This listing includes two independent multi-screen cinemas located in highly visible, well known venues in in a major Midwestern city. The cinemas have been in business for many years and are well established. The properties are leased with varying terms and expiration dates.
The two Cinemas total 11 screens and over 1300 seats. Both facilities have been extensively renovated since opening and include plush seating, spacious and attractive lobbies and restrooms as well as state of the art digital projection and sound. The Cinemas are in leased facilities with expiration dates of available options in 2023 and 2024. Landlord consent may be required for new owner, at which time lease extensions may be negotiated. The relationships with both landlords are very positive and it is not expected that extensions would be difficult to arrange on reasonable terms.
The Cinemas have experience steady growth for the past several years. Although the third quarter of 2017 was a challenging time in the industry 2017 results will be consistent with prior years.
There are 8-10 competitive single or multi screen theaters within 10 miles drive of the both cinemas. Total movie theater industry box office sales have been relatively flat since 2009 although 2015 and 2016 were the first and second highest in history, respectively, according to Nash Information Services. 2017 was on track to break industry records until a very slow summer impacted theaters nationwide. These Cinemas have both experienced significant increases in admissions, gross sales and concession sales from 2014 through 2016. 2017 gross revenues through July showed continued advancement over the same periods in 2016. Poor industry releases hurt sales in August and September at The Cinemas. In spite of the dual impacts of poor summer releases and civic unrest, 2017 gross revenues are projected to be on a similar pace of 2016. The fall and holiday release schedule is very strong. Among those scheduled for the remainder of the year are: Thor: Ragnarok, BOO! 2 and Star Wars Episode VIII: The Last Jedi.
The owner has been in the movie theater business for over forty years and is planning to downsize his business interests in advance of his eventual retirement.
Will train for 4 weeks @ no cost. Both cinemas require business and liquor licenses. Digital projection equipment requires some training. Existing management and other staff is willing to remain under new ownership. The current owner is willing to train the new owner, if required, for a period of up to 30 days. The primary skill set for new ownership is feature selection and staff management. These venues are known for their appearance and cleanliness, friendly and courteous staff, quality of films and fair pricing.