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News & Events
Marcus Theatres to Develop Theater at PabstCity
July 1, 2005
MILWAUKEE -- (BUSINESS WIRE) -- Milwaukee Mayor Tom Barrett, Juneau Avenue Partners and Marcus Theatres Corporation, a division of The Marcus Corporation (NYSE:MCS), today announced plans for Marcus Theatres(R) to manage a proposed theatre at PabstCity, the 1.1 million square foot mixed use entertainment project in downtown Milwaukee.
"Mayor Tom Barrett has identified PabstCity as an important project in the revitalization of downtown Milwaukee. When the opportunity arose for Marcus Theatres to become part of this project and, after seeing expanded plans for the project, we determined that PabstCity is a good location for a new Marcus Cinema. The evolving plans for the project make it an attractive location for new entertainment and commercial development," commented Greg Marcus, senior vice president of development of The Marcus Corporation.
Jerry Franke, president of WISPARK LLC, a partner in the PabstCity project states, "We couldn't be happier to have Marcus Theatres involved as a key attraction of PabstCity. Marcus is a respected cinema operator and one of the most recognized names in Milwaukee. As Milwaukee's future entertainment center and regional landmark, it is appropriate that PabstCity will have Marcus Theatres - a respected market leader - to operate the exclusive cinema of the development."
"This will be the first motion picture theatre to be built in downtown Milwaukee in decades. It comes at a time when more people are moving back downtown and into surrounding neighborhoods. The PabstCity development will further contribute to this trend. A new Marcus theatre will be an important component in the mix of business, entertainment and retail planned for PabstCity. As a Milwaukee based theatre operator, it is appropriate that Marcus Theatres be the operator of a cinema in downtown Milwaukee," Bruce J. Olson, president of Marcus Theatres Corporation, added.
"The Marcus Corporation has long been a wonderful corporate citizen for Milwaukee," said Mayor Tom Barrett. "The fact that Marcus is choosing to operate in PabstCity is a vote of confidence in the project's ability to become another major league destination in the region. I want to thank The Marcus Corporation for its continued investment in the City of Milwaukee and I welcome Marcus Theatres back to the downtown."
"The proposed theatre is in the very early stages of design. We have carefully analyzed the trade area of downtown Milwaukee to properly size the complex with the optimal number of screens and seats to best serve moviegoers at a new PabstCity location. We have independently determined that the appropriate number of screens for this project should be 10 screens with 1,850 seats, which is consistent with a recent consultant's report. We have not yet decided on an architectural design for the proposed new theatre, which will need to fit into the design of the overall development. However, the theatre will feature all of the amenities that moviegoers expect at a Marcus Theatre, including stadium seating and digital sound in every auditorium," said Olson.
"A report by the Chicago-based C.H. Johnson Consulting Inc. says urban theatres sometimes have difficulty attracting customers because 'parking is not perceived as being easy.' The PabstCity theatre will have very convenient parking as the theatre will be built on top of a parking structure," Olson added.
The theatre will open with the overall PabstCity development, planned for fourth quarter 2007.
Marcus Theatres(R), a division of The Marcus Corporation, is the ninth largest theatre circuit in the United States and currently owns or operates 503 screens at 45 locations in Wisconsin, Illinois, Minnesota and Ohio. Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries. In addition to its Marcus Theatres division, the company's Marcus Hotels and Resorts division owns or manages 12 hotels and resorts in Wisconsin, California, Minnesota, Missouri, and Texas and one vacation club in Wisconsin. For more information, visit Marcus Theatres' Web site at www.marcustheatres.com or The Marcus Corporation Web site at www.marcuscorp.com.
Certain matters discussed in this Press Release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause results to differ materially from those expected, including, but not limited to, the following: (i) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division; (ii) the effects of increasing depreciation expenses and preopening and start-up costs due to the capital intensive nature of our businesses; (iii) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (iv) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (v) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (vi) the effects of competitive conditions in the markets served by us; (vii) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (viii) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States' responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this Press Release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: Marcus Corp. Press Release
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