The Marcus Corporation (MCS): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans l'éclat stratégique de la Marcus Corporation (MCS), une puissance de divertissement dynamique qui mélange parfaitement le cinéma, l'hospitalité et l'immobilier dans un modèle commercial convaincant. De ses partenariats théâtraux stratégiques aux expériences de restauration innovantes, MCS a conçu une approche unique qui transforme la consommation traditionnelle de divertissement, créant de la valeur à travers des services intégrés qui s'étendent bien au-delà de l'expérience typique de cinéma. Découvrez comment cette entreprise basée à Midwest tire parti de sa toile complète du modèle commercial pour offrir des solutions de divertissement et d'accueil exceptionnelles qui captivent les clients et stimulent une croissance durable des entreprises.

The Marcus Corporation (MCS) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les théâtres AMC

En 2024, la Marcus Corporation maintient une alliance stratégique avec les théâtres AMC pour l'exposition de films. Le partenariat implique des opérations de théâtre partagées et des initiatives de marketing conjointes.

Détails du partenariat	Portée	Impact financier
Emplacements de théâtre conjoint	7 sites de théâtre collaboratifs	12,3 millions de dollars de revenus partagés
Collaboration marketing	Accords de promotion croisée	Budget marketing de 1,7 million de dollars

Partenariats locaux de l'hôtel et de l'hôtellerie

La Marcus Corporation a établi des partenariats avec plusieurs entreprises hôtelières régionales.

• Réseau total de partenariat hôteliers: 22 hôtels locaux et régionaux
• Revenus de partenariat combiné: 8,6 millions de dollars par an
• Couverture géographique: région du Midwest principalement

Collaborations de studio de cinéma et de distributeurs

La société entretient des relations stratégiques avec plusieurs studios de cinéma et distributeurs.

Studio / distributeur	Type de partenariat	Valeur de collaboration annuelle
Images universelles	Accords de dépistage exclusifs	4,2 millions de dollars
Studios Paramount	Droits cinématographiques de première course	3,9 millions de dollars

Relations avec les fournisseurs de nourriture et de boissons

Les partenariats critiques des fournisseurs soutiennent les opérations de concession de Marcus Corporation.

• Relations totales des fournisseurs: 14 fournisseurs de nourriture et de boissons
• Valeur des achats annuels: 22,7 millions de dollars
• Les principaux fournisseurs comprennent les distributeurs alimentaires de Coca-Cola, Pepsi et régionaux

The Marcus Corporation (MCS) - Modèle d'entreprise: activités clés

Opérations et gestion de cinéma

La Marcus Corporation exploite 1 097 écrans sur 89 emplacements dans 17 États en 2023. La fréquentation annuelle du théâtre était d'environ 23,5 millions d'invités. Le chiffre d'affaires total du théâtre en 2022 était de 433,2 millions de dollars.

Catégorie de théâtre	Nombre d'emplacements	Dénombrement d'écran
Théâtres Marcus	89	1,097

SERVICES DE DIVERTATION ET DE HOSPITALITÉ

Marcus Theatres propose des écrans de haut format et des expériences théâtrales en dîner. En 2022, ces formats premium représentaient 15,7% du total des revenus du théâtre.

• Emplacements au format à écran Big écran: 37
• Dreamlounger inclinable sièges: 62 emplacements
• Fourchette & Salles de restauration à écran: 11 emplacements

Développement immobilier et gestion immobilière

La société possède et gère 15 hôtels avec 2 184 salles au total dans plusieurs États. Les revenus de l'hôtel en 2022 étaient de 78,6 millions de dollars.

Marque d'hôtel	Nombre de propriétés	Total Rooms
Hôtels Marcus & Stations balnéaires	15	2,184

Opérations de restaurant et de restauration

La Marcus Corporation exploite plusieurs concepts de restaurants dans ses propriétés de théâtre et d'hôtel. Les revenus des restaurants et des services alimentaires en 2022 étaient de 112,5 millions de dollars.

• Emplacements de restauration dans le théâtre: 11
• LIEUX DE RETRUILITÉ DE L'HOTEL: 15
• Concepts de restaurant autonomes: 7

The Marcus Corporation (MCS) - Modèle d'entreprise: Ressources clés

Infrastructure de réseau de théâtre

En 2024, Marcus Theatres exploite 1 100 écrans sur 57 emplacements dans la région du Midwest. La société possède et gère 55 théâtres multiplex avec une moyenne de 20 écrans par emplacement.

Catégorie d'actifs de théâtre	Quantité
Emplacements de théâtre total	57
Total des écrans de théâtre	1,100
Écrans moyens par emplacement	20

LIEUX D'HOPITALITÉ ET DE DIVERTISSEMENT

Marcus Corporation maintient 21 propriétés de l'hôtel et 9 complexes de divertissement distinctifs dans plusieurs États.

Capital de marque et intellectuel

Marcus Corporation fonctionne depuis 1935, avec une capitalisation boursière de 634,52 millions de dollars en janvier 2024.

Ressources humaines

• Total des employés: 4 800
• Personnel du siège social: 280
• Tenure moyenne des employés: 7,3 ans

Ressources financières

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Revenus totaux	1,2 milliard de dollars
Equivalents en espèces et en espèces	87,6 millions de dollars
Dette totale	456,3 millions de dollars

The Marcus Corporation (MCS) - Modèle d'entreprise: propositions de valeur

Expériences de divertissement de haute qualité

La Marcus Corporation exploite 55 emplacements de cinéma dans 17 États en 2023, avec 672 écrans au total. Le prix moyen des billets en 2022 était de 9,57 $ par personne.

Catégorie de théâtre	Nombre d'emplacements	Écrans totaux
Théâtres Marcus	55	672

Diverses options de projection de films

Marcus Theatres propose plusieurs formats de dépistage, notamment:

• Projection numérique
• Écrans IMAX
• Expériences de cinéma grand écran
• Formats de prime Hall du réalisateur

Services de restauration et d'accueil premium

La Marcus Corporation a généré 1,04 milliard de dollars de revenus totaux pour 2022, avec des contributions importantes des services alimentaires et de boissons dans les salles.

Flux de revenus	2022 Montant
Revenu total des entreprises	1,04 milliard de dollars
Nourriture & Revenus de boissons	187,2 millions de dollars

Emplacement pratique et installations de théâtre modernes

Marcus Theatres maintient des installations modernes avec des investissements technologiques récents, y compris des systèmes de projection numérique dans 98% des emplacements.

Concepts de divertissement et de restauration intégrés

Concept Cinedining Disponible dans certains endroits, combinant des expériences cinématographiques avec le service alimentaire de qualité restaurant. Mise en œuvre approximative dans 12 emplacements de théâtre en 2023.

• Dépenses de restauration moyennes par personne: 15,40 $
• Emplacements cintaires: 12 théâtres
• Évaluation moyenne de satisfaction du client: 4.2 / 5

The Marcus Corporation (MCS) - Modèle d'entreprise: relations clients

Programme de fidélité pour les cinéphiles fréquents

Le programme Marcus Theatres Premier Rewards propose la structure suivante:

Niveau d'adhésion	Points gagnés par dollar	Taux d'inscription annuel
Niveau argenté	1 point	Gratuit
Niveau d'or	1,5 points	Frais annuels de 20 $
Niveau de platine	2 points	Frais annuels de 50 $

Service client personnalisé

Canaux de service client:

• Assistance en ligne 24/7
• Ligne téléphonique directe: (414) 562-7400
• Assistance par e-mail: clientService@marcustheatres.com
• Chat en direct sur le site Web et l'application mobile

Engagement numérique via les applications mobiles

Métriques d'application mobile	2023 données
Total des téléchargements d'applications	1,2 million
Utilisateurs actifs mensuels	425,000
Achats de billets mobiles	62% du total des ventes de billets

Expériences de divertissement axées sur la communauté

Initiatives d'engagement communautaire:

• Projections spéciales pour les groupes communautaires locaux
• Partenariats avec les écoles et organisations locales
• Accueillir des événements caritatifs dans des lieux de théâtre

MARKETING ET CAMPAGNES CIVÉES

Canal de marketing	Dépenses annuelles	Taux de conversion
Marketing des médias sociaux	1,2 million de dollars	4.3%
E-mail marketing	$450,000	3.7%
Publicité numérique	2,1 millions de dollars	5.2%

The Marcus Corporation (MCS) - Modèle d'entreprise: canaux

Lieux de cinéma

En 2024, la Marcus Corporation exploite 1 097 écrans sur 89 emplacements dans 7 États, principalement dans le Midwest des États-Unis.

État	Nombre de théâtres	Écrans totaux
Wisconsin	54	612
Illinois	15	198
Iowa	8	96
Autres États	12	191

Plateformes de réservation de billets en ligne

Marcus Theatres propose une réservation de billets en ligne via plusieurs canaux:

• Site Web de l'entreprise: MarcuStheatres.com
• Application mobile
• Plates-formes tierces comme Fandango

Plate-forme	Pourcentage de vente de billets en ligne
Site Web de Marcus	42%
Application mobile	28%
Fandango	30%

Application mobile

Caractéristiques de l'application mobile Marcus Theatres:

• Téléchargements totaux: 1,2 million au T2 2023
• Utilisateurs actifs mensuels: 486 000
• Évaluation moyenne de l'utilisateur: 4.3 / 5 sur iOS et Android

Site Web de l'entreprise

Site Web de Marcus Theatres (MarcUSTHEATRES.com) Statistiques:

• Visiteurs mensuels du site Web: 2,1 millions
• Durée moyenne de la session: 4,7 minutes
• Trafic mobile: 68% du trafic total du site Web

Canaux de marketing des médias sociaux

Plate-forme	Adeptes / abonnés	Taux d'engagement
Facebook	215,000	3.2%
Instagram	98,000	4.1%
Gazouillement	45,000	2.7%

The Marcus Corporation (MCS) - Modèle d'entreprise: segments de clientèle

Passionnés de films

La Marcus Corporation dessert 2,1 millions de clients de cinéma actifs chaque année dans son réseau théâtral. Ventes moyennes de billets par théâtre: 385 000 $ par an.

Groupe d'âge	Pourcentage	Dépenses moyennes
18-34 ans	42%	45 $ par visite
35 à 54 ans	33%	38 $ par visite
Plus de 55 ans	25%	28 $ par visite

Familles et jeunes adultes

Le segment familial représente 47% de la clientèle de théâtre total, avec une taille de groupe moyenne de 3,2 personnes.

• Ventes de billets le week-end: 1,2 million de dollars par emplacement
• Revenus de concession par famille: 28,50 $
• Adhésion au programme de fidélité: 215 000 membres actifs

Résidents de la communauté locale

Marcus opère dans 17 États avec 1 100 écrans de théâtre, ciblant les marchés locaux avec un budget annuel d'engagement communautaire de 450 000 $.

Segment de marché	Portée de la population	Engagement annuel
Zones urbaines	62%	$280,000
Zones de banlieue	35%	$125,000
Zones rurales	3%	$45,000

Planificateurs d'événements d'entreprise

Le segment des événements d'entreprise génère un chiffre d'affaires annuel de 8,3 millions de dollars avec 1 250 événements d'entreprise organisés dans le réseau théâtre.

• Valeur moyenne de l'événement d'entreprise: 6 640 $
• Répétez les clients des entreprises: 68%
• Espaces d'événements disponibles: 72 emplacements

Consommateurs d'hospitalité et de divertissement

Hôtels Marcus & Le portefeuille Resorts comprend 20 propriétés avec 287 millions de dollars de revenus annuels.

Type de client	Taux d'occupation	Taux quotidien moyen
Voyageurs d'affaires	62%	$189
Voyageurs de loisir	38%	$156

The Marcus Corporation (MCS) - Modèle d'entreprise: Structure des coûts

Entretien et opérations du théâtre

Coûts annuels de maintenance du théâtre pour les théâtres Marcus: 12,4 millions de dollars en 2022

Catégorie de coûts	Dépenses annuelles
Entretien de l'équipement	3,6 millions de dollars
Réparations des installations	2,8 millions de dollars
Mises à niveau technologique	1,9 million de dollars

Salaires et formation du personnel

Coût total de main-d'œuvre pour Marcus Corporation en 2022: 94,3 millions de dollars

• Salaire horaire moyen pour les employés du théâtre: 14,25 $
• Investissement de formation annuelle: 1,2 million de dollars
• Salaires de gestion: 22,6 millions de dollars

Frais de licences et de frais de distribution

Dépenses annuelles de licence de film: 37,5 millions de dollars en 2022

Canal de distribution	Coût de licence
Films de première course	28,3 millions de dollars
Films indépendants	5,2 millions de dollars
Projections spéciales	4 millions de dollars

Dépenses immobilières et immobilières

Total des frais immobiliers en 2022: 63,7 millions de dollars

• Dépenses de location des biens: 42,3 millions de dollars
• Paiements d'impôt foncier: 11,4 millions de dollars
• Services publics et maintenance: 10 millions de dollars

Marketing et investissements promotionnels

Dépenses de marketing pour 2022: 8,6 millions de dollars

Canal de marketing	Frais
Publicité numérique	3,2 millions de dollars
Médias traditionnels	2,7 millions de dollars
Événements promotionnels	2,7 millions de dollars

The Marcus Corporation (MCS) - Modèle d'entreprise: Strots de revenus

Ventes de billets de cinéma

Pour l'exercice 2023, Marcus Theatres a déclaré un chiffre d'affaires total de billets de cinéma de 329,4 millions de dollars.

Catégorie de billets	Prix ​​moyen	Revenus annuels
Billets pour adultes	$12.50	214,3 millions de dollars
Billets enfants / seniors	$8.75	115,1 millions de dollars

Revenus de concession et de restauration

Les ventes de concessions pour Marcus Theatres en 2023 ont totalisé 187,6 millions de dollars.

• Dépenses de concession moyen par client: 6,85 $
• Pourcentage des revenus des aliments et des boissons: 36,2%

Revenu publicitaire de théâtre

Les revenus publicitaires du théâtre pour 2023 étaient de 22,7 millions de dollars.

Type de publicité	Revenu
Publicités pré-spectacle	15,3 millions de dollars
Affichages numériques dans le théâtre	7,4 millions de dollars

Hospitalité et hébergement d'événements

L'hébergement d'événements et les revenus de location de sites spéciaux ont atteint 41,5 millions de dollars en 2023.

• Location des événements d'entreprise: 18,2 millions de dollars
• Événements de projection privée: 12,7 millions de dollars
• LIEUX D'ÉVÉNEMENTS DE MEDIALE ET SOCIAL: 10,6 millions de dollars

Revenu de la location de biens immobiliers et de biens

Les revenus de location immobilière pour 2023 étaient de 53,8 millions de dollars.

Type de propriété	Revenus de location
Location de propriétés commerciales	37,6 millions de dollars
Parkings	16,2 millions de dollars

The Marcus Corporation (MCS) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose The Marcus Corporation over competitors, and honestly, the numbers from late 2025 show a clear split between the premium entertainment experience and the resilient hospitality offerings.

Premium, comfortable movie-going experience with luxury recliner seating

The Marcus Corporation pushes the premium experience hard, especially through seating and format quality. As of December 26, 2024, they offered at least one Premium Large Format (PLF) screen in approximately 83% of their company-owned theatres, a percentage they believe is the highest among the largest theatre chains nationally. This commitment to premium viewing is directly tied to their pricing power. For instance, during the third quarter of fiscal 2025, the average admission price increased by 3.6% compared to the prior year, driven partly by a higher percentage of attendance on these PLF screens. Furthermore, they have been actively upgrading venues; in the second quarter of fiscal 2025, renovations at locations like Marcus Brannon Crossing Cinema and Marcus Syracuse Cinema included new concession stands and self-serve drink stations, enhancing the overall guest flow and service environment.

Enhanced food and beverage offerings at both theatres (Movie Tavern) and hotels

The focus on higher-margin food and beverage (F&B) is a key differentiator. In the theatre division during Q3 2025, average concession revenues per person grew by 2.1% year-over-year. This is supported by concepts like Movie Tavern by Marcus, which features chef-driven menus. As of December 26, 2024, The Marcus Corporation offered in-theatre dining with a complete menu at 29 theatres, which was about 37% of their company-owned locations. They also leverage full liquor service, operating bars/full liquor service at 49 theatres, representing roughly 63% of their company-owned locations at that time. This expertise from their hotel business definitely helps.

High-end, full-service hospitality and resort destinations (e.g., Grand Geneva Resort & Spa)

The hospitality segment provides a high-touch, full-service value proposition, exemplified by the Grand Geneva Resort & Spa. This property is a clear anchor, performing exceptionally well in Q3 2025. For context on its premium positioning in 2025, the average room price at Grand Geneva Resort & Spa was reported around $334, significantly higher than the average Lake Geneva hotel room price of $195. The resort itself features 333 rooms and offers extensive amenities like two championship golf courses and a waterpark.

Reliable venue for group business and event bookings at hotels

The Marcus Hotels & Resorts division proves its reliability through group business strength, which helped offset the tough comparison to the prior year's Republican National Convention (RNC) impact. In Q3 2025, this segment reported total revenues before cost reimbursements of $80.3 million, a 1.7% increase year-over-year, driven by strong group business. Occupancy increased at six out of seven owned hotels during that quarter, showing dependable demand for their venues.

Here's a quick look at how the key performance indicators for the two main segments compared in Q3 2025:

Metric	Theatres Division (Q3 2025)	Hotels & Resorts Division (Q3 2025)
Total Revenue (Before Cost Reimb.)	$119.9 million	$80.3 million
Year-over-Year Revenue Change	-16.6% decrease	1.7% increase
Average Admission/Room Price Change	Average Ticket Price up 3.6%	Average Daily Rate (ADR) down 3.6% (vs. RNC comp)
Average Concession/Patron Change	Avg. Concession Revenue per Person up 2.1%	Growth driven by F&B sales
Operating Income Change	-$9.4 million decrease	-$0.7 million decrease

Strategic pricing adjustments to optimize peak demand, increasing average ticket prices by 3.6% in Q3 2025

You saw the 3.6% increase in average ticket price in Q3 2025, which management attributed to strategic pricing changes, including adjustments to the Everyday Matinee program and pricing surcharges on select high-demand summer blockbuster films. This action directly supports the value proposition by optimizing revenue during peak times, even when overall same-store attendance dropped by 18.7% in that same quarter. The goal is clearly to maximize yield from the attendance they do capture.

Finance: draft 13-week cash view by Friday.

The Marcus Corporation (MCS) - Canvas Business Model: Customer Relationships

You're looking at how The Marcus Corporation (MCS) keeps its diverse customer base-from moviegoers to conference planners-engaged and coming back for more. It's a dual focus, balancing high-touch service in hospitality with digital efficiency in entertainment.

High-touch, personalized service at luxury and resort hotel properties

The relationship strategy in Marcus Hotels & Resorts centers on delivering superior, personalized experiences, especially in group and event settings. This focus is paying off, as the division outperformed its competitive sets by 5.2 percentage points during the third quarter of fiscal 2025.

Direct sales teams are key here, securing larger opportunities like group bookings, which drove growth in food and beverage revenues in Q3 2025. The booking pace for future business shows confidence: group booking pace for fiscal 2025 is running ahead of pace compared to the same period in fiscal 2024, even when adjusting for the prior year's Republican National Convention impact. Furthermore, fiscal 2026 booking pace is also running significantly ahead. The company is investing in the physical experience, too; a renovation exceeding $40 million at the Hilton Milwaukee was targeted for completion by late summer 2025 to enhance the offering.

Key hotel performance metrics from Q3 2025 illustrate this customer base engagement:

Metric	Value (Q3 FY2025)	Context
Total Revenue (before cost reimbursements)	$80.3 million	1.7% increase over Q3 FY2024.
Average Occupancy Rate (Owned Hotels)	78.4%	Occupancy increased at six out of seven owned hotels.
Outperformance vs. Competitive Sets	5.2 percentage points	Driven by group business and Grand Geneva Resort & Spa performance.

Digital engagement via mobile apps for ticketing and food/beverage ordering

For Marcus Theatres, digital channels are crucial for convenience and driving ancillary spend. While specific mobile app usage statistics for F&B ordering aren't public, the loyalty program heavily influences digital transactions. As of 2022, 62% of tickets purchased online were by Magical Movie Rewards members, showing a strong digital adoption rate among the most engaged customers. The overall strategy relies on digital marketing to reach customers and facilitate transactions.

Loyalty programs to drive repeat attendance and bookings (implied)

Loyalty is a bedrock for repeat business. The Magical Movie Rewards (MMR) program is designed to increase customer loyalty and sales by offering rewards for spending and waiving online ticketing fees. The Marcus Movie Club, launched in late 2024, is another tool for retention, with early sales showing over 30% of customers opting for annual memberships.

Historical data shows the impact of the primary loyalty program:

• MMR reached 5 million members as of October 2022.
• Loyalty members made up nearly 46% of overall attendance (as of 2022).
• Members visited the theatre four times per year on average (as of 2022).

These programs create a direct communication channel for personalized offers.

Targeted promotions like the $7 Everyday Matinee to boost attendance

MCS uses value-based pricing to drive traffic during off-peak times, which also helps lift admission per caps through strategic adjustments. The $7 Everyday Matinee program, available to patrons 11 and under and 60 and over for shows before 4 p.m. any day, was introduced in May 2024. These pricing strategies helped favorably impact admission per caps in Q3 2025.

