysis of operations separate from the earnings impact of capital transactions and without certain items that do not impact our ongoing operations such as gains on the sale of assets. In accordance with generally accepted accounting

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principles, these items are not included in determining our operating income. The information presented should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States (such as operating income, net income, or cash from operations), nor should it be considered as an indicator of overall financial performance. Adjusted EBITDA does not fully consider the impact of investing or financing transactions, as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of our results of operations. Our method of calculating Adjusted EBITDA may be different from the method used by other companies and therefore comparability may be limited. A reconciliation of Adjusted EBITDA to net income (loss) is presented in the Supplemental Financial Results contained in this press release.

⁴As discussed in footnote 3 above, Adjusted EBITDA is used herein as essentially operating income/(loss) plus depreciation and amortization. Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 6.75 percent senior notes) is a non-GAAP financial measure which also excludes the impact of preopening costs, the non-cash portion of the Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets, and adds (subtracts) other gains (losses). The Consolidated Cash Flow measure is one of the principal tools used by management in evaluating the operating performance of the Company’s business and represents the method by which the Indentures calculate whether or not the Company can incur additional indebtedness (for instance in order to incur certain additional indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of those amounts to net income (loss) or segment operating income (loss) is included as part of the Supplemental Financial Results contained in this press release. CCF Margin is defined as CCF divided by revenue.

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

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Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and Consolidated Cash Flow (“CCF”) reconciliation:

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

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GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

RECONCILIATION OF FORWARD-LOOKING STATEMENTS

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Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and Consolidated Cash Flow (“CCF”) reconciliation: