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Marcus Theatres® to Acquire Former OMNIMAX Theatre from Duluth Entertainment Convention Center

Published On: Thursday, February 02, 2012

MILWAUKEE -- Marcus Theatres®, a division of The Marcus Corporation (NYSE:MCS), today announced it will acquire the former OMNIMAX Theatre located in the Duluth Entertainment Convention Center (DECC) adjacent to the company’s 10-screen Duluth Cinema at 300 Harbor Drive. Marcus Theatres will convert the domed theatre, which closed in April 2011, to a nearly 70-foot-wide UltraScreen® auditorium. This will be the fourteenth UltraScreen in the company’s circuit. Construction on the project will begin shortly, with an anticipated opening in late spring 2012.

“The Duluth UltraScreen will be the ultimate visual entertainment experience featuring the latest MDX (Marcus Digital Xperience) technology from Marcus Theatres,” said Bruce J. Olson, president of Marcus Theatres.

“Audiences will see and hear the latest Hollywood blockbusters like never before. Imagine amazingly pristine, incredibly sharp images projected on a wall-to-wall screen measuring almost 70-feet-wide and three-and-a-half stories tall. A 39,000 watt state-of-the-art 7.1 digital sound system featuring JBL’s Academy Award winning Screen Array speaker system will create an audio experience that delivers a totally new level of excitement,” Olson added.

“Powerful MDX4K digital projection technology will present movies released in 4K in even higher resolution with more definition and depth. The MDX4K system will also be ready for films produced to take advantage of faster digital projection speeds for more dramatic special effects and impeccable camera shots. Every seat in the new UltraScreen auditorium will also be replaced with luxurious, high-back memory-foam chairs designed for the ultimate in relaxation and comfort,” said Olson.

DECC Executive Director Dan Russell said the DECC had been in negotiations with Marcus Theatres for several months to make this new attraction a reality.

“There isn’t a better theatre operator in the country than Marcus Theatres, and the DECC is pleased to help them expand on the great success they’ve had with the Duluth 10 as they transform the OMNIMAX Theatre into an UltraScreen auditorium,” said Russell. “This not only gives Duluthians and visitors an exciting new entertainment option, it also ensures that the reuse of the former OMNIMAX Theatre will continue to help strengthen our downtown.”

Olson said the glass wall connecting the current OMNIMAX lobby area with the Duluth Cinema will be removed. “A new box office for both the existing screens as well as the new UltraScreen will be re-located to the current OMNIMAX lobby. The existing Duluth 10 theatre lobby will be re-carpeted and will now feature self-service soda stations, which is extremely popular with our guests at other Marcus Theatres locations.”

“The most unique and exciting new amenity will be the addition of a Take Five lounge. A liquor license will be applied for and if granted in March, we will design and install a full-service cocktail lounge, serving a complete selection of mixed drinks and imported beers, as well as a variety of appetizers, pizza and finger foods. The lounge will be open to non-theatre-going patrons as well as moviegoers. The new lounge will seat between 50 and 60 guests and will feature both tables and chairs for dining, as well as luxuriously appointed soft leather seating for sipping a cocktail before or after a movie,” added Olson.

The OMNIMAX, which opened in 1996, was owned and operated by the Duluth Entertainment Convention Center. Marcus Theatres will maintain a lease agreement with the owner. The financial details of the transaction were not disclosed.

About Marcus Theatres

Marcus Theatres®, a division of The Marcus Corporation (NYSE:MCS), is the sixth largest theatre circuit in the United States. With the acquisition of the Duluth OMNIMAX, the company will own or operate 696 screens at 56 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. For more information, visit the Marcus Theatres website at www.marcustheatres.com.

About The Marcus Corporation

Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. In addition to its Marcus Theatres division, the company’s lodging division, Marcus Hotels & Resorts, owns or manages 18 hotels, resorts and other properties in nine states. For more information, visit the company’s web site at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States’ responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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