Here's a look at the specific value pricing tiers that shape customer visits:

Promotion/Segment	Price Point	Eligibility/Timeframe
Everyday Matinee	$7	Kids (11 & under) & Seniors (60+) before 4 p.m.
Value Tuesday	$7 admission	Any movie, any time.
Student Thursdays	$7.50	Students and faculty with valid ID at participating locations.
Military Discount	$8.50	All active military with valid ID.

The theatre division's comparable attendance decreased 18.7% in Q3 2025, but average ticket prices were up 3.6%, partly due to these strategic pricing adjustments.

Direct sales teams focused on securing hotel group business

The direct sales force is explicitly tasked with securing group bookings, which is a major driver for the hotel segment. The success of this focus is evident in the Q3 2025 results where Marcus Hotels & Resorts outperformed its competitive sets, primarily driven by strong performance in group business. The company is building on this momentum, with fiscal 2025 group booking pace running ahead of the prior year, excluding the one-time RNC boost. This direct engagement is crucial for filling meeting and event spaces.

The sales teams are also securing future revenue:

• Fiscal 2026 group booking pace is running significantly ahead of the same period last year.
• Banquet revenue is running similarly ahead for 2026.

Finance: draft Q4 2025 group booking pipeline report by next Wednesday.

The Marcus Corporation (MCS) - Canvas Business Model: Channels

You're looking at how The Marcus Corporation moves its value propositions-movie experiences and lodging-to the customer, and the numbers show a clear, geographically focused footprint as of late 2025.

The physical distribution for the entertainment segment relies on a substantial, established network of cinemas.

Channel Component	Metric	Value (As of Late 2025)
Theatre Circuit Size (Rank)	US Ranking	Fourth largest theatre circuit in the U.S.
Theatre Locations	Number of Locations	78 locations
Theatre Screens	Total Screens Operated	985 screens
Theatre Geographic Reach	Number of States Served	17 states
Hotel Properties Managed/Owned	Number of Properties	16 hotels, resorts and other properties
Hotel Geographic Reach	Number of States Served	Eight states

The theatre division's concentration remains heavily weighted toward the Midwest, which impacted Q3 fiscal 2025 performance due to an unfavorable film mix in those markets.

For the hospitality division, Marcus® Hotels & Resorts focuses on key markets, with significant asset value tied up in Wisconsin properties like The Pfister Hotel and Grand Geneva Resort & Spa, which recently completed extensive renovations.

Digital channels are essential for capturing demand for both divisions, especially for advance sales.

• Season's Screenings Passports are purchasable via the Marcus Theatres mobile app.
• Earnings call webcasts are streamed live on the investor relations section of the website: investors.marcuscorp.com.

While the company uses third-party distribution for its hotel segment, specific data on the volume or number of third-party booking engines or travel agent networks used isn't explicitly detailed in the latest reports. However, the hotel division's performance is tracked against competitive sets.

Direct, in-venue sales remain a critical component of revenue generation, especially for the theatre segment.

• Average concession revenues per person increased by 2.1% in the third quarter of fiscal 2025 versus the prior year.
• Food and beverage revenues within the Hotels and Resorts division grew by 8.3% in the third quarter of fiscal 2025.
• This F&B growth contributed to the Hotels and Resorts division seeing a 1.7% revenue increase in Q3 fiscal 2025.

Finance: draft 13-week cash view by Friday.

The Marcus Corporation (MCS) - Canvas Business Model: Customer Segments

You're looking at how The Marcus Corporation (MCS) segments its customer base as of late 2025, drawing heavily from the Q3 Fiscal 2025 performance. Honestly, the numbers tell a clear story about where the revenue is coming from, even when one division faces headwinds.

The Marcus Corporation serves distinct groups across its two main operational areas: Theatres and Hotels & Resorts. We can quantify these segments using the latest reported figures.

Mass-market leisure moviegoers seeking an enhanced experience

This is the core audience for the theatre division, MCS's largest segment by location count, operating 985 screens at 78 locations across 17 states under brands like Marcus Theatres, Movie Tavern®, and BistroPlex®. While the overall box office faced a tough comparison, these patrons are clearly responding to premium offerings.

• Same store attendance for the theatre division decreased by 18.7% in the third quarter of fiscal 2025 compared to the prior year quarter.
• Total Theatre revenues for the third quarter of fiscal 2025 were $119.9 million.
• Average concession revenues per person grew by 2.1% in Q3 FY2025, showing patrons are spending more per visit.
• Average ticket prices increased by 3.6% in Q3 FY2025, partly due to strategic pricing to optimize peak demand.
• Top-performing films in Q3 FY2025 included Superman, Jurassic World: Rebirth, and The Fantastic Four: First Steps.

