Marcus Theatres Chief Rolando Rodriguez to Retire
Rolando Rodriguez, the top executive overseeing the Marcus Theatres chain, is set to retire at the beginning of October, the company said Thursday.
Rodriguez, who has been with the Milwaukee-based exhibitor since 2013, will remain chairman of the board of the National Association of Theatre Owners, the main lobbying group for exhibitors and organizer of the annual CinemaCon event in Las Vegas. Before joining Marcus, Rodriguez was CEO of Rave Cinemas and had a three-decade run as an exec at AMC Theatres, among other roles.
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Mark Gramz, who has been tapped as Rodriguez’s successor, has held the role of executive vp Marcus Theatres since 2012. Gramz currently sits on NATO’s government relations committee and advisory board.
Marcus Theatres, which operates 85 locations in the U.S., disclosed $63 million in theater admission revenues and $58 million in theater concessions for its second quarter ending June 30, up from the same period in 2021, amid a strong box office recovery led by Top Gun: Maverick, Doctor Strange in the Multiverse of Madness and Jurassic World Dominion.
“We are proud of Rolando’s many contributions to our company, the movie theatre industry, and the communities we serve,” stated Gregory Marcus, CEO of the Marcus Corporation. “As he transitions into retirement, we are in good hands with Mark who has played a key role in Marcus Theatres’ long-term success. Together they will work to ensure a seamless transition.”
The chain is the fourth-largest in the U.S., behind AMC, Regal and Cinemark. Unlike its rivals, Marcus is seen as more insulated from some economic headwinds as its parent corporation also has a hotel division that has helped to diversify its revenue streams and owns real estate for the majority of theaters it operates. In an August investor presentation, the company outlined a growth plan to both build new theaters and acquire circuits.
During an earnings call Aug. 3, Marcus Corp CFO Chad Paris said that theater admissions revenue for the quarter was down 24 percent when compared to pre-pandemic 2019, but that Marcus outperformed competitors in that area. Paris also noted a ticket price hike, saying: “Our average admission price increased by 3.3 percent during the second quarter of fiscal 2022 compared to last year.”
Since Jan. 3, the first day of trading this year, Marcus stock has fallen 7 percent, to $16.92. On Aug. 22, B. Riley Securities analyst Eric Wold reiterated a “buy” rating for the company with a price target set at $28.
