SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D*
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
GAYLORD ENTERTAINMENT COMPANY
(Name of Issuer)
Common Stock
(Title of Class of Securities)
36790510
(CUSIP Number)
Ricky C. Sandler
Eminence Capital LLC, 65 East 55th Street, 25th Floor,
New York, NY 10022 (212) 418-2100
(Name, address and telephone number of person
authorized to receive notices and communications)
July 29, 2004
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
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*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 36790510 13D Page 2 of 14 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Eminence Partners, LP
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,161,934
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,161,934
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,161,934
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(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
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(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.9%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 36790510 13D Page 3 of 14 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Eminence Partners II, LP
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
84,574
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
84,574
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
84,574
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.2%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 36790510 13D Page 4 of 14 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Eminence GP, LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
1,246,508
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,246,508
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,246,508
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
3.1%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 36790510 13D Page 5 of 14 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Eminence Capital, LLC
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
2,250,000
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
2,250,000
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,250,000
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.7%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 36790510 13D Page 6 of 14 Pages
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS (ENTITIES ONLY)
Ricky C. Sandler
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
OO
-----------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
1,225
SHARES --------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
2,250,000
OWNED BY --------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
1,225
REPORTING --------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
2,250,000
-----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,251,225
-----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.7%
-----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 36790510 13D Page 7 of 14 Pages
Item 1. Security and Issuer.
This statement relates to the common stock, par value $0.01 (the "Common
Stock") of Gaylord Entertainment Company (the "Company"). The Company's
principal executive offices are located at One Gaylord Drive, Nashville,
Tennessee 37214.
Item 2. Identity and Background.
(a) This statement is filed by:
(i) Eminence Partners, LP, a New York limited partnership ("Eminence
I"), with respect to the shares of Common Stock directly owned by
it;
(ii) Eminence Partners II, LP, a New York limited partnership
("Eminence II" and together, with Eminence I, the
"Partnerships"), with respect to the shares of Common Stock
directly owned by it;
(iii) Eminence GP, LLC, a New York limited liability company ("Eminence
GP"), with respect to the shares of Common Stock directly owned
by the Partnerships;
(iv) Eminence Capital, LLC, a New York limited liability company (the
"Investment Manager"), which serves as the investment manager to
the Partnerships and Eminence Fund, Ltd., a company organized
under the laws of the Cayman Islands ("Eminence Offshore"), with
respect to the shares of Common Stock directly owned by the
Partnerships and Eminence Offshore; and
(v) Ricky C. Sandler, with respect to the shares of Common Stock
directly owned by the Partnerships, Eminence Offshore and certain
other accounts.
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.
(b) The address of the principal business and principal office of the
Partnerships, Eminence GP and the Investment Manager is 65 East 55th
Street, 25th Floor, New York, NY 10022. The business address of Mr.
Sandler is 65 East 55th Street, 25th Floor, New York, NY 10022.
(c) The principal business of the Partnerships is serving as private
investment limited partnerships. The principal business of Eminence GP
is serving as a general partner to the Partnerships. The principal
business of the Investment Manager is that of an investment manager
engaging in the purchase and sale of securities on behalf of clients.
Mr. Sandler serves as the Managing Member of Eminence GP and the
Investment Manager.
CUSIP No. 36790510 13D Page 8 of 14 Pages
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and, as a result of such proceeding, was, or is
subject to, a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
Federal or State securities laws or finding any violation with respect
to such laws.
(f) The Partnerships are limited partnerships organized under the laws of
the State of New York. Each of Eminence GP and the Investment Manager
is a limited liability company organized under the laws of the State
of New York. Mr. Sandler is a United States citizen.
Item 3. Source and Amount of Funds and Other Consideration.
The net investment cost (including commissions, if any) of the shares of
Common Stock directly owned by the Partnerships, Eminence Offshore and the
certain other accounts is approximately $63,285,705. Mr. Sandler, Eminence GP
and the Investment Manager do not directly own any shares of Common Stock.
Item 4. Purpose of the Transaction.
The purpose of the acquisition of the shares of Common Stock by the
Reporting Persons is for investment, and the purchases of the shares of Common
Stock by the Reporting Persons were made in the ordinary course of business and
were not made for the purpose of acquiring control of the Company. Although the
acquisition of the shares of Common Stock by the Reporting Persons is for
investment purposes, the Reporting Persons may pursue discussions with
management in an effort to maximize long-term value for shareholders. Each of
the Reporting Persons may make further purchases of shares of Common Stock from
time to time and may dispose of any or all of the shares of Common Stock held by
him or it at any time. None of the Reporting Persons has any plans or proposals
which relate to, or could result in, any of the matters referred to in
paragraphs (b) through (j), inclusive, of Item 4 of the Schedule 13D. Each of
the Reporting Persons may, at any time and from time to time, review or
reconsider his or its position and formulate plans or proposals with respect
thereto, but has no present intention of doing so.
CUSIP No. 36790510 13D Page 9 of 14 Pages
Item 5. Interest in Securities of the Issuer.
