Marcus Corporation

Last updated

The Marcus Corporation
Company type Public
NYSE:  MCS
S&P 600 Component
Industry Hospitality
Entertainment
FoundedNovember 1, 1935;88 years ago (1935-11-01) in Milwaukee, Wisconsin, United States
FounderBen Marcus
Headquarters100 East Wisconsin Avenue, Suite 1900,
Milwaukee, Wisconsin
,
United States
Number of locations
95 (2023)
Area served
Marcus Theatres: Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio and Pennsylvania.
Marcus Hotels and Resorts: Arizona, California, Illinois, Minnesota, Missouri, Nevada, Ohio, Oklahoma, Texas, and Wisconsin.
Key people
  • Gregory S. Marcus (president and​ CEO)
  • Stephen H. Marcus (chairman)
RevenueIncrease2.svg US$692.1 million (2023) [1]
Increase2.svg US$075.6 million (2017)
Increase2.svg US$02.29 per share (2017) [2]
Number of employees
7,500
Divisions
Website www.marcuscorp.com

The Marcus Corporation is an American publicly held company headquartered in Milwaukee, Wisconsin. The company operates two principal divisions: Marcus Theatres and Marcus Hotels and Resorts.

Contents

History

Marcus Corporation was founded on November 1, 1935 by Ben Marcus with the purchase of a single movie theatre screen in Ripon, Wisconsin. This movie theatre remains with Marcus as a first run theater, the Campus Cinema (near Ripon College), with titles appealing to both adults and families. It was also a restaurant franchisee, operating the Marc's Big Boy affiliate of the Big Boy Restaurants chain and serving as the Milwaukee area franchise for Kentucky Fried Chicken. Marcus sold the KFC franchises by 1992 and closed the last Marc's in 1995.

One of the company's principal assets, Baymont Inn & Suites, was sold to La Quinta Corporation in 2003. Marcus Cable, which merged in 1998 with Charter Communications, was founded by a member of the Marcus family, but held no direct corporate connection to Marcus Corporation itself.

Marcus Theatres

The Marcus Gurnee Mills Cinema in Gurnee, Illinois in 2018, the chain's flagship Chicagoland multiplex (an additional entrance is within the mall itself). MarcusTheatreGurnee.jpg
The Marcus Gurnee Mills Cinema in Gurnee, Illinois in 2018, the chain's flagship Chicagoland multiplex (an additional entrance is within the mall itself).

Marcus Theatres is a United States movie theater chain that owns and/or manages screens and has food service. As of September 30, 2023, Marcus Theatres has 79 theaters and 993 screens in 17 U.S. states.

In 2000, the chain partnered with MovieTickets.com for advanced ticketing capabilities. This partnership was extended in 2011. [3]

In 2008, Marcus acquired seven theater locations in Nebraska from Douglas Theatre Company. [4]

In August 2013, Rolando B. Rodriguez was appointed as president and chief executive officer of Marcus Theatres. [5] After Rodriguez took over, the company introduced two new initiatives in October 2013: $5 admission for any movie on Tuesdays at select theaters and an alternative programming block known as "Theatre Entertainment Network. [6] In January 2014, Marcus launched an initiative called "Indie Focus" that offers art and independent films in select locations. [7] The chain began a partnership with Fandango in fall 2015, making Fandango its preferred ticketing partner. [8]

In December 2016, the chain completed its acquisition of 14 theaters owned by Wehrenberg Theatres in four states. [9]

Marcus closed all Marcus Cinemas and Movie Tavern theaters after 8:30 p.m. showtimes on March 17, 2020 indefinitely, due to the impact of the COVID-19 pandemic on cinema and following the closures of competitors. [10] Marcus Theaters chairman, president and CEO Rolando Rodriguez pledged full cooperation with the Center for Disease Control (CDC). [10] The chain began a slow-process reopening in late June 2020 with several theaters, before a wider reopening started rolling out on August 21, 2020 to take advantage of the wide release for Tenet . With that film underperforming and new product being held back as another case surge in Wisconsin happened, Marcus began to re-close some theaters and reduce others to weekend and Tuesday operations only by the start of October. It also later pushed the redemption period for refills of its annual low-cost 'unlimited refills' 2020 reusable popcorn bucket for the entirety of 2021.

Movie Tavern

The first Movie Tavern location opened in 2001 in Fort Worth, Texas by Dennis Butler. Movie Tavern was sold to Southern Theatres in 2013. Movie Tavern has become one of the largest and fastest-growing in-theatre dining concepts in the United States thanks to its praised menu and unique offerings. [11]

In November 2018, Marcus Theaters acquired New Orleans-based movie theater chain to expand into Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas, and Virginia. The acquisition was valued at $126 million sold in cash and stock, (NYSE: MCS). The deal closed in February 2019. [12] The deal added 22 locations and 208 screens, increasing Marcus Theaters locations to 90 theaters in 17 states, representing a 23% increase in Marcus Theatres' total screen count. [13]

Marcus Hotels and Resorts

Marcus Hotels and Resorts, currently owns or manages 17 hotels and resorts in California, Illinois, Minnesota, Nebraska, Nevada, Oklahoma, Texas, and Wisconsin, as well as one vacation club in Wisconsin.

See also

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References

  1. ↑ "The Marcus Corporation Reports First Quarter Fiscal 2023 Results". Business Wire. Retrieved May 4, 2024.
  2. ↑ "The Marcus Corporation Reports First Quarter Fiscal 2023 Results". Business Wire. Retrieved May 4, 2024.
  3. ↑ "MovieTickets.com and Marcus Theatres® Extend Decade Long". Bloomberg L.P. February 15, 2011. Retrieved April 23, 2015.
  4. ↑ "Marcus Theatres to Acquire 7 Douglas Theatres Locations in Nebraska". The BigScreen Cinema Guide. SVJ Designs. April 24, 2015. Archived from the original on April 7, 2015. Retrieved April 24, 2015.
  5. ↑ "Rolando B. Rodriguez Appointed President and CEO of Marcus Theatres® and Executive Vice President of The Marcus Corporation". Business Wire . Berkshire Hathaway. August 1, 2013. Archived from the original on March 2, 2014. Retrieved April 23, 2015.
  6. ↑ Vogel Davis, Stacy (October 11, 2013). "Marcus tries new ideas to fill theaters". Milwaukee Business Journal. American City Business Journals . Retrieved April 23, 2015.
  7. ↑ "Marcus Theatres Launches Indie Focus". Business Wire . Berkshire Hathaway. January 15, 2014. Retrieved April 24, 2015.
  8. ↑ McClintock, Pamela (April 21, 2015). "CinemaCon: Fandango Partners With Marcus Theatres". The Hollywood Reporter . Prometheus Global Media . Retrieved April 23, 2015.
  9. ↑ Boulton, Guy (December 16, 2016). "Marcus Theatres completes acquisition". Milwaukee Journal Sentinel. USA Today. Retrieved August 15, 2017.
  10. 1 2 "Marcus Theaters closes all locations due to COVID-19 concerns". March 17, 2020.
  11. ↑ "Marcus Theatres to Acquire Movie Tavern Circuit from VSS-Southern Theatres, LLC". Business Wire. November 2, 2018. Retrieved February 19, 2019.
  12. ↑ "Marcus Theatres to Acquire Movie Tavern Circuit from VSS-Southern Theatres, LLC". The Marcus Corporation. November 2, 2018. Retrieved February 11, 2019.
  13. ↑ "Marcus Theatres to Acquire Movie Tavern Circuit from VSS-Southern Theatres, LLC". The Marcus Corporation. November 2, 2018. Retrieved February 11, 2019.
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