This listing includes an independent six screen cinema located in a major Midwestern city. The cinema has been in operation for many years, is well established and has grown continuously for the last several years with excellent profitability. The theaters are in leased space.
The cinema has 6 screens and and 910 total seats. It has been extensively renovated since opening and include plush seating, a spacious and attractive lobby and restrooms as well as state of the art digital projection and sound. The cinema is in a leased facilities with an expiration date of available options in 2023. 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 Cinema has experience steady growth for the past several years. Although the third quarter of 2017 was a challenging time in the industry as well as the community it appears that gross revenue records could potentially be broken again in 2017, depending on the popularity of the releases.
There are 8-10 competitive single or multi screen theaters within 10 miles drive of the cinema. 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. The cinema 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 as well as other temporary factors impacting the area hurt sales in August and September at The Cinemas. The fall and holiday release schedule is very strong. Among those forecasted to be very large national distributions for the remainder of the year are: Thor: Ragnarok, BOO! 2 and Star Wars Episode VIII: The Last Jedi, Coco and Justice League.
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. The cinema requires a business and liquor license. 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.