UPDATE 2-Gaylord sees rebuild costs up to $225 mln; to cut jobs

* Says to cut 1,743 jobs at Opryland

* Sees about $215 mln-$225 mln in flood-related costs

* Shares up 3 pct (Adds background, analyst comment; updates share movement)

By Abhishek Takle

BANGALORE, June 2 (Reuters) - Hotel operator Gaylord Entertainment Co (GET.N) expects the total cost to rebuild its flood-hit properties in Nashville, Tennessee to be between $215 million and $225 million, and said it would cut 1,743 jobs at its Opryland hotel.

Gaylord also expects to incur a non-cash write-off related to the impairment of certain assets and generate a significantly lower level of consolidated cash flow during the remaining quarters of 2010 as a result of the flood damage.

In addition to the rebuilding costs, which include $23 million to $28 million in previously scheduled enhancement projects, the company sees operating expenses of $57 million to $62 million for maintaining its assets until it re-launches them.

Offsetting these costs are insurance proceeds of $50 million and a federal tax refund of about $30 million.

"Their balance sheet is very strong and they can handle these type of numbers without too much trouble," BGB Securities analyst Sam Yake told Reuters.

Shares of Gaylord were trading up 3 percent at $26.06 Wednesday late afternoon on the New York Stock Exchange.

With the stock down 25 percent since May 3, when the company withdrew its full-year outlook due to the flooding, Yake said the market had already factored in the impact of the flood.

Last week, Gaylord said it obtained a conditional waiver on its credit agreement due to the closing of the flood-hit Opryland property. [ID:nSGE64N1RY]

The company said it expects to fund the restoration of its damaged assets through available cash, borrowings and cash flow generated by its three remaining hotels.

As of May 31, the company had $189.7 million in cash and $291.1 million available under its credit facility.

Last month, a deluge that triggered flash flooding and pushed rivers out of their banks in parts of Tennessee, Kentucky and Mississippi, flooded Gaylord's Opryland hotel and convention center and damaged other assets, including country music mecca Grand Ole Opry.

The company expects to hire employees at the Opryland six to eight weeks before it reopens in November. The Grand Ole Opry is expected to reopen in October.

"I think the good news is they have a timeline and a deadline now for opening. Wall Street loves certainty and even if the certainty has some negativity to it, investors generally applaud that," Yake said.

For related alerts, click on [ID:nASA00F3E] (Reporting by Abhishek Takle in Bangalore; Editing by Anne Pallivathuckal)