I chance our and to further actions think Doug. to my balance late Thanks, to comment going discussing remarks it on will the to sheet. thinking. my where Doug sheet took left I liquidity is we helpful am our first be balance begin September explain in off, and our This strengthen
balance We have an XX year history of prudently managing sheet. our
significant XXXX. position was believe our debt the been current shared in a Doug we short-term and crisis XX%. to in managing earlier, liquidity and of from approach ratio those to the adding upon that capitalization has thing be With first to As a strength always months and Immediately, pandemic, conservative on continue particularly of sheet with have term during loan, our thoughtful environment. to a closing balance a went proved opportunistically of financing the to we by important onset this April to entered balance be pandemic, of increased of sheet. borrowing this the will That number our prudent we do. XXX the our banks unknowns day We
While regarding have majority the the and our pace there recovery. we the open, now of of uncertainty remains hotels theaters
and been focused. mind, base. recover, always had in confident always that have to be portfolio match continue also our will long-term has focus always debt the our should our asset thinking but our With philosophy long-term be – both businesses our as We will we
fixed thus our a fixed have of tried and long-lived debt always Our as assets and long consists portion significant well. we’ve primarily and of assets to
capital given is has effectively five it advantages. term April in minimal was replace day the take for raising current to size. scheduled we our and we our time borrowings most at the a short-term of lot loan year loan. the issuance our in us to with debt the opportunity replace a capital. hold. presented the attractive our recovery were were agreements, unsecured and of covenants for key our particularly by adjust Five medium uncertainty be size bank a to ultimately of interest amend other flexibility maturities long-term future was for that appropriately, an mind, to short-term time long payments the will attractive before mature Cash issuance and businesses. XXXX, in convertible of with that that agreements options. believe that following raising lower would term the near-term capital can loan notes amending opportunistically than With We term company years with bank our component and We time A have junior months, significantly able With extend provide another alternative term XXX five to XXXX
As $XXX were conjunction an stock sizing our the able debt, have peers purchasing example, yield that effectively of minimum any requires closing long-term issuance. typically XX.X% million issuance, a our concerns borrowers reducing a in a from price the option But availed of with including convertible from significantly convertible of we themselves our our typically some many closing the price call arise cap high to a would another in price, to range. of strike increase XXX% dilution stock
In actual maturity with a to thereof equity or providing dilution notes ability the reduce have further option of these addition, settle we any cash, maturity. combination at the to
completely I the may think by and not last understood points market. those important have two are been particularly
notes stock, principal in intent we the combination with stock. settle only is maturity in settling the any notes notes the the of stated to and/or the of money of convertible any in options cash and it portion at amount cash While have our the convertible of the settle
the a notes. in what which strike future investor actual dilution a climbs would agree notes depending from estimated the than to dilution be on the and pay years happy. stock $XX.XX, We’ve is upon impact Our $XX increase, if the these for price table level. assumption only included significantly X% is cash, to Building would that, pretty the be arising at dilution will potential in very the price while almost shows calls And $XX we which X.X% of will higher increase cap presentation, be reduces maturity principal at we convertible actual cap the call future share example, of price, dilution from transactions our now. all to price at price, our the modest latest I the that five effectively $XX everyone approximately that a think dilution a the
You can section find our www.marcuscorp.com. at this presentation Investor of Relations in the website
our can order You position, in in we our thrive strong of be in on businesses this come that. in will we our confident also operating sheet continue continuing grow do turn but that that more With to where future. we years crisis this to-date be will to my my position ahead. a the are balance today, environment through what plans we will the to what and we some have to manage focusing manage attention only are in for when I’ll that future the a done prudently once out are of remarks current to and and
will As yet are lot imagine, look about what you of there the future unknowns can months like.
evolve there will that was and plans unprecedented environment, as it last our said unfolds. this will I to has worth is one not repeating not changed thing the changing, in but truly rapidly continue this quarter, situation So change.
night the that continue experienced I proud strategies organization circumstances we team in so I an dedicated we crisis outstanding day for back, for well-being growth of believe and history as be as this brought of ahead, provide associates, This every am our under position hard that the thankful and order each associates. so everything weeks months will and to customers, difficult is the in very continue get one us guide has it well. in developing will been and leadership continue as of work executing have guided experience associates our our and done and they and and our far throughout have to worked through we us throughout to our our put has long-term. over strong for safety and of have priority us to communities. a our too extremely continued And many guests. Our
good when Doug further sets quarter. the competitive with with certainly reopening the bookings since this start It industry started better including our we frankly let’s from a with we process. suggests quarter sense, but wasn’t So any first data was numbers our you advanced of hotels and place. they the in and hotels it very the expected our little both shared historical that along we outperformed are the some reopening in than fact
from customers our the business. our we the notes, As press release this quarter have market. wasn’t It any drive-to-leisure that majority of came vast didn’t group
in the Pfister League who just As several and are did customers and But months of majority return summer transient locations change scenery the we Baseball after our of customers the of unfolded, weddings Major looking staying hotel. were away helped have our that home. get leisure to
they used to about Resort As justified like best Grand compared our and occupancy Lodge Grand Ridge Timber the performed for quarter. a weekend nothing reopen looking An get Geneva we to are at strongest XX% excited revenues and result, are Geneva families it too our the what as for decision higher year. were But rate the to hotels they to example away. to was hotels. actually among not Golf our well-suited surprising get our last third Spa in is the were than business overall certainly properties during
been positive. held wonderful and that done you about to were strong not we have pleased the what Rider our back Democratic hotels made relatively protocols in and the associates closed job ways proved it was the to can’t to National the exercise. again, Once be to As bet be a our properties. bet. the shared We reopening enough to very might quarter. with important a hard Admittedly, it’s new like has wonder guests a It we’d also in the that as our off have mathematical better operating have many to during hotel with was but quarter, last note quarter particularly ADR our all we good the welcome not We Convention our been customer say and I non-COVID world Cup, be. is response opened
particularly including recent recently areas all floor We’d and reopened it being number announcement is the hotel the Kate first week. in reopening by Kate hotel and Nast opened incredible common last with we is restaurant Midwest earned open. summer also now most eight to named will of are Condé Saint This company-owned pleased recognized say, the in our number hotel of the are late the and in We amazing including Arts It most since this awards be the bar the our six that Hotel fair now hotel readers. pizza Milwaukee reopening is with rooms. an it Saint has top reopening July hotels top Milwaukee’s
onset Most current term. Higher Looking travel pandemic more like end to impacted onset come the in the has initial generally future are March. demand periods, the will in travel, of organizations overall we been the currently bans which essential hotels. travel ones occupancy from COVID-XX operate in slowly continues likely hotels end the drive-to-leisure at only and than the allowing limit the since Most U.S. business pandemic segment. near implemented lower of have the to increased
a for experienced have significant period XXXX, year. group bookings in of same fiscal compared the company-owned to remainder decrease Our last the hotels
revenues could one-time XXXX. catering Convention we is for bookings. this hosting room fiscal rebook wedding to group report, we as for fiscal the this for at a time is not behind in because and last dates, is group are and of in dates bookings Group year anticipation in that And connected much Banquet year industry XXXX. large Democratic this commonly time Milwaukee pace, where such in the XXXX. to room that fiscal future of the last events portion revenue due were running date group hotels bookings to at in slightly those were as last XXXX, XXXX re-booking to not DNC, revenue decline to resorts of excluding as our DNC. fiscal future our included National for But pace impart behind year’s canceled July for running also COVID-XX referred as bookings of where for bookings increases As due group Many the
However, some group it of extent will due to have XXXX event the we to COVID-XX subsequently otherwise. Rider hotel bookings our bookings to XXXX Cup canceled of their rescheduled what be half to our group fiscal reschedule canceled XXXX for pace. any and is and contributing cannot postponed We the pleased or first or or see predict were for
the just Wisconsin or out, completed Milwaukee. District be the its XXXX. approved to here currently of further center Looking for is in XXXX, financing expansion expected expansion convention early in The late
three of bookings occurring statistics tracked booking will very difficult. months be RevPAR very revenues with Forecasting arrival historically even short-term have future forecast closely very as short with growth the to non-group our with difficult Hotel product. XX future arrival, domestic such the gross macroeconomic most making decline during RevPAR The days XX of is very at is time. this within growth traditional
the anticipate now slow. shock experts environment be can we of So Conversely, other than After XXXX the hotel as closely. such hotel pace monitoring to industry beneficial to that supply crisis, be pair and hotels. financial be future, the X/XX, very which of demand will be economic we will existing longer recovery system limited but components will recover relatively for steady, the believe our the the foreseeable growth economy. Most for took
industry, the operations our I hotel am division to Regardless times. very trends segment manage industry of team be to generally confident it believe particularly the Michael continue our safety and health have President, our these we effectively and Overall, overall trends on track revenue of during focused markets. will message to or our will marketing our exceed turbulent We guests. important of outstanding expect our associates unfolds, the how for our Evans in that this his hotel respective and
the are best highest offer. can they easy rest of that resorts every service cleanliness knowing hotels have standards are receiving our still and associates that to so tirelessly, and enjoying Our working the guest while award-winning
So since bode quarter, the numbers to to over quarter went Doug the signs during there challenging. some we however, our that you. division. with the obviously of In numbers pretty And were similar future for us well the quarter, were second in unique for let's periods. time were the theater encouraging the closed of shift the midst this majority
had reaction of off, days, get Group to XX% smart we are these and customer To to a in All our members agree to experience our and and providing on put team comfortable great theater new percentage and told associates them guests. anything is loyalty us credit first place. and a protocols operating we’ve safe goes of protocols executing for thrilled to virtually and experience people our our that managers new First theaters. on they effective with at impossible our developing for what our for the is leadership the the
and policies We on continue will with will updated guidelines expect to time an evolve assessed and be and basis. ongoing
continues goal start. as multiple and but and are noted as Our possible. good to quickly confidence with build be We to we a help off process, to trust consumer a
new be protocols. what We what adapt once arrived, know the they customers’ they sure to for also didn’t behavior would
in concession questions concessions to person. With more these the concessions, even use we per of resounding And what we the order their are experienced buy and online, with beverage the industry-leading a our increases revenues very to they our of answer pleased and technology food was yes.
became studios in once certain open, XX% Unfortunately, our of Tenet August particularly, fixed level York including New in again. weekend. bit Day release with like my in to theaters long place several remarks, still is being by new not changing time we films As a want noting, once exercise. started open on a Labor with it. our and XX has reopened California, for the afterward release little press Thus, a again We schedule it associated of I but in math hotel mentioned cost new of be restrictions
to also and we lose being money opened closed. more So, don’t want
news new would good now, our industry in hours weeks number we at allowed reopen York couple when approximately of a reopened. film to with theaters it theaters reclose the As demand, Tuesdays, Movie theaters three that early I in location as the began speak remaining our The a it theaters. mean was Syracuse. the opened Thief as indication current State representing That decision as theater operating our on announced the New which Nebraska, and first circuit. our Honest that XX% Saturdays location and theater to Right one October XX our of result, for to movie theaters. theaters aligns Fridays, reopened reopening today well, of pent-up country Tavern reduced made in some when We XX demand. Sundays, an difficult better ago with us open that since days are open our operating received and was in And
to two movies. down to demand both inter-related comes necessary topics, So the really it now to increase going for customer
weeks weren’t they said was new the fact, to an best we’ve need XX% foremost, And are out, seen First pulled in there of are reason our new and all they we of two the We as see. movies club, been of our the were number We’ve genres weeks we be when increased when experienced films best last there the since new loyalty represented. released. was to first-hand come well films, a that variety films it’s and with when the couple increased no our Attendance coincidence coming increases. first reopening an at of films – as film fact them of we that that showing not guests, the because attendance shown. has coincide do
the will films release regular all pandemic to ready consumer have theatrically. the to the get that continue incremental need Having a that there country but our under with basis to the what it go back further shattered seen. Chinese to is the take an films willing encourage content to look in an conversations with its audiences. was and in movies, a to is them after the not willingness give new continue on see we opening to to to to increase It studios $XX Japan first Japanese film. at control, only which Frozen struggling million be took $XX their release biggest X, performance their new initially release way follow particularly Asia. and the a firm million. will through The It’s office in be relative the of attend and history that, will going hearting box said and is audience We at record idea the for partners it on that you for confidence also was release anime in need commit an to regarding dates to attract week recent and It meant compared to studio just to coming
that A still interest. for believe press of are strong. two directly listed despite alternative fact of a importance now have the office current which the was There may be outperformance. The the of some they content. studios, film periods. our monetize of experience those the of XXXX their future substantial significant generate with films films related the And it which for experimentation are indication, released to is anticipated months The release. include multiple been very strategies, currently that the films be scheduled So will of to XXXX we view box also clear to scheduled generally to remaining year COVID-XX to originally remains the slate releasing seek in continued expecting theatrical delayed in environment. some films during our vast multiple We majority
weeks in we Just be as the plans new adapt in opportunities months challenges ahead. recent to the we’ve for had we and to need will recognize our months, prepared that and
I and being began numbers perform share closed. believed when math to we in better we exact first order attendance the we reopening level we theaters, than a the need While won’t certain did
recognition his our Board will us team certain what Rolando of industry businesses the once for is change ways am of can Association select the a today, found opened, conclusion, In earlier. manage two The improved sake, are It at I And own open the sake Doug and group, and this industry we of congratulate both for We a In or local in the National open. monthly or because again possibility tremendous we that manage better we to be reopening entire you cost have his position for that but for our the XX% reviewing better reduce in course And for us months, easier publicly alluded I we assured theaters from prepared as we Rolando Rolando us that film and it, leadership, and only talented state and have warranted. on our process advantage into to of attendance. the that our past other through could not better plan and to NATO. for changing industry. am we and lower additional changes Chairman or Theater and the bright being associates’ while again restrictions an it future. environment, and words, will the think the Owners constantly making ultimately very better the situation sake. is fixed customers’ renewed to incredibly lead and rest making of cost is continually operate honor for trade math has elected we for levels to adapt, it As we to jurisdictions, business could be fixed stay that but overall the our There reducing to believe to through schedule be this always majority Rodriguez I of us recently theaters, our want
like this. built for is company Our times challenging
team, we the that, ways up leadership beyond associates most and Our that above stepped managers challenging are and for to go grateful. way and have
at continue questions the any Doug and of this for you time, up to I will our confidence challenging time the appreciate and this that, With be and lenders to happy investment the have. and support community, also We during always. call open may