• Industry News
  • Milwaukee Journal Sentinel
  • Published: Nov. 09, 2020 @ 2:00 PM

Marcus Posts $39.4 million quarterly Loss. Its hotels and cinemas see big decline in business due to pandemic.

Greg Marcus, President and CEO of Marcus Corporation

Last week, Marcus Theatres reported its Q3 2020 earnings, which included $33.6M in revenues and a loss of $39M.  To put these numbers in their proper context, revenues are down 85% from the same quarter in 2019, when Marcus generated $211M in revenue and a profit of $14.3M.  The Milwaukee-based cinema and hospitality company is the 4th largest exhibitor in the US, where it operates 91 theatres in 17 states.  Marcus also operates 18 upscale hotels and resorts across the country.  Executives sought to reassure investors by highlighting its relative strength in liquidity, due in large part to its extensive real-estate holdings.  They also forecasted an eventual strong recovery for exhibition after a period of restructuring forced by the effects of the COVID-19 crisis. President and CEO Greg Marcus reminded investors that his grandfather Ben Marcus expanded his business at the same time that TV was being popularized.  “So, let’s talk about the fact that this industry does endure some significant shocks. And it endures. The key word being…endure.”

See also: Marcus CEO Says Cinema Has Endured “Significant Shocks” Before; Grandfather “Built Business After TV Came Along” (Deadline)

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