South Park Film Theater Shows Final Film After 25 Years

It’s the end of an era in South Park. After more than 25 years, movie house Regal Phillips Place premiered its last movie this past weekend. There are plans to place a 10-storey office tower on the site. This is according to Charlotte Ledger’s business newsletter. For more, WFAE’s Marshall Terry spoke with Ledger’s Tony Messia.

Marshall Terry: Tony, like many other people, I have fond memories of going to the movies there. I remember seeing Adam Sandler in the ’90s classic “The Waterboy” among others. what’s going? Are people just not going to the movies anymore?

Tony Messia: Yeah, I have fond memories of watching movies there too, Marshall. And, you know, when it opened in 1996, it was kind of a high-tech movie theater. You know, it had this new thing called “Ambient Sound, Stadium Seats”.

You’ll remember that before COVID, there was a question about the future of movie theaters. You know, we’re starting to stream more stuff, and I think COVID exacerbated that. Thus, cinemas are still facing hard times. The other part here is this movie series, Regal, in bankruptcy protection. Now, we know that in this particular location, the lease was to expire in 2025. And when you’re in bankruptcy protection, you can void your leases.

So they might have just said, “Okay, we only have two years left to run this contract. We’re not making any money on this site right now. Let’s just cut our losses here and get out of it.”

Terry: Let’s stay with the end-of-age theme for a moment. The oldest Dairy Queen in North Carolina, which happens to be on Wilkinson Boulevard in Charlotte, is for sale. Opened in 1947. Tony Why sell the owners, and any idea what might happen to the site?

Messia: We don’t really know why the owners are selling it. We know he appeared on the real estate listings last month for $1.4 million.

You know this is an area on a lane not far from uptown – there’s a lot of redevelopment going on in that area. The Historic Landmarks Commission looked at this site and said, “Well, this is an example of Art Deco.”

It has some historical significance – you might not always think the Dairy Queen is historically significant, but this, as I mentioned, is one of the oldest. So, you know, we don’t know what’s going to happen. It can be redeveloped.

You know, we’ve seen Dairy Queen in Plaza Midwood and it has been redeveloped into a different restaurant. Obviously, there are plenty of apartment complexes in the city as well.

Terry: yes. Switch gears for some banking news now. Bank of America and others reported third-quarter earnings that beat expectations. Doesn’t that contrast with the recession fears we keep hearing about?

Messia: It does a little bit You know, economists tend to think we’re headed into a recession sometime in the next six to twelve months or so. But from what the banks see, they said in their earnings calls last week, they haven’t really seen it yet. Their profits fell. They’re not making as much money as they did a year ago, but they’re doing a better job than the analysts thought they would.

Wells Fargo’s earnings are down 30%, Bank of America’s earnings are down 8%, and Trustee is down 5%. But these companies are still profitable — they’re still making a lot of money, and they’re doing better than analysts thought they would.

Brian Moynihan, CEO of Bank of America, said he believes their clients, and their financial situation, are resilient. Charlie Scharf, CEO of Wells Fargo, said on the earnings call that he sees strong financial resources from his clients.

And so, you know, the signs of recession that everyone keeps waiting for, the banks haven’t really started to see that yet, although they are taking some steps to guard against that in the future.

Terry: like what?

Messia: Well, they put money aside. I expect that some of the loans they hold will not be repaid. Prepare for the creditworthiness to get worse. Prepare for people to borrow more. All of these are things you might be tempted to see as you transition into a slump. But we still see that we are in the very early stages of that.

Terry: Fine. Now let’s move on to an update on a story you gave us a few weeks ago. A parent sues Charlotte Latin over what he says is political activity in the classroom. What is the latest?

Messia: yes. This week’s ruling came from Mecklenburg County Judge Lisa Bell. You’ll remember, Marshall, that a Charlotte Latin parent named Doug Turpin sued Charlotte Latin after the school expelled his two children.

He was moaning, and defending what he believed to be inappropriate political activism in the classroom and in the culture in Charlotte Latinos—things like a selection of classroom-read books, unisex bathroom signs, and what they saw as inappropriate artwork and politically tilted classroom education. .

He had a difficult meeting with the principal, and at that meeting, the principal said, “Well, we’re throwing out your kids’ enrollment. We’re kicking out your kids.”

And so he sued.

Last week, the judge came out and said, “Well, you’ve confirmed nine different claims about why you think this is wrong.” She cashed eight of them, but left one of them alone. So what that means is that the case will continue.

Turpins is appealing to the Court of Appeals over dismissing those eight claims, but it appears the matter is far from over. And so, this will continue.

Terry: Tony, let’s end this week with fireworks. Ledger reports that stores in South Carolina are preparing to welcome Diwali. What exactly is this?

Messia: Diwali is an Indian festival of lights. And we sent Christina Pauling, our very capable editorial director, to a fireworks store at US 521 – the land of India. They said they were really preparing for it.

In the Ballantine region, there is a high percentage of Amerindians who live there and celebrate Diwali – often with fireworks. I went to a fireworks store there and they said that out of the 75 stores in their chain, the store at US 521, in Indianland, is the number 2 best selling store for Diwali season.

They usually have two people working there. They have increased their number to 20 people. They are expecting this coming weekend to be a big weekend for Diwali fireworks sales in South Carolina.

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