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Cinema operator Palace Amusement is considering the introduction of “dinner movies” among other initiatives to grow revenue for the company that has struggled to turn a profit since the pandemic.
Chairman Charles ‘Douglas’ Graham said Palace will stick to its core business of showing popular movies, but wants to use its facilities for other activities, including company functions and product launches.
“There are plans, not right now, for Palace to broaden its scope into other areas related to cinema, but not directly cinema. For instance, they have developed in the United States, quite recently, a dinner theatre (concept), where you can go to the movies, have dinner and go home. There are many issues along that road, but we are looking at it,” Graham told shareholders at the company’s annual general meeting at the Palace Cineplex in St Andrew on Tuesday.
However, the chairman declined to give a timeline when the concept would be introduced.
“We can’t tell you that we can do dinner theatre in two years. What we can do is investigate it very thoroughly. We are not in a position to make a mistake right now,” he said.
In its first-quarter financial report for July-September 2024, Palace Amusement Company 1921 Limited reported a loss of $36.5 million. This compared with net profit of $27.7 million for the corresponding quarter in 2023.
Financial Controller Carol Lee said despite the success of blockbuster movies such as Bob Marley One Love, which exceeded $150 million, along with others, such as Mission Impossible 7 and Barbie, the six-month strike in Hollywood screenwriters and actors, and the resultant delay of movie releases, negatively affected the company.
However, business improved in the second half of 2024.
“December 2024 welcomed some 67,000 patrons who came out to enjoy what we had to offer in the Palace circuit,” said Lee.
“That represented 86 per cent of the pre-COVID attendance numbers. And it is expected that with the cyclical nature of our business and the traditional film release patterns, that the circumstances and the performance of the company should continue to improve towards the end of the financial year,” she said.
Graham indicated that the company would also focus on non-movie events.
“Promoting our cinema for private screenings remains a priority, and spaces are also rented for corporate events and parties such as engagements and anniversaries,” the chairman said.
“Just a few weeks ago, we went outside of the box with a carnival costume event being launched right here in this very auditorium,” he reported. “By all accounts, the event was a success and gives us food for thought as we strive to improve,” Graham added.
English (US) ·