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Post by oldtimer on Aug 6, 2015 8:05:20 GMT -6
I remember having long discussions on another thread....about using different advertising ploys to draw people into the theater, and Kyle saying it wasn't economically feasible. Numerous people discussed it at length, and of course, Kyle kept going back to his mantra that the bar kept people from coming. And he gave popcorn away. I found this on the Pontiac cinema page: FREE Summer Kids Movie Series - June 13 - Aug. 15th Saturdays @ 10:00 a.m. & Wednesdays @ 11:00 a.m. Free Admission for All Ages & Discounted concession items! Seems they realize that having some discounted (FREE) movie offers, brings people in. Imagine that I guess the majestic could have tried different free promotions, but nobody was going there when tickets were $5 each. That's bad. The Pontiac theatre tickets are $7.50 each for adults.
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Post by dilligaf on Aug 6, 2015 8:22:37 GMT -6
Does anyone know exactly how old the building is? Sometimes buildings can be saved because they're considered history. Of course with the financial state of Illinois and the U.S., that probably wouldn't save it either. According to Blue Stars link the theater is around 108 years old... Also according to the link it has been boarded up and condemned numerous times in the past....
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Post by dumdave on Aug 6, 2015 10:03:50 GMT -6
I thought it was in pretty rough shape when it was closed up & I was a kid.
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Post by dumdave on Aug 6, 2015 10:30:27 GMT -6
I loved the Drive-IN. Soooooo many things to do and if you get bored, heck, you could always watch the picture.
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Post by Kyle Mitchell on Aug 6, 2015 23:33:27 GMT -6
I remember having long discussions on another thread....about using different advertising ploys to draw people into the theater, and Kyle saying it wasn't economically feasible. Numerous people discussed it at length, and of course, Kyle kept going back to his mantra that the bar kept people from coming. And he gave popcorn away. I found this on the Pontiac cinema page: FREE Summer Kids Movie Series - June 13 - Aug. 15th Saturdays @ 10:00 a.m. & Wednesdays @ 11:00 a.m. Free Admission for All Ages & Discounted concession items! Seems they realize that having some discounted (FREE) movie offers, brings people in. Imagine that Wow helen, that sounds fantastic! You should go to the auction and buy the place so that you can show us how to support a business offering free product. No, you will probably just continue to arm chair quarterback and pretend to know about the film studios' master licensing agreements and how big the legal teams for the media conglomerates are. I was always required (even in 2009 when I left the Majestic) to obtain approval to play anything else on a screen licensed to the studio for first run motion pictures. That permission was never granted during the first two weeks of a release and many times even in later weeks on larger films, regardless of what time of day it was. Only having two screens, in order to do a free movie series, I would not have been able to play the new releases. That is what people want and where the money is typically made in theatres (although Streator could possibly be a good move-over market with $3 and $4 admission). Larger complexes are able to do it much easier, because they typically always have something that is in its later weeks. In order to play American Graffiti for the Cruise Night benefit show where I donated about a thousand dollars to the downtown beautification, I had to pass on a new release that would have allowed for more profits for the week. I remember Katie telling me, "you can't give away the farm until you own it". I'm pretty sure that it hasn't changed. Perhaps you could call the distribution companies for Pixels and Mission impossible and tell them, to see if you can get the theatre in trouble. Perhaps Katie is already on top of that. She seems to like going out of her way to try to get others in trouble and to drive off possible buyers from the Majestic who seem to have more resources than her.
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Post by Kyle Mitchell on Aug 6, 2015 23:33:39 GMT -6
It's all pretty complicated. It sounds like it needs lots of renovations. Unless the new projectors went with it, I am not sure you could turn a profit if someone got it for free. So Kyle, you have seen the place. You should have a pretty good idea how much some of the furnishings might cost. Even on a shoestring budget and with a pretty handy crew of volunteer labor, what kind of a budget do you think it would take to open again? Very best case scenario.....new owners get the projectors and finding decent used furnishings. I am afraid it will take deep pockets to make it even a little decent. I have heard people complain about mold, reports of more water damage. The ol girl might be a little worse for wear, and who on Earth would dump anywhere NEAR a half million into it? Yes, Katie is doing a good job of putting on a show. I don't believe it will cost anywhere near that amount to open it, but would not be able to provide any cost estimates now. Katie has raised some big red flags about our City requiring very expensive upgrades that wouldn't even make it worth it to try opening it. I am waiting to hear back from City Hall to try to get the CORRECT information on it. I heard they close early on Friday, do you think they will get back to me or could they already be gone for the day? She seems to be trying to both drive off any interested companies that would have the resources to fix it up and set herself up with a big payday on the backs of the generous people of Streator.
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Post by helencrump on Aug 7, 2015 1:06:25 GMT -6
YOU have been the one here saying you've watched water pouring into the building from your place.
Laughable that you would accuse anyone ELSE of putting on a show! You've been doing it for over 190 PAGES!
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Post by OutlawwithaSnipeSniper on Aug 7, 2015 13:25:13 GMT -6
MM, they do, as a part of the foreclosure the property is auctioned off. The Bank has their representative there to assure the banks interest, I.E. bid it to the price they have to get ( not necessarily the amount of the judgement though ).
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Post by oldtimer on Aug 12, 2015 12:44:46 GMT -6
Wasn't there an auction today?
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Post by Anonymous on Aug 12, 2015 14:31:37 GMT -6
The bank that holds the liens on it was the only bidder. They bought it for $85,000.
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Post by vikesfan on Aug 12, 2015 15:29:11 GMT -6
The bank that holds the liens on it was the only bidder. They bought it for $85,000. So my question is if someone is to want to purchase this property from the bank, is the price now the amount of the old loan plus the $85000 the bank just put into it?
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Post by oldtimer on Aug 12, 2015 15:30:55 GMT -6
The bank that holds the liens on it was the only bidder. They bought it for $85,000. So my question is if someone is to want to purchase this property from the bank, is the price now the amount of the old loan plus the $85000 the bank just put into it? The price starts at whatever the bank wants to ask
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Post by OutlawwithaSnipeSniper on Aug 12, 2015 17:57:06 GMT -6
The bank that holds the liens on it was the only bidder. They bought it for $85,000. So my question is if someone is to want to purchase this property from the bank, is the price now the amount of the old loan plus the $85000 the bank just put into it? No, the bank did not actually buy it from itself for 85K. That is what the property will be put on the banks books as an asset value" for. Likely it is a fair appraised valuation of the property, or as close as they can figure it. They then can sell it for the best offer, probably nowhere near 85K though, you would have to be a fool to pay anywhere near that for commercial property in that condition in this town.
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Post by greekgod on Aug 12, 2015 18:02:37 GMT -6
After reading Kyle's posts, who on earth would invest any money in a business in Streator? Thanks Kyle! Just my opinion of course. g
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Post by otto on Aug 12, 2015 18:26:45 GMT -6
After reading Kyle's posts, who on earth would invest any money in a business in Streator? Thanks Kyle! Just my opinion of course. g Who you say? Well of course it will be all those "chicks" that will soon be hatching from the business incubator.
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