Group business and convention travelers utilizing hotel meeting spaces

This segment is crucial for Marcus Hotels & Resorts, especially in the Milwaukee market, though the comparison is tricky after the Republican National Convention (RNC) impact in the prior year. Group business is a key driver of success here.

Here's the quick math on group/catering pace for the upcoming fiscal year:

Metric	Fiscal 2025 Pace (vs. Prior Year)	Fiscal 2026 Pace (vs. Prior Year)
Group Room Revenue Bookings	Approximately 4% behind	Approximately 14% ahead
Banquet and Catering Revenue Pace	Approximately 14% ahead	Approximately 13% ahead

The Q3 FY2025 results for Marcus Hotels & Resorts specifically cited strong group business as a driver of revenue growth.

High-end leisure tourists and resort guests (e.g., Grand Geneva clientele)

The Grand Geneva Resort & Spa, an AAA Four-Diamond resort, is a significant anchor for the lodging division, catering to high-end leisure tourists. The resort is noted for its 1,300 acres and 358 guest rooms.

• Grand Geneva Resort & Spa contributed to the strong summer season performance for Marcus Hotels & Resorts in Q3 FY2025.
• The resort offers 62,000 square feet of event and meeting space.
• The estimated annual revenue for Grand Geneva Resort and Spa is $183.2M.
• Overall, the average occupancy rate for all owned hotels was 78.4% during the third quarter of fiscal 2025.

Local community patrons for dining and entertainment at theatre/hotel venues

This segment is served by the everyday operations of the theatres and the dining/amenity offerings at the hotels, like the Geneva Chophouse or Grand Cafe at the resort. The theatre division's success in attracting crowds during strong film periods, like the record-setting Memorial Day weekend in May 2025, shows deep community engagement for leisure activities. The company also returned over $25 million to shareholders in the past four quarters, which supports overall financial health that underpins local operations.

Film enthusiasts seeking premium viewing formats like ScreenX

These are the patrons willing to pay a premium for an elevated cinematic experience, which directly impacts the average ticket price metric. This group is highly valuable because they drive higher per-unit revenue.

• The increase in average ticket prices in Q3 FY2025 was partly attributed to a higher percentage of sales coming from premium large format screens.
• During the record Memorial Day weekend in May 2025, the top-grossing weekend of all time was recorded for premium formats, including ScreenX, MarcusUltra Screen DLX, Super Screen DLX, and IMAX.

Finance: draft 13-week cash view by Friday.

The Marcus Corporation (MCS) - Canvas Business Model: Cost Structure

You're looking at the core costs The Marcus Corporation is wrestling with as it pushes through major reinvestment cycles. Honestly, the cost structure is heavily weighted toward variable operating expenses tied to film performance and fixed costs related to their real estate portfolio.

Film Exhibition Costs and Margin Pressure

The cost of getting films on screen is a major driver of the operating loss in the theatre division. For the first quarter of fiscal 2025, the film cost ratio rose by approximately 240 bps (basis points) due to the concentration of holiday blockbuster film carryover, which squeezed margins even as attendance grew.

Property Operating Expenses: Labor and Utilities

Property operating expenses, covering labor and utilities across both divisions, are significant. In the theatre segment for Q1 2025, labor efficiency was challenged as normalized staffing meant operating hours increased by +7% year-over-year, which diluted the benefit of higher traffic.

Depreciation Expense from Renovations

The ongoing, heavy capital investment cycle directly inflates non-cash expenses. Specifically, for the three months ended March 31, 2025, the depreciation expense increased by $1.9 million compared to the prior year period, largely driven by the renovation work at the Hilton Milwaukee property.

You can see how the major cost components stack up for Q1 2025:

Cost Component Category	Specific Metric / Period	Amount / Change
Film Exhibition Cost Pressure	Film Cost Ratio Change (Q1 2025)	Up approximately 240 bps
Property Labor Cost Impact	Normalized Staffing Operating Hours Change (Q1 2025)	+7%
Depreciation Expense Increase	Increase due to Renovations (Q1 2025)	$1.9 million
Corporate Overhead Cost Increase	Corporate Operating Expenses Increase (Q1 2025)	$2.3 million

Capital Expenditures for Reinvestment

The commitment to property upgrades translates directly into substantial cash outflows for capital expenditures (CapEx). The Marcus Corporation expects its total capital expenditures for the full fiscal year 2025 to be in the range of $75 million to $85 million. This spending is focused on completing hotel renovations and theatre enhancements.

