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Marcus Theatres announced today that it plans to close the Eastgate Cinemas on the Northeast side of Madison, Wisconsin in conjuction with plans to open a new movie theater and entertainment complex just North of the Eastgate Cinemas site, at Hwy 151 and Nelson Road.
From the press release (included below), it sounds as though the Eastgate Cinemas will remain open until the new theater is ready to go, which is planned for some time in late 2008 or early 2009. Construction has not yet begun.
In the past, Marcus has closed soon-to-be-replaced theaters about a month before the opening of the new theater, and the construction of recent projects, such as the Green Bay East, Marcus Cinema at the Renaissance near Racine, Wisconsin, and Majestic in Waukesha, Wisconsin took approximately six to eleven months to complete.
The new theater is planned to have 16 screens with digital sound and plush stadium-style seating (both features are pretty much standard in theaters these days). One of the auditoriums will be an UltraScreen, which is Marcus' term for a 70+ foot wide screen, and another will have Digital 3D technology, which will be just in time for a flurry of 3-D releases coming to theaters from the likes of Disney and DreamWorks.
In August 2006, Marcus announced that it would be replacing the South Towne Cinemas on Madison's Southeast side with a new theater in the Tradewinds Business Centre near Hwy 151 and Stoughton Road. That project has yet to begin construction, but is mentioned in the press release as still in the works.
- Marcus to replace Eastgate Cinema in Madison -- The Business Journal of Milwaukee
Marcus Theatres(R) to Replace Eastgate Cinema with New Theatre
New Theatre will be Built on Madison's East Side Near Present Location at "The Crossing"
MILWAUKEE--(BUSINESS WIRE)--May 6, 2008--Marcus Theatres(R) today announced that it plans to build a new theatre in the area presently known as "The Crossing" at US Highway 151 and Nelson Road on the east side of Madison. The 26-acre site will accommodate the new theatre and any future expansion, as well as a variety of synergistic mixed-uses on the balance of the land. The company has also signed an agreement to sell the nearby Eastgate Cinema property, located at 5202 High Crossing Road in Madison, to a Madison-based real estate company. The theatre will be razed and the site redeveloped for other use.
"Marcus Theatres plans to build an entirely new state-of-the-art theatre and entertainment complex on the east side of Madison to replace the Eastgate," said Bruce J. Olson, president of Marcus Theatres. "Expansion at the current site was possible, but after carefully evaluating all of our options, relocating and building a new theatre that includes other exciting entertainment and dining options made the most sense. We are currently in the process of due diligence and planning. The opening of our new location will coincide with the closing of the Eastgate, which could be sometime in late 2008 or early 2009. Following approvals with city planning, we expect construction could begin in 2008."
"The 2,900 seat entertainment destination will feature 16 stadium-seating auditoriums with digital sound and plush, adjustable back memory foam seats. To enhance the moviegoing experience even further, one of the auditoriums will include our signature 72-foot-wide UltraScreen(R) and another auditorium will feature Digital 3D technology, allowing moviegoers to experience the vibrant quality and lifelike clarity of 3D images," Olson added.
"This new complex will truly be an entertainment destination. Not only will we show the best Hollywood films, but among other features currently under consideration are in-theatre dining, a family entertainment center, a movie-themed sports restaurant and bar and outdoor patio," said Olson.
"We are still in the preliminary planning stages for the new theatre and will announce additional design elements and amenities when all of the details are finalized. We look forward to offering the latest in technology and amenities to Madison within a completely new theatre and entertainment concept. The theatre will draw upon our experience in integrating food and beverage service into theatres, as well as creating a destination that will attract people from throughout the area," Olson said.
The financial details of both transactions were not disclosed.
Olson said Marcus Theatres also plans to eventually develop another theatre complex in the Tradewinds Center, just off Highway 151 at Stoughton Road.
About Marcus Theatres
Marcus Theatres(R), a division of The Marcus Corporation (NYSE:MCS), is the seventh largest theatre circuit in the United States and currently owns or operates 678 screens at 56 locations in Wisconsin, Illinois, Minnesota, Ohio, North Dakota, Iowa and Nebraska, and one family entertainment center in Wisconsin.
About The Marcus Corporation
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 lodging division, Marcus Hotels and Resorts, owns or manages 20 hotels, resorts and other properties in ten states, with two additional properties under development. For more information, visit the company's 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 that could cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; (8) 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; and (9) the successful integration of the Douglas Theatre Company theatres into our theatre circuit. 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: The Marcus Corporation
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