Release Date: August 01, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Was there any displacement impact from the RNC event, and did it help tighten the profile of Saint Kate, the Arts Hotel? A: Yes, the RNC did cause some business to move later in the summer, such as the Northwestern Mutual Annual conference. There was also some displacement before the RNC due to extensive setup. Overall, it was a net positive. Regarding Saint Kate, the RNC helped build its profile, and we are considering expanding the concept.
Q: Is film flow more about the number of films or the quality and demographic appeal of the films being released? A: It's primarily about the number of films, assuming a normal slate with a mix of tent poles and smaller films. The box office is predictable with a varied slate. People want to go to the movies, and quality films like Deadpool show that audiences are still interested.
Q: How will alternative content impact the business as traditional content becomes more available? A: Alternative content will remain important but won't be the largest part of our business. It's profitable, and we need to market effectively to specific audiences. Our loyalty program helps us target these audiences, and we see growth in areas like Bollywood films.
Q: Can you continue to grow the hotel segment in the second half of 2024 and into 2025, given previous concerns about leisure softness? A: We saw some leisure softness, but other segments, particularly group bookings, have offset this. Group bookings are strong for the rest of 2024 and into 2025, which should help us manage any leisure softness.
Q: What opportunities do you see for expanding your theater network, and how does the current acquisition environment look? A: We are looking for opportunities, but the M&A model has changed. We focus on individual deals rather than large circuits, as many locations are not cash flow positive. We are open to expanding beyond the Midwest if the right opportunity arises.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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