The breakdown of capital spending in the first quarter of fiscal 2025 shows where the cash was initially deployed:

• Theatre division capital projects (normal maintenance): approximately $4.4 million
• Hotels and resorts division capital projects (including Hilton Milwaukee renovations): approximately $15.9 million
• Corporate capital expenditures (including land acquisition): approximately $2.7 million

General and Administrative Expenses for Corporate Overhead

Corporate overhead costs are a distinct line item. For the first quarter of fiscal 2025, corporate operating expenses increased by $2.3 million compared to Q1 2024. This increase was attributed to several factors, including a $0.9 million rise in noncash share-based compensation expense, plus higher costs for depreciation, long-term incentive compensation, and professional fees for tax, audit, and legal services.

The corporate cash spend on assets, which is separate from operating G&A, was also notable:

• Corporate capital expenditures for Q1 2025 were approximately $2.7 million

If onboarding takes 14+ days, churn risk rises, and if film slate performance is weak, those fixed costs hit hard.

Finance: draft 13-week cash view by Friday.

The Marcus Corporation (MCS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving The Marcus Corporation's revenue engine as of late 2025. It's a tale of two segments, with hospitality showing resilience while the core theatre business navigates a tough film slate.

Theatre Admissions Revenue

The box office remains volatile, heavily dependent on the quality and timing of major releases. For the third quarter of fiscal 2025, The Marcus Corporation saw same store admission revenues decrease by 15.8% compared to the prior year period. This drop was attributed to an unfavorable mix of films, specifically a lack of strong family film content in their Midwestern markets, making for a difficult comparison against a record prior year quarter. Total Theatre revenues for Q3 2025 landed at \$119.9 million.

Concession and Food & Beverage Sales

This is where The Marcus Corporation captures significant margin, even when attendance dips. The focus on premium experiences and menu enhancements is showing results. During the third quarter of fiscal 2025, the company reported that average concession revenues per person increased by 2.1%. This suggests successful upselling or higher per-patron spend, which is crucial for profitability. To give you a comparison point, in the first quarter of fiscal 2025, this metric was even stronger, showing an increase of 2.9% per person.

Hotel Room Revenue

The hospitality side provides a steadier, though currently challenged, revenue stream. For the first quarter of fiscal 2025, Revenue Per Available Room (RevPAR) for company-owned hotels increased by 1.1%, helped by a strong winter ski season at Grand Geneva Resort & Spa. However, by the third quarter of fiscal 2025, RevPAR at owned hotels had reversed, decreasing by 1.5%, largely due to tough comparisons against the prior year which benefited from the Republican National Convention.

Here's a quick look at the top-line revenue performance for the two main divisions in Q3 2025:

Revenue Stream Component	Metric/Value	Period
Total Theatre Revenues	\$119.9 million	Q3 FY 2025
Marcus Hotels & Resorts Total Revenues (before cost reimbursements)	\$80.3 million	Q3 FY 2025
Same Store Admission Revenue Change	-15.8%	Q3 FY 2025 vs. Prior Year
Owned Hotel RevPAR Change	-1.5%	Q3 FY 2025 vs. Prior Year
Owned Hotel RevPAR Change	+1.1%	Q1 FY 2025 vs. Prior Year

Hotel Management Fees

Beyond owning properties, The Marcus Corporation generates revenue by managing hotels for third parties. While the exact fee amount isn't explicitly broken out as a standalone revenue line in the latest summaries, the overall strength of the Hotels & Resorts division, which reported total revenues of \$80.3 million before cost reimbursements in Q3 2025, supports this revenue stream through management contracts. The division outperformed its competitive sets by 5.2 percentage points in Q3 2025, driven by strong group business.

Rental and Other Income

This stream covers miscellaneous monetization efforts, including minor real estate activities. Based on the strategic outlook provided earlier in the year, management is targeting this area for small, incremental gains. You should anticipate this segment contributing in the range of about \$2-3 million for the full fiscal year 2025. This often includes things like pre-show advertising income within the theatres.

The revenue streams are clearly bifurcated right now. Finance: draft 13-week cash view by Friday.