A. Eminence Partners, LP
(a) Aggregate number of shares beneficially owned: 1,161,934
Percentage: 2.9% The percentages used herein and in the rest
of Item 5 are calculated based upon the 39,708,724 shares of Common Stock
issued and outstanding as of July 31, 2004 as reflected in the Company's
Form 10-Q for the quarterly period ended June 30, 2004.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,161,934
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 1,161,934
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions by Eminence I in the Common
Stock within the last sixty days, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(d) Eminence GP, the General Partner of Eminence I, has the power to
direct the affairs of Eminence I, including decisions respecting the receipt of
dividends from, and the disposition of the proceeds from the sale of, the shares
of Common Stock. Mr. Sandler is the Managing Member of Eminence GP and in that
capacity directs its operations.
(e) Not applicable.
B. Eminence Partners II, LP
(a) Aggregate number of shares beneficially owned: 84,574
Percentage: 0.2%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 84,574
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 84,574
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions by Eminence II in the
Common Stock within the last sixty days, which were all in the open market, are
set forth in Schedule B and are incorporated by reference.
(d) Eminence GP, the General Partner of Eminence II, has the power
to direct the affairs of Eminence II, including decisions respecting the receipt
of dividends from, and the disposition of the proceeds from the sale of, the
shares of Common Stock. Mr. Sandler is the Managing Member of Eminence GP, and
in that capacity directs its operations.
(e) Not applicable.
CUSIP No. 36790510 13D Page 10 of 14 Pages
C. Eminence GP, LLC
(a) Aggregate number of shares beneficially owned: 1,246,508
Percentage: 3.1%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 1,246,508
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 1,246,508
(c) Eminence GP did not enter into any transactions in the Common
Stock of the Company within the last sixty days. The trading dates, number of
shares of Common Stock purchased or sold and the price per share for all
transactions in the Common Stock within the last sixty days on behalf of
Eminence I and Eminence II, which were all in the open market, are set forth in
Schedules A and B, respectively, and are incorporated by reference.
(d) Not applicable.
(e) Not applicable.
D. Eminence Capital, LLC
(a) Aggregate number of shares beneficially owned: 2,250,000
Percentage: 5.7%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 2,250,000
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 2,250,000
(c) The Investment Manager did not enter into any transactions in
the Common Stock of the Company within the last sixty days. The trading dates,
number of shares of Common Stock purchased or sold and the price per share for
all transactions in the Common Stock within the last sixty days on behalf of
Eminence I, Eminence II and Eminence Offshore, which were all in the open
market, are set forth in Schedules A, B and C, respectively, and are
incorporated by reference.
(d) Each of the clients of the Investment Manager has
the power to direct the receipt of dividends from or the proceeds of the sale of
such shares.
(e) Not applicable.
E. Ricky C. Sandler
(a) Aggregate number of shares beneficially owned: 2,251,225
Percentage: 5.7%
(b) 1. Sole power to vote or direct vote: 1,225
2. Shared power to vote or direct vote: 2,250,000
3. Sole power to dispose or direct the disposition: 1,225
4. Shared power to dispose or direct the disposition: 2,250,000
(c) Mr. Sandler did not enter into any transactions in the Common
Stock of the Company within the last sixty days. The trading dates, number of
shares of Common Stock purchased or sold and the price per share for all
transactions in the Common Stock within the last sixty days on behalf of
Eminence I, Eminence II and Eminence Offshore, which were all in the open
market, are set forth in Schedules A, B and C, respectively, and are
incorporated by reference.
(d) Not applicable.
(e) Not applicable.
CUSIP No. 36790510 13D Page 11 of 14 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
DATED: August 9, 2004
/s/ Ricky C. Sandler
---------------------
Ricky C. Sandler, individually, and as
Managing Member of
Eminence Capital, LLC,
Investment Manager of
Eminence Partners, LP,
Eminence Partners II, LP and
Eminence Fund, Ltd., and as
Managing Member of
Eminence GP, LLC,
General Partner of
Eminence Partners, LP and
Eminence Partners II, LP
CUSIP No. 36790510 13D Page 12 of 14 Pages
Schedule A
Eminence Partners, LP
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
06/01/04 25,980 $28.63
06/02/04 25,960 $28.81
07/01/04 (5,700) $31.37
07/29/04 74,880 $27.55
08/04/04 54,260 $28.05
08/05/04 38,740 $27.92
08/09/04 25,820 $26.88
CUSIP No. 36790510 13D Page 13 of 14 Pages
Schedule B
Eminence Partners II, LP
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
06/01/04 1,870 $28.63
06/02/04 1,870 $28.81
07/01/04 300 $31.41
07/29/04 5,490 $27.55
08/04/04 3,960 $28.05
08/05/04 2,810 $27.92
08/09/04 1,880 $26.88
CUSIP No. 36790510 13D Page 14 of 14 Pages
Schedule C
Eminence Capital, LLC
Price Per Share
Date of Number of Shares (including commissions,
Transaction Client Purchased/(Sold) if any)
06/01/04 Eminence Offshore 22,150 $28.63
06/02/04 Eminence Offshore 22,170 $28.81
07/01/04 Eminence Offshore 5,400 $31.41
07/29/04 Eminence Offshore 64,630 $27.55
08/04/04 Eminence Offshore 46,780 $28.05
08/05/04 Eminence Offshore 33,450 $27.92
08/09/04 Eminence Offshore 22,300 $26.88