The Marcus Corporation reports developments across its entertainment and hospitality businesses, with Marcus Theatres operating movie theatres under the Marcus Theatres, Movie Tavern by Marcus and BistroPlex brands and Marcus Hotels & Resorts owning and managing hotels, resorts and other properties. Company news commonly covers box-office trends, film-slate performance, food-and-beverage concepts such as Zaffiro's, Reel Sizzle, Take Five Lounges and in-auditorium dining, and hotel operating measures such as RevPAR.
Updates also include quarterly results, conference participation, annual shareholder meeting matters, division leadership changes and governance topics. The company's releases often connect theatre attendance, dining formats and hospitality demand with the performance of its company-owned real estate and managed-property portfolio.
The Pfister Hotel in Milwaukee announces Nicole Acosta as its 14th Artist in Residence, starting April 1, 2023. Acosta, a first-generation Mexican American artist, will take over from current resident Christopher T Wood. The community is invited to welcome her during Spring Gallery Night on April 21. Acosta's ongoing project, HOOPS, focuses on Latinx culture and is being adapted into a stage production. During her residency, she plans to create a coffee table book and collect stories from hotel guests and the local community. The Pfister's Artist in Residence program has gained national recognition for promoting art and cultural engagement.
The Marcus Corporation (NYSE: MCS) reported a record Adjusted EBITDA for fiscal year 2022, totaling $85.1 million, a 142.5% increase from fiscal 2021. Total revenues for FY 2022 reached $677.4 million, marking a 47.8% increase. The hotel division exceeded pre-pandemic revenue levels, contributing significantly to operating income of $8.3 million. However, Q4 revenues decreased by 3.6%, resulting in a net loss of $9.3 million. Despite these challenges, the company anticipates continued improvement in both hotel and theatre divisions for fiscal 2023 due to growing travel demand and an expected increase in film releases.
On March 1, 2023, The Marcus Corporation (NYSE: MCS) announced a quarterly cash dividend of $0.05 per share, set for payment on March 20, 2023, to shareholders on record as of March 13, 2023. Additionally, a dividend of $0.045 per share for Class B common stock was declared, also payable on March 20, 2023. The Marcus Corporation, based in Milwaukee, operates in the lodging and entertainment sectors, owning 1,053 screens across its theatre division and managing 16 hotels and resorts.
The Marcus Corporation (NYSE: MCS) announced the election of Austin M. Ramirez as a director. Ramirez is CEO of Husco, a global manufacturing firm, known for its leadership skills within Milwaukee’s business community. Under his guidance, Husco grew by over 300% and gained recognition as a Global Growth Company. Ramirez's experience includes a White House fellowship and roles at McKinsey & Company. His background in strategic planning and finance is expected to bolster Marcus Corporation’s growth initiatives. This management change is perceived as a strategic move to enhance leadership and identify new growth opportunities.
The Marcus Corporation (NYSE: MCS) will report its fourth quarter and full year results for fiscal 2022 on March 2, 2023, prior to the market opening. A conference call will follow at 10:00 a.m. Central / 11:00 a.m. Eastern where participants can join via the investor relations section of the company's website or by phone. A replay of the call will be available until March 9, 2023. The Marcus Corporation operates in the lodging and entertainment industries, managing 1,053 screens at 84 locations and owning 16 hotels across 8 states.
The Marcus Corporation (NYSE:MCS) announced the appointment of Steve Bunnell as the new executive vice president of content strategy, effective March 6. Bunnell brings extensive experience from roles at Briarcliff/Open Road, Alamo Draft House, Regal Entertainment, and Universal Pictures. His leadership aims to enhance programming for the 84 locations of Marcus Theatres and Movie Tavern, focusing on maximizing attendance and revenue. Mark Gramz, president of Marcus Theatres, highlighted the importance of innovative out-of-home entertainment experiences. Bunnell succeeds Sonny Gourley, who is retiring after ten years with the company.
Marcus Hotels & Resorts has appointed restaurateur John Wise as vice president of food and beverage. Wise, with over 27 years of experience at Bartolotta Restaurants, will enhance the culinary offerings across Marcus’s 16 properties, which include over 40 restaurants, bars, and catering programs. He aims to provide guests with innovative dining experiences and foster a vibrant restaurant culture within the hotels. Andrew Flack, chief commercial officer, highlighted Wise’s proven track record in creative restaurant management. This strategic move is part of Marcus’s efforts to elevate its culinary operations.
Marcus Hotels & Resorts, a division of The Marcus Corporation (NYSE: MCS), announces the sale of the Skirvin Hilton in Oklahoma City for $36.75 million. This sale concludes a successful public-private partnership aimed at revitalizing the historic hotel, which reopened in February 2007. The new owners will maintain the Hilton brand and management. Michael Evans, president of Marcus Hotels, emphasized the importance of this transaction for maximizing shareholder value and focusing on growth.
The Marcus Corporation (NYSE: MCS) issued a clarification regarding the status of the Skirvin Hilton sale in Oklahoma City, stating that the sale is still pending and has not yet closed. The company warns investors and the public against relying on existing reports that detail the sale's terms and timing. Marcus Hotels & Resorts manages 17 properties across the U.S. and is recognized for its hospitality leadership since 1962.
The Marcus Corporation (NYSE: MCS) reported strong third-quarter results for fiscal 2022, with revenues reaching $183.7 million, a 25.9% increase from the previous year. Operating income improved to $8.9 million, while net earnings rose to $3.3 million, or $0.10 per diluted share. The hotel division exceeded pre-pandemic revenue levels, and the theatres segment saw a 28% increase in attendance despite a lackluster film slate. A quarterly cash dividend of $0.05 per share was also announced, highlighting the company's financial